10:32:40 EDT Thu 19 Sep 2019
Enter Symbol
or Name

Terrax Minerals Inc
Symbol C : TXR
Shares Issued 124,210,735
Close 2019-01-08 C$ 0.45
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Terrax Minerals to focus on four targets at YCG in 2019

2019-01-08 09:00 ET - News Release

Mr. David Suda reports


Terrax Minerals Inc.'s 2018 exploration programs delivered concrete advancement of targets at the Yellowknife City gold (YCG) project. While continuing to deliver high-grade surface results, Terrax compiled and enhanced all data sets to achieve a clearer understanding of the deposits. Analysis and review of the entire district by a panel of internal and external global experts have identified new targets and further defined existing ones.

David Suda, president and chief executive officer, stated: "The Yellowknife City gold project continues to emerge as a globally significant exploration opportunity due to its 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 undrilled opportunities that lie within our existing core focus areas."

Identifying targets included the analysis and prioritization of over 100 prospective areas 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. 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 five plus million ounces of gold at the Con mine."

The targets

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 five kilometres of each other in the Northbelt Core focus area of the project. These data-driven targets are the highest potential and highest-confidence targets that were the result of the comprehensive work completed by the company's expert panel. BDC (Barney deformation corridor) is an extension of the Giant gold system with three parallel north/south structures over one kilometre 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 continues to be a top priority target. Previous drill success and 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 remains a prospective bulk-tonnage target with total strike length of 2.5 km continuous mineralization. Drilling will focus on further defining the extension of mineralization. Homer is a two km long and nearly one km 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.

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.

About the Yellowknife City gold project

The Yellowknife City gold project (YCG) encompasses 783 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 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.

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