TSX-V: TXR
Frankfurt: TX0
VANCOUVER,
June 11, 2012 /PRNewswire/ - TerraX
Minerals Inc. (TSX.V: TXR; Frankfurt: TX0) has commenced a
multi-disciplinary field program at its wholly-owned Stewart gold-copper property in Newfoundland. The Stewart property features a large (6 km x 1.4
km) porphyry style alteration zone defined by surface mapping and
Titan IP surveying, with drilling in 2011 having returned gold and
copper mineralization over long intervals (111 m @ 0.13 g/t Au
and 0.05% Cu in drill hole ST11-01 - see our news release
of October 31, 2011). In
addition, epithermal mineralization identified by sampling at the
Forty Creek showing, 2 km to the northwest of the alteration zone,
returned grab samples up to 59 g/t Au and 2,290 g/t Ag
(reported December 10, 2010) that
have not yet been fully explored. Work to be performed at
Stewart includes:
- Mechanical stripping at Forty Creek to trace the extent of the
sub-cropping high-grade gold and silver mineralization.
- soil surveying of the porphyry alteration zone, where a large
Au-Cu-Mo soil geochemistry anomaly remains open to the southwest
and is partly covered by a lake that will be tested via lake
sediment sampling
- Geological investigations will be performed in an attempt to
define a volcanic center coincident with the porphyry system and to
better understand the tectonic deformation of the
system.
- Magnetic anomalies defined by TerraX's 2011 airborne survey
will be field checked in order to determine whether or not they are
related to potassic alteration.
Selected areas of the property will also undergo
lake sediment sampling, additional prospecting and geological
examination. In particular, possible offsets of the main
alteration zone suggested by the airborne magnetic patterns will be
field checked, as will the area between the porphyry and epithermal
zones. The over-riding objective of fieldwork is to produce
drill targets as quickly and efficiently as possible.
The Stewart
property is comprised of 242 claims totaling 60.5 sq. km, located
30 km north-northeast of the town of Marystown on 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. For more information on
Stewart, please visit our website
at www.terraxminerals.com
TerraX Minerals Inc. is also 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: 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, Central Canada and Blackfly (2.0 m @10.96 g/t
Au reported March 4, 2011)
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.
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.