TSX-V: TXR
Frankfurt: TX0
VANCOUVER, March 16 /PRNewswire/ - TerraX Minerals Inc.
(TSXV: TXR) (Frankfurt: TX0) has received assay results from three
holes drilled in February 2011 on its
Road Zone prospect within its wholly-owned Sunbeam-Pettigrew gold
property near Atikokan, Ontario.
The first hole, SP11-06, intercepted 13.90 m of 1.11 g/t Au,
including 6.4 m of 1.74 g/t Au, at a vertical depth of 50
meters. The winter drill program at Sunbeam-Pettigrew has now been
completed, with assays pending from two other prospective zones at
Sunbeam-Pettigrew, AL 198 and Roy.
The Sunbeam-Pettigrew property consists of
thirty-six claims totaling 425 claim units (~67 km2)
within the Archean Marmion Batholith, in a similar geological
environment to the Hammond Reef gold deposit, presently being
explored by Osisko Mining Corporation. The Hammond Reef deposit
contains a National Instrument 43-101-compliant inferred resource
of 259.4 million tonnes at 0.8 grams per tonne Au (approximately
6.7 million ounces of gold).
The Road Zone occurs on the Sunbeam lineament
defined by TerraX in 2009. This lineament contains the
past-producing Sunbeam gold deposit, and is known to be
intermittently mineralized over at least 5 km. The zone
contains anomalous gold in grab samples over a 200 m strike length,
with a high value of 2.6 g/t Au. TerraX drilled three holes
totaling 449.3 m, testing a 100 m strike length of the zone.
Each hole intersected the same 5 to 15 m wide alteration zone,
consisting of strongly sericitized rock with pyrite and minor
amounts of fuchsite and pyrrhotite. In hole SP11-06, this
zone contained an intersection of 13.90 m of 1.11 g/t Au,
including 6.4 m of 1.74 g/t Au. In hole SP11-07, the
zone returned 2.85 m @ 115 ppb Au, and in hole SP11-08, the zone
contained anomalous values of 102 ppb Au over 5.92 m. These
three holes collectively provide information on the shallow portion
of a coherent alteration zone that at least locally contains ore
grade mineralization. The intersection in hole SP11-06 is at a
higher grade than the average grade at Hammond Reef; it is worth
noting that mineralization at Hammond Reef tends to improve with
depth. Clearly the Road Zone needs to be further tested
down-dip and along strike; further drilling is planned for the
summer of 2011.
TerraX also completed three holes on the AL198 Zone, 2 km
southwest of the Road Zone on the same lineament, and two holes on
the Roy prospect which occurs on the 9 km long Roy
lineament. Assays from these holes are pending. For more
information on these properties, please visit our website at
www.terraxminerals.com.
The technical information contained in this news release has
been verified by Dr. Tom
Setterfield, P.Geo., who is a Qualified Person as defined in
"National Instrument 43-101, Standards of Disclosure for Mineral
Properties."
About TerraX Minerals
TerraX Minerals Inc. is one of the major
landholders of prospective ground in the burgeoning Marmion
Batholith gold district near Atikokan,
Ontario, host to Osisko Mining Corporation's (TSXV: OSK)
Hammond Reef gold deposit which contains a National Instrument
43-101-compliant inferred resource of 259.4 million tonnes at 0.8
grams per tonne Au. The Brett Resources Technical Report on this
project is available on SEDAR. TerraX is actively exploring three
wholly-owned gold exploration projects, the Sunbeam-Pettigrew,
Blackfly and Central Canada
properties, all of which are located within 20 km of the town of
Atikokan, 180 km west of
Thunder Bay, and are within 19 km
of the Hammond Reef gold deposit.
TerraX is also actively exploring the 60.5 sq km
Stewart property in the Burin
Peninsula, which is part of the Avalon terrane, a geologic
structure which can be traced from eastern Newfoundland through Nova Scotia and New
Brunswick into New England, the Carolinas and northern
Georgia. The Avalon terrane hosts
several epithermal/porphyry gold-copper deposits, including the
past-producing Hope Brook deposit in
Newfoundland.
On behalf of the Board of Directors
"JOSEPH CAMPBELL"
Joseph Campbell, P.Geo
President
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE TerraX Minerals Inc.