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TICKERS: TXR

Drill Results May Double Size of Gold-Bearing Structure on Canadian Project

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Wrapping up its winter drill program, holes on this company's property in the Northwest Territories included discovery of visible gold.

In a May 8 press release, TerraX Minerals Inc. (TXR:TSX.V) announced that additional drilling on the Crestaurum zone in its Yellowknife City gold project had intersected mineralization that may have doubled the known size of the gold-bearing structure, and included visible gold.

Assays from 11 drill holes included four in the "high-grade Crestaurum gold bearing structure to test whether gold mineralization continued to depth."Two of those holes showed visible gold, and all "intersected significant gold."

The assays showed the following:

  • 8.84 g/t Au over 2.49 m and 5.38 g/t Au over 0.63 m in hole TCR18-076
  • 3.08 g/t Au over 2.80m, and 5.57 g/t Au over 2.06 m, in hole TCR18-078
  • 13.30 g/t Au over 1.24 m, and 4.41 g/t Au over 0.80 m, in hole TCR18-079
  • 3.86 g/t Au over 0.56 m in hole TCR18-077

TerraX also completed additional exploration work at its Sam Otto west zone, drilling five holes that all intersected "gold mineralized structure with best results of 3.00 g/t Au over 2.69 m in hole TSO18-038, 1.06 g/t Au over 4.00 m in hole TSO18-041, and 1.32 g/t Au over 2.70 m in hole TSO18-036," according to the release. The company asserted these results "makes this a good target for continued exploration."

Reflecting on results from the Crestaurum zone, TerraX CEO Joe Campbell said, "This small program of four holes successfully demonstrated that the Crestaurum zone continues at depth on multiple surfaces, potentially doubling the size of the zone. The 300 meter vertical depth tested with these holes is still considered very shallow for Archean lode gold deposits and mineralization remains open for further expansion, both along strike and at depth."

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Disclosure:
1) Tracy Salcedo compiled this article for Streetwise Reports LLC and provides services to Streetwise reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
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