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Terrax drills 14 m of 1.36 g/t Au at Sam Otto South

2019-09-09 09:09 ET - News Release

Mr. David Suda reports

TERRAX EXTENDS GOLD MINERALIZATION ANOTHER 600 METERS IN PHASE 1 OF DRILLING AT SAM OTTO

Terrax Minerals Inc. has extended the gold mineralization at Sam Otto by an additional 600 metres of strike with results from 1,182 m of drilling in six holes. The Sam Otto South zone now extends for 1.2 kilometres and remains open in all directions. Gold mineralization of the Sam Otto trend has been defined for a minimum of 2.5 km along the five km Sam Otto structural corridor.

Phase 1 drill highlights from the Sam Otto South zone include: seven m of 2.93 grams per tonne gold (within a broader interval of 40 m of 0.6 g/t Au), 14 m of 1.36 g/t gold (within a broader interval of 34 m of 0.64 g/t Au), 11 m of 1.24 g/t gold and nine m of 1.2 g/t gold.

Message from David Suda, chief executive officer:

"The opportunity at Sam Otto has improved considerably with these results by extending gold mineralization to 2.5 kilometres of strike length. We are very much looking forward to the remaining results from Sam Otto and the nearby high-grade target at Crestaurum. These targets are in close proximity to one another and represent the opportunity for Terrax to deliver an attractive resource next to excellent infrastructure in the town of Yellowknife."

Technical summary

Gold mineralization encountered within the Sam Otto South target is located in shear zone structures 100 to 200 m in width with strong sericite alteration and shearing. These geological characteristics are consistent with what is observed at the Sam Otto Main zone, clearly demonstrating the bulk tonnage of the 3.5 km Sam Otto South structure.

The nine drill holes from the 2018 and 2019 campaigns in the Sam Otto South zone together with surface channel samples have shown that higher-grade lenses (27 m of 2.14 g/t, for example) are at a 10- to 15-degree angle to the main north-south trending structure and alteration zone. An additional three drill holes have been completed this summer with results pending to test for geometric continuity of the higher-grade lenses at depth. Terrax is planning aggressive stepout drilling along the Sam Otto structure next winter as it will provide 100-per-cent access along the trend.

        SAM OTTO SOUTH -- PHASE 1, 2019, DDH

Drill hole   From (m)   To (m)  Interval (m)  Au g/t

TSO19-043       24.00    64.00         40.00    0.60
including       34.00    31.00          7.00    2.93
and             98.00   112.00         14.00    0.71
including       99.00   107.00          8.00    1.02
and            126.00   130.00          4.00    0.80
and            156.00   157.00          1.00    1.10
TSO19-044       19.85    24.00          4.15    0.79
and             30.00    31.00          1.00    0.90
and             84.00    89.00          5.00    0.46
including       88.00    89.00          1.00    1.28
and            112.00   113.27          1.27    0.73
and            115.09   120.00          4.91    0.88
including      119.00   120.00          1.00    1.70
and            147.00   149.00          2.00    0.88
and            154.00   156.00          2.00    0.40
TSO19-045       35.25    37.00          1.75    0.32
                41.00    75.00         34.00    0.64
including       41.90    44.00          2.10    1.61
including       61.00    70.00          9.00    1.20
and             87.75   101.25         13.50    0.60
TSO19-046       82.00    83.00          1.00    0.52
                90.00   104.00         14.00    1.36
including       90.00    99.62          9.62    1.64
including       91.00    93.50          2.50    2.22
including       96.00    99.62          3.62    2.23
and            110.75   111.50          0.75    0.84
and            155.00   156.60          1.60    0.93
TSO19-047       21.00    38.00         17.00    0.88
including       24.00    35.00         11.00    1.24
including       24.00    27.00          3.00    3.60
and             66.00    68.00          2.00    0.98
and            101.00   107.00          6.00    0.60
including      104.00   106.00          2.00    0.98
and            120.00   126.22          6.22    0.40
and            135.00   139.00          4.00    2.10
and            134.00   135.00          1.00    7.43
TSO19-048      224.14   227.14          3.00    0.64

Technical appendix

Holes were drilled normal to strike length and designed to cross mineralized structures at right angles. Reported intersection widths are estimated to be 90 per cent of true width.

For the six holes reported today, Terrax collected 1,106 samples for assay. Results ranged from below detection to 7.43 g/t Au. Terrax inserts certified standards and blanks into the sample stream as a check on laboratory quality control. Drill core samples are cut by diamond saw at Terrax's core facilities in Yellowknife. A halved core sample is left in the core box. The other half-core is sampled and transported by Terrax personnel in securely sealed bags to ALS Chemex's preparation laboratory in Yellowknife. After sample preparation, samples are shipped to ALS's Vancouver facility for gold and inductively coupled plasma analysis. Gold assays of greater than three g/t are reassayed on a 30-gram split by fire assay with a gravimetric finish. ALS is a certified and accredited laboratory service. ALS routinely inserts certified gold standards, blanks and pulp duplicates, and results of all QC samples are reported.

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 (YCG) encompasses 783 square kilometres of contiguous land immediately north, south and east 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 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 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.

We seek Safe Harbor.

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