TerraX Minerals Inc. (TSXV: TXR) (FSE: TX0) (OTC Pink: TRXXF) is pleased to announce assay results from the first 5 holes (2,003 m) of its 2018 winter drill program now underway on the Yellowknife City Gold project. Two of these holes (688 m) tested the Sam Otto South extension, confirming a 2.2 km mineralized zone that remains open along strike and at depth. These holes were drilled as a follow up to our surface sampling program done in 2017 (news release of Sept 26, 2017). That program indicated the Sam Otto zone may extend for 3.5 kilometers south of the main zone which was drilled over 750 m of strike length in 2016. Hole TSO18-035 was collared 1.5 kilometer south of the Sam Otto main zone and intersected a broad zone of deformation and alteration (150 m wide) that contained a mineralized zone assaying 2.16 g/t Au over 27.16 m, including 1 m of 23.1 g/t Au, and 2.44 m at 7.99 g/t Au.
TerraX Minerals Inc. (TSXV: TXR) (FSE: TX0) (OTC Pink: TRXXF) is pleased to announce that it has commenced its 2018 winter drill program at its Yellowknife City Gold project, immediately adjacent to the City of Yellowknife in the Northwest Territories. The initial program will total approximately 6,000 meters and incorporate up to three dill rigs to test dip and strike extensions of the Sam Otto and Crestaurum deposits (see map here).
TerraX Minerals Inc. (TSXV: TXR) (OTC Pink: TRXXF) (FSE: TX0) is pleased to report channel sample results from the Sam Otto South zone on Screamer Island. Sam Otto South is up to 3.5 km south and along trend from the main Sam Otto and extends the potential strike length of that target area to over 5 km. Channel sample results confirm the extension of the Sam Otto zone 1.5 kilometers south of the currently drilled Sam Otto main zone (see map here) (https://terraxminerals.com/projects/yellowknife-city-gold/field-exploration-2017/#feb-1-2018).
TerraX Minerals Inc. (TSX.V: TXR; OTC Pink: TRXXF; Frankfurt: TX0) is pleased to report that it has entered into an agreement to acquire the Ptarmigan Mine property, located within its Eastbelt property, Yellowknife City Gold Project (see map here).
The Ptarmigan Mine (“Ptarmigan”) was a gold producer in the Yellowknife gold district from 1941-42, in 1983 and from 1985-1997. The main Ptarmigan vein was accessed by a shaft extending to 275 meters depth and mined over 400 meters of strike length. Production from Ptarmigan totaled 364,874 tonnes producing 112,213 ounces of gold (average 9.56 g/t Au recovered). The gold is free milling with recoveries in the 1940’s reported at 97-98%. Gold recovery in the 1985-97 period consisted of gravity and flotation concentration with reported recovery of 94%. When the mine closed in 1997 the vein was still open along strike to the west on claims now owned by TerraX, and open down dip below the mine workings. (Source: The Operation History of Mines in the Northwest Territories, R. Silke, 2009; and Treminco Resources Limited, Annual Report 1990).
We recently interviewed Stuart Rogers, President of TerraX Minerals (V.TXR) about the progress the company is making at its district-scale exploration project surrounding (literally) Yellowkinfe, NWT.
The area surrounding Yellowknife in the Northwest Territories is well known for its historic gold mines. Millions of ounces have been recovered from the past producing Con and Giant Mines. For Terrax Minerals (V.TXR), having ground within sight of the abandoned headframes of these famous mines was the beginning of the story. Extensive exploration has discovered both high grade and bulk gold showings along 45 km of strike on trend with the Con Mine and Giant Mine, two of Canada’s highest grade gold mines.
TerraX Minerals Inc. (TSXV: TXR) (OTC Pink: TRXXF) (FSE: TX0) is pleased to report that it has entered into an agreement to acquire the historic Burwash Mine property, immediately adjacent to its Eastbelt property, Yellowknife City Gold Project.
TerraX Minerals Inc. (TSXV: TXR) (OTC Pink: TRXXF) (FSE: TX0) is pleased to report the receipt of $1,910,759 from the exercise of 3,821,518 share purchase warrants at $0.50 per share. With the exercise of these warrants, the Company now has cash on hand of $2.83 Million.