David Suda, President and CEO stated: “The Yellowknife City Gold Project continues to emerge as a globally significant exploration opportunity due to it’s district scale, infrastructure and proximity of targets to historic gold producers Con and Giant. The outcome of targeting has brought about an exciting turning point for TerraX. Most importantly, this work provides context for gold findings on and below surface to date and sheds light on new un-drilled opportunities that lie within our existing core focus areas.”
Identifying targets included the analysis and prioritization of over 100 prospective areas Figure 1 on the property. These targets were scored based on a rigorous classification of their exploration stage, their potential, and the level of confidence from the information currently available Figure 2. Four top priority targets were flagged for deposit expansion or confirmation drilling. Joe Campbell, Executive Chairman stated: “Equally exciting is the identification of several new high potential early stage targets that require additional exploration work. These targets are parallel structures to the shear that produced 5+ million ounces of gold at the Con mine.”
Barney Deformation Corridor (BDC), Crestaurum and Sam Otto are the top three targets which will be the focus for expansion of gold deposits. Homer screened as a new high potential target and will be the focus of confirmation drilling. All four targets lie within 5km of each other in the Northbelt Core focus area of the project. Figure 3 These data driven targets are the highest potential and highest confidence targets that were the result of the comprehensive work completed by our expert panel.
- BDC Figure 4 (Barney Deformation Corridor) is an extension of the Giant gold system with 3 parallel north/south structures over 1km of strike intersecting with Crestaurum. It features abundant high-grade rock samples on surface. There has been very little drilling over the majority of this shear zone at the intersection with Crestaurum making this a strong new target.
- Crestaurum Figure 5 continues to be a top priority target. Previous drill success together with strong vectors from surface data including magnetics and geochemistry have identified two parallel structures to the north that are new and largely untested.
- Sam Otto Figure 6 remains a prospective bulk tonnage target with total strike length of 2.5km continuous mineralization. Drilling will focus on further defining the extension of mineralization.
- Homer Figure 7 is a 2km long and nearly 1km wide target with confirmed strong mineralization on surface. Pathfinder elements and felsic intrusions related to gold mineralization are contributing vectors that make this a very exciting target. This is one of TerraX’s largest mineralized zones, and there is potential for economic gold bearing shears.
About the Yellowknife City Gold Project
The Yellowknife City Gold ("YCG") project encompasses 783 sq km of contiguous land immediately north, south and east of the City of Yellowknife in the Northwest Territories. Through a series of acquisitions, TerraX controls one of the six major high-grade gold camps in Canada. Being within 10 km of the City of Yellowknife, the YCG is close to vital infrastructure, including all-season roads, air transportation, service providers, hydro-electric power and skilled tradespeople.
The YCG lies on the prolific Yellowknife greenstone belt, covering 70 km of strike length along the main mineralized break in the Yellowknife gold district, including the southern and northern extensions of the shear system that hosted the high-grade Con and Giant gold mines. The project area contains multiple shears that are the recognized hosts for gold deposits in the Yellowknife gold district, with innumerable gold showings and recent high-grade drill results that serve to indicate the project's potential as a world-class gold district.
For more information on the YCG project, please visit our web site at www.terraxminerals.com.
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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, events or otherwise.