06:15:41 EST Sun 19 Jan 2020
Enter Symbol
or Name

Terrax Minerals Inc
Symbol TXR
Shares Issued 124,910,735
Close 2019-07-08 C$ 0.42
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Terrax Minerals begins drilling at Yellowknife City

2019-07-08 09:39 ET - News Release

Mr. David Suda reports


Terrax Minerals Inc. has begun its 2019 summer drill program at the Yellowknife City gold project (YCG). Phase 1 has begun at Sam Otto South to test the 3.5-kilometre strike extension of the already defined gold structures at Sam Otto Main. Approximately 3,500 metres of diamond drilling will test and extend the strike and continuity of the 2018 stepout discovery hole at Sam Otto South. The goals of the first phase of the summer drill campaign are to define a large, multikilometre-long, gold-bearing system and the geometry of high-grade lenses. The Sam Otto corridor will be tested based on surface mapping and sampling, as well as geophysical interpretation of ground magnetics.

David Suda, president and chief executive officer, commented: "We are excited to report that on Friday, July 5, 2019, Terrax resumed drilling at the YCG project on one of our highest-priority targets. The opportunity at Sam Otto South is the potential to increase the overall strike by a factor of four and to delineate higher-grade structures previously unseen at this target. Positive results could represent a material step change in our ability to deliver a significant resource."

In addition to the continuing program at Sam Otto, Terrax plans to commence phase 2 drilling at the high-grade Crestaurum deposit and BDC (Barney deformation corridor -- North Giant extension) targets in August, 2019. Terrax continues mapping and analyzing existing datasets from both targets to ensure accuracy of drill collar locations. More detailed work plans for drilling at these two targets will follow in the coming weeks.

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 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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