TerraX feeds pipeline of Yellowknife drill targets

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Eastbelt mineralized vein next to next to former producing Tom Mine at the Yellowknife City gold project 15 km north of Yellowknife, Northwest Territories. Source: TerraX Minerals Inc.

TerraX Minerals Inc. [TXR-TSXV; TRXXF-OTC; TXO-FSE] on Friday September 14 released further assays from the company’s summer field program on the Yellowknife City gold project. The company said high-grade gold assays from grab sampling have extended the strike of the Gull and Rater Lake Zones.

The Yellowknife City Gold (YCG) project covers 772 km2 of contiguous land, north, south and east of the City of Yellowknife, Northwest Territories.

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 Giant Mine produced 7.0 million ounces of gold from 1948 to 2004. The Con Mine produced over 5.0 million ounces of gold from 1938 to 2003.

The YCG Project 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.

As previously reported, the company said the Gull and Rater Lake zones are in the same mafic volcanic geology that hosted the Giant and Con mines and are within TerraX’s core gold exploration area.  The highlight assays are 171.0 g/t gold, 5.60 g/t gold, 5.29 g/t gold and 4.49 g/t  gold on the Rater Lake zones, and 72.0 g/t gold, 52.5 g/t gold, 29.0 g/t gold and 12.95 g/t gold on the Gull Lake Zone.

“The results of our summer fieldwork continue to feed our pipeline of drill targets,” said TerraX President and CEO David Suda. “It is highly encouraging to see surface results which extend the potential strike to the Giant Mine structure.’’

Suda, who was appointed to the role in June, 2018, has over 11 years of capital market experience. He was previously head of trading and a Managing Director at Beacon Securities. At the time of his appointment TerraX said it had agreed, subject to regulatory approval, to grant incentive stock options to Suda on 1.25 million common shares at an exercise price of 41 cents for a period of three years from the date that the options were granted.

He is expected to work closely with Joseph Campbell, who is now the junior’s Executive Chairman.

On Friday, TerraX shares rose 1.4% or $0.005 to 36 cents. The 52-week range is 32.5 cents and 62 cents.

TerraX recently added to its holdings in the Yellowknife area by striking a deal to the Ptarmigan Mine property.

Ptarmigan is a former mine that produced 112,213 ounces of gold, averaging 9.56 g/t gold from 1941-43, in 1983, and from 1985 to 1997.

The main Ptarmigan vein was accessed by a shaft extending to a depth of 275 metres. It was mined over a strike length of 400 metres.

When the mine closed in 1997, the vein was still open along strike to the west on claims now owned by TerraX, and open down dip below the mine workings.

“With paved road access from Yellowknife, and high tension powerlines connected to the former mine site, Ptarmigan, with exploration success, could easily be brought back to life,” said company has said.

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Filed in: Gold, Resources

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