By Peter Kennedy
TerraX Minerals Inc. [TXR-TSXV, TRXXF-OTC, TXO FSE] on Tuesday December 5 announced high-grade surface sampling results from the Homer Lake Gold structure on its Northbelt property, one of eight new high-grade target areas identified on the Yellowknife City Gold Project during a summer field work program.
The Yellowknife City Gold (YCG) project covers 440 km2 of contiguous land, north, south and east of the City of Yellowknife, Northwest Territories.
YCG lies on the prolific Yellowknife greenstone belt, covering 45 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.
Initial surface exploration in the Homer Lake area in 2013 identified massive lead and zinc mineralization with high-grade silver and gold values over a strike length of approximately 1 km. Drilling on this target in 2016, comprised of six holes, extended this zone to a vertical depth of at least 250 metres.
Prospecting and mapping by TerraX in 2017 has followed these mineralized structures over 2 km of strike length. The company said mineralization is pervasive and has been discovered in all rock types, including mafic volcanics, mafic intrusives, granitic intrusives, felsic volcanics and quartz veins.
Sixty samples returned values in excess of 1 g/t gold, the company said. “Our 2017 field exploration program has greatly expanded the mineralized zones at Homer Lake, providing us with yet another opportunity for high-grade discoveries on the Yellowknife City property during our upcoming drilling programs in early 2018,’’ said TerraX CEO Joe Campbell.
TerraX’s summer field exploration program is now complete with over 5,600 surface samples taken from outcrop throughout the property. Assay results are still pending from over 3,700 samples as well as biogeochemical and lake sediment surveys completed this fall throughout the property.
All assay results will be used for targeting the next drill campaign in 2018, the company said. On Tuesday, TerraX shares eased 2.27 per cent or $0.01 to 43 cents.