Mr. David Suda reports
TERRAX RECEIVES TYPE B WATER LICENSE FROM MACKENZIE VALLEY LAND AND WATER BOARD
A Type B water licence has been issued by the Mackenzie Valley Land and Water Board (MVLWB) to Terrax Minerals Inc., approving the company's broad exploration plan for all landholdings of its Yellowknife City gold (YCG) project. The water licence enhances the new land use permit (LUP) (news release dated Feb. 27, 2019). This water licence is effective for seven years (until March 6, 2026) and covers all of Terrax's claims and leases on the entire 70-kilometre length of the YCG project.
David Suda, president and chief executive officer, commented, "Receiving the Type B water licence significantly enhances exploration and development potential at the YCG project."
Terrax wishes to acknowledge the many community and government stakeholders who were engaged during the permitting and licensing processes, including the support of the City of Yellowknife, CanNor, the Department of Fisheries and Oceans, and the government of the Northwest Territories Department of Industry Tourism and Investment. Terrax would also like to thank the technical staff of the MVLWB for the guidance and review of Terrax's application.
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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