21:06:34 EDT Tue 24 May 2022
Enter Symbol
or Name

Terrax Minerals Inc
Symbol TXR
Shares Issued 90,322,376
Close 2016-10-19 C$ 0.84
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Terrax completes summer phase of Yellowknife drilling

2016-10-19 16:17 ET - News Release

Mr. Stuart Rogers reports


Terrax Minerals Inc. has completed the summer phase of the recently announced 27,000-metre drill program on the Yellowknife City gold project immediately north of Yellowknife in the Northwest Territories. The summer program was expanded to include three drills on multiple drill targets, with 36 holes completed totalling 10,078 metres. The company has received and reported assays from the first four holes (1,076 metres) from this program, with all four holes intersecting significant zones of mineralization at Mispickel that included 5.53 metres of 29.85 grams per tonne gold in the hangingwall and three metres of 22.44 grams per tonne gold in the main zone of drill hole TWL16-020 (see the company's news release of Sept. 22, 2016). Assay results are pending from the remaining holes, which are anticipated to be continuously released when available over the balance of the year, followed by the resumption of drilling in early January, 2017.

A map and cross-sections showing the location of the drill holes reported to date from the summer phase of drilling on the Yellowknife City gold project are available on the company's website under "Mispickel 2016 field exploration" under the Walsh Lake property section.

Stuart Rogers, the president of Terrax, commented: "We are looking forward to receiving and reporting the results from our summer drill program while we refine drill targets for drilling in January. The next 12 months will be extremely busy for us as we plan to test a multitude of new high-grade gold targets identified this summer across our entire land position in what has historically been one of the highest-grade gold districts in Canada."

The technical information contained in this news release has been approved by Joseph Campbell, PGeo, the chief executive officer of Terrax, who is a qualified person as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects.

Appointment of officers

At the company's annual general meeting held in Vancouver on Oct. 18, 2016, the shareholders re-elected Joseph Campbell, Stuart Rogers, Paul Reynolds, Tom Setterfield and Elif Levesque as directors. Following the meeting, the directors elected to expand the company's management team with the appointment of Mark Gelmon, CPA, CA, as chief financial officer, with Mr. Rogers to serve as president and Mr. Campbell appointed as chairman of the board and chief executive officer.

About the Yellowknife City gold project

The Yellowknife City gold project encompasses 129 square kilometres of contiguous land immediately north and south of the city of Yellowknife in the Northwest Territories. Through a series of acquisitions, Terrax now controls one of the six major high-grade gold camps in Canada. Being within 15 kilometres of the city of Yellowknife, the Yellowknife City gold project is close to vital infrastructure, including transportation, service providers, hydroelectric power and skilled tradespeople.

The Yellowknife City gold project lies on the prolific Yellowknife greenstone belt, covering 23 kilometres of strike length on 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.

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