TSX-V: TXR
Frankfurt: TX0
VANCOUVER,
March 13, 2012 /PRNewswire/ - TerraX
Minerals Inc. (TSX.V: TXR; Frankfurt: TX0) has completed a 797
meter drill program at its wholly-owned Sunbeam-Pettigrew gold
project near Atikokan, Ontario, as
announced February 15, 2012.
During this program, TerraX drilled the WN-2 and Rubble showings,
as originally planned, and was also able to drill a 119 m hole in
the Sunbeam area, targeted on the structure exploited by the past
producing Sunbeam mine. On completion of this drilling, the
rig was moved to the Company's nearby Central Canada gold project and three holes
were drilled to test a 100 m strike length of the main mineralized
structure. Assay results from all drill holes are pending.
The Sunbeam-Pettigrew property consists of 36
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 developed by Osisko
Mining Corporation. The Central
Canada property consists of seven claims totaling 24
claim units (~3.8 km2) on the southern margin of the Marmion
Batholith.
The first three holes (326 m) of the current
program were drilled at the WN2 showing, where channel sampling in
2011 produced an intercept of 23 m @ 0.28 g/t Au (see news release
of Feb 12, 2012). Two holes
tested underneath the 75 m wide, intermittently mineralized
stripped outcrop, and the third hole was drilled 50 m along strike.
Three holes (352 m) were then drilled at the Rubble showing to test
a 150 m strike length of a north-northeast trending structure where
previous channel sampling results included 11 m @ 0.50 g/t
Au. The final hole at Sunbeam-Pettigrew was a 119 m
hole drilled in the Sunbeam area, targeted on the structure
exploited by the past-producing Sunbeam gold mine.
The three holes drilled at Central Canada (total of 363 m) tested a 100 m
strike length of the main mineralized structure. TerraX's
grab samples along this structure included results up to 39.6 g/t
Au and channel samples of 2.0 m @ 2.51 g/t Au (news release of
January 19, 2011).
All drill core from the 2012 drill program was
logged, split and sampled at a secure core facility near
Atikokan. Samples were delivered
by TerraX personnel to the Activation Laboratories ("Actlabs")
facility in Thunder Bay. Actlabs
is an ISO/IEC 17025 accredited analytical laboratory. Analysis was
by fire assay with AA finish. Analytical accuracy and precision are
monitored at the laboratory by the analysis of reagent blanks,
reference material and replicate samples. Quality control is
further assured by the use of international and in-house standards.
TerraX routinely inserted blanks and certified standards into the
sample stream in order to independently assess analytical
accuracy.
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 (TSX-V: OSK)
Hammond Reef gold deposit which contains a National Instrument
43-101 compliant global inferred resource of 530.6 million tonnes
at 0.62 grams per tonne Au (10.52 million ounces gold). The Osisko
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. The Avalon Terrane hosts several
epithermal/porphyry gold-copper deposits, including the
past-producing Hope Brook deposit in
Newfoundland. Exploration at
Stewart by TerraX in 2011
indicated the property likely hosts porphyry style mineralization.
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."
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.
This news release contains forward-looking
information, which involves known and unknown risks, uncertainties
and other factors that may cause actual events to differ materially
from current expectation. Important factors - including the
availability of funds, the results of financing efforts, and the
results of exploration activities - that could cause actual results
to differ materially from the Company's expectations are disclosed
in the Company's documents filed from time to time on SEDAR (see
www.sedar.com). Readers are cautioned not to place undue reliance
on these forward-looking statements, which speak only as of the
date of this press release. The company disclaims any intention or
obligation, except to the extent required by law, to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
SOURCE TerraX Minerals Inc.