TSX-V: TXR
Frankfurt: TX0
VANCOUVER, June 3, 2013 /PRNewswire/ - TerraX Minerals Inc.
(TSX.V: TXR; Frankfurt: TX0) has commenced exploration on
its wholly-owned Northbelt property in the Yellowknife gold camp, Northwest Territories with an airborne survey
to acquire detailed magnetic, electromagnetic (EM) and radiometric
data that began on May 30, 2013 and
is expected to be completed within the week.
The Northbelt gold property encompasses 3,562
hectares on the prolific Yellowknife belt, only 15 km north of the city
of Yellowknife, and covers 13 km
of strike on the northern extension of the geology that contained
the Giant (7.6M oz) and Con (5.5M oz) gold mines. The
Northbelt property is host to multiple shears that are the
recognized hosts for gold deposits in the Yellowknife camp and it contains innumerable
gold showings.
The shears that control gold mineralization on
the property are thought to have higher magnetic signatures than
the surrounding rocks, and therefore the detailed magnetics should
be an effective targeting tool. In addition, the alteration
associated with gold mineralization has been shown to have a
potassic component which can be picked up by the radiometric
survey. Together, magnetic and radiometric data should be helpful
in targeting the best portions of the mineralized shears.
The EM survey is designed to identify anomalies
associated with volcanogenic massive sulphide deposits that occur
in the north of the property. Initial site reconnaissance carried
out earlier in May on outcrop exposures of Zn-Pb-Cu-Ag-Au massive
sulphide zones indicates they have sufficient thickness and strike
continuity for EM response.
In addition to preliminary exploration work,
TerraX has also begun community engagement meetings within
Yellowknife, and within the First
Nations communities of N'Dilo and Dettah. Initial responses to the
introduction of TerraX's exploration plans have proven to be
positive. TerraX has begun reviewing a proposal for an Akaticho
First Nations Exploration Agreement to help guide its interaction
with these First Nations groups during its future exploration
programs.
More detailed prospecting and ground truthing of
historical work is scheduled to begin with a small field crew on
June 10th. Initial
contacts have been made with the Mackenzie Valley Land and Water
Board (MVLWB) for preparing applications for drill permits on the
Northbelt property. The MVLWB will be responsible for issuing the
permits to TerraX for its drilling programs, which are tentatively
scheduled to begin in Q4 2013 or Q1 2014. TerraX is responsible
for, and has already begun, carrying out community engagement prior
to completing a permit application for this drilling.
TerraX has acquired additional property in the
Yellowknife gold camp through the
purchase of the Goodwin gold property from Sonde Resources
Corp. The Goodwin property occurs 8 km north-northeast
of Yellowknife and consists of 12
mineral claims totalling 619.8 acres (250.82 ha) that lie to
the south of, and are contiguous to, the southern boundary of the
Northbelt property. TerraX acquired a 100% interest in the
claims, which have no underlying royalties and are in good standing
until 2058. The Goodwin property abuts the Giant Mine
property (historical production of 7.6 Moz
Au, source: Guide to Mineral Deposits, Northwest
territories, 2007), which lies immediately to the west.
Like the Giant and Northbelt properties, the Goodwin property is
predominantly underlain by Archean mafic volcanics of the
Yellowknife Volcanic Belt.
The Goodwin property is 2.6 km long in a
north-south direction and almost 1 km wide. The property is
known to host one mineral occurrence, the Goodwin showing.
Government records indicate that a chip sample of unspecified
length assayed 6.86 g/t Au at the Goodwin showing. The sample
was said to contain schist and quartz vein material. TerraX
does not have complete records of all previous work completed on
this property. According to historical maps, at least 37
drill holes have been drilled on the property, but TerraX only has
logs for 14 of these holes, and assays from only 3 holes. All
known holes are in the southern 1 km of the property, adjacent to
the Giant property, although the Goodwin showing is in the northern
portion of the property. TerraX expects to be able to use
knowledge gained from the Northbelt property to generate targets on
the Goodwin property.
TerraX has now closed off its recently announced
non-brokered private placement (see our news releases of
April 4 and May 8, 2013) with the issuance of a further
125,000 units at $0.20 per unit,
bringing the aggregate gross proceeds raised in this private
placement to $1,382,217. Each unit
consists of one common share and one half of one share purchase
warrant, with each full warrant entitling the holder to purchase an
additional common share at an exercise price of $0.30 per share until May
30, 2016. The shares and any shares acquired on the
exercise of warrants will be subject to a hold period expiring on
September 31, 2013.
On behalf of the Board of Directors
"JOSEPH CAMPBELL"
Joseph Campbell
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, the
completion of due diligence 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.