19:07:14 EDT Fri 10 Jul 2020
Enter Symbol
or Name

Terrax Minerals Inc
Symbol TXR
Shares Issued 124,210,735
Close 2019-02-27 C$ 0.38
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Terrax receives Yellowknife City land use permit

2019-02-27 09:28 ET - News Release

Mr. David Suda reports


A land use permit (LUP) has been issued by the Mackenzie Valley Land and Water Board (MVLWB), which approved Terrax Minerals Inc.'s exploration plan on all the landholdings of its Yellowknife City gold property (YCG). The new LUP replaces two smaller LUPs and provides for water usage required in exploration drilling. The new permit is effective until January, 2024, extendible to 2026 and covers all of Terrax's claims and leases, providing complete flexibility in planning and carrying out long-term exploration plans on the entire 70-kilometre length of the YCG property.

David Suda, president and chief executive officer, commented: "This new land use permit is much better than the two previous permits that Terrax has worked under, as it allows the company to drill anywhere on its 783-square-kilometre property. We are also looking forward to results from the historical core assays from five holes ahead of our refined 2019 drill targeting, which we will complete and announce in the coming weeks."

In anticipation of the summer drill season, Terrax is formulating a drill plan to be carried out under the new LUP. Historical core recovered by Terrax (press release dated Jan. 14, 2019) has recently been catalogued, and a select portion of the core has been logged and sampled. Information from this program will help inform final drill plans for the summer of 2019. Under the LUP permit conditions, Terrax is capable of drilling up to 20,000 metres of core during the summer/fall season.

The technical information contained in this news release has been approved by Joseph Campbell, chief executive officer 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 783 square kilometres 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.

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