Teras Significantly Increasing Silver Values on Its Cahuilla Project
CALGARY, ALBERTA -- (Marketwired) -- 05/02/13 -- Teras Resources Inc.("Teras" or the "Company") (TSX VENTURE: TRA) (OTCQX: TRARF) Teras recently completed a silver re-assay program using a four acid digestion technique instead of the original two acid digestion procedures used for drill samples obtained in 2011 and 2012 from the Cahuilla project in Imperial County, California. The four acid digestion re-assays were conducted by ALS Chemex Laboratories in Reno, Nevada on drill samples and the results indicate that by using this new procedure, the silver values are significantly higher than the original assays.
A variety of pulp samples from reverse circulation drill holes from the recent drilling program were analyzed. Samples were selected from a variety of different mineralogies and silver grades. The samples are within the known NI 43-101 compliant mineral resource used to calculate a silver resource. The four acid digestion procedure can more thoroughly measure silver contents and potentially result in a higher and more accurate assay when compared to the initial two acid digestion method.
A total of 47 samples were analyzed and selected from many different locations throughout the project site at various depths to obtain a broad range of silver values for comparative analyses. The original two digestion assays were conducted at three laboratories in Reno, Nevada including BSI Inspectorate, McClelland and ALS Chemex while the four acid digestion re-assays were completed at ASL Chemex. Results from the silver re-assay program as follows:
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Four Acid Digestion Re- Percent Higher
Assays Than Original Two Acid Digestion
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Inspectorate McClelland ALS Chemex
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All Completed at ALS Chemex 33% 63% 27%
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The four acid digestion analyses for all three labs combined are 41% greater than the original two acid digestion assays, which could result in a substantial increase in our silver resource. Future NI 43-101 reports will include the four acid digestion assays in addition to any new drill results. Additional drill pulp samples are being collected for conducting further four acid digestion re-assays in order to better substantiate the percentage increase in silver values. In the future, all drill samples will be assayed utilizing the four acid digestion preparation methods.
Peter Leger, President and CEO of Teras Resources commented "We are very pleased with the potential substantial increase in our silver resource at Cahuilla. The four acid digestion technique increases our silver content significantly as well as provides us with more accurate precious metal values which will guide us in optimizing silver recoveries once Cahuilla is in operation. This is yet another positive leap forward for our Cahuilla project."
Dale A Vitone P. Eng., registered with the Association of Professional Engineers of Ontario, Alberta and North West Territories and a Director for Teras, is the Company's nominated qualified person responsible for monitoring the supervision and quality control of the programs completed on the Company's properties. Mr. Vitone has reviewed and verified the technical information contained in this news release.
About Teras
The Company is focused on developing its Cahuilla project located in Imperial County, California. The project encompasses an area of at least 3 km by 1.5 km and demonstrates the potential for a large-scale, bulk mining operation consisting of altered and mineralized sedimentary and volcanic host rocks with numerous sheeted high-grade quartz veins. Teras filed a NI 43-101 compliant technical report with an indicated resource of 1 million plus ounces of gold and 11 million plus ounces of silver on its Cahuilla project (70.148 million tons at an average grade of 0.015 ounces per ton gold and 0.17 ounces per ton silver with a cut-off-grade of 0.008 ounces per ton gold). The Company has an aggressive plan to increase the resource and develop the project for future mining operations.
This press release may contain "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein may be forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as "plans", " expects" or "does not expect", "proposed", "is expected", "budgets", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. In particular, this press release contains forward-looking information regarding: the potential of the Cahuilla Project; the potential of geophysical programs on the Cahuilla Project; the potential to expand the resource, to identify new targets and to identify high grade zones and structures; the timing of and potential of drilling and exploration programs, surveys, studies and developments; and the potential for finding high grade deposits. This forward-looking information reflects the Company's current beliefs and is based on information currently available to the Company and on assumptions the Company believes are reasonable.
These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports or prior exploration results; future costs and expenses being based on historical costs and expenses, adjusted for inflation; continued success in drilling and exploration programs and geological and geophysical studies at the Cahuilla project; successful studies in mining techniques and metallurgy; commodity prices continuing at today's prices or rising; obtaining the necessary funding to carry out recommended work programs, exploration and studies; and continued success in obtaining permits. Additional assumptions can be found in the Company's disclosure documents on the SEDAR website. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the early stage development of the Company and its projects; general business, economic, competitive, political and social uncertainties; commodity prices; the actual results of current exploration and development or operational activities; competition; changes in project parameters as plans continue to be refined; accidents and other risks inherent in the mining industry; lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting the Company; timing and availability of external financing on acceptable terms; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this news release.
Contacts:
Teras Resources Inc.
Peter Leger
President
(403) 262-8411 or (403) 852-0644
pleger@teras.ca
www.teras.ca