05:44:31 EDT Mon 26 Aug 2019
Enter Symbol
or Name

Terrax Minerals Inc
Symbol C : TXR
Shares Issued 118,273,235
Close 2018-10-26 C$ 0.395
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Terrax grab samples up to 63 g/t Au at Yellowknife City

2018-10-26 09:08 ET - News Release

Mr. David Suda reports


Terrax Minerals Inc. has released further assay results from the company's 2018 summer field program on the Yellowknife City gold (YCG) project. A total of 262 samples were taken on the company's Northbelt target, which represents the possible extension of Con-Giant trend and constitutes the core focus area.

David Suda, president and chief executive officer of Terrax Minerals, commented: "There is considerable high-grade gold endowment within several of our identified targets. The goal at YCG is to find the source of the high grade on surface, which we believe trends from the nearby Con and Giant mines and exists within other targets in the district. The work we did this summer is giving us considerable resolution in our targeting and will be summarized this fall prior to 2019 exploration plans."

Preliminary surface exploration in the northwestern extension of the geology recognized to contain the extension of the Con-Giant gold system has yielded positive results. This area contains multiple subparallel gold structures, including the Oro shear, recognized from exploration dating back to the 1930s. Terrax Minerals carried out mapping and prospecting along these gold-bearing structures, including grab rock samples. The sampling results are provided in the attached table.


Sample     Au (g/t)     Sample     Au (g/t)     Sample     Au (g/t)

X412153      63.00     X412001        4.81     V888854        1.12 
V888857      54.40    D0009043        1.99    D0009695        1.00 
D0009697     41.70     X412073        1.93    D0009751        0.87 
V888855      23.40     V888871        1.82    D0009666        0.49 
X412005      16.60     X412056        1.63    D0009038        0.47 
X412002      10.10    D0009598        1.61     X412004        0.45 
D0009121      8.57     V888870        1.53    D0008356        0.43 
D0009618      6.19     V888872        1.43                 
D0008354      5.82    D0009696        1.34                 

Terrax Minerals has also acquired detailed geological maps, channel sampling results, and drill hole logs and assay results from an area southwest of the sampling at Oro, specifically on the high-grade shear 17/18 target (please see Terrax Minerals' news release dated Aug. 4, 2015). This work dates from the 1940s and is currently being integrated into the company's project database. Terrax Minerals believes the data accurately reflect past exploration and will be used to direct further exploration in the area.

Assays reported today total 262 samples, with gold grades ranging from nil to 63 grams per tonne gold. It should be noted that, due to their selective nature, assay results from grab samples may not be indicative of the overall grade and extent of mineralization on the subject area.

Sampling included insertion of certified standards and blanks into the stream of samples for chemical analysis. Samples were prepared at ALS Chemex's laboratory in Yellowknife and shipped to its Vancouver facility for gold analysis by fire assay and other elements by ICP analysis. ALS is a certified and accredited laboratory service.

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

About the Yellowknife City gold project

The Yellowknife City gold project encompasses 772 square 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 kilometres of the city of Yellowknife, the YCG is close to vital infrastructure, including all-season roads, air transportation, service providers, hydroelectric power and skilled tradespeople.

The YCG lies on the prolific Yellowknife greenstone belt, covering 70 kilometres 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.

We seek Safe Harbor.

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