Teras Provides Update for the Cahuilla Gold / Silver Project
Teras Resources Inc. ("Teras" or the "Company") (TRA.V - News): announces that the Company has engaged National Drilling Company to continue development of its Cahuilla project in Imperial County, California. National will initiate mobilization of an Atlas-Capco CS14 core drill this week to begin testing one of the linear west-northwest trending, high grade precious metal zones as reported in the January 14th, 2014 press release. Teras anticipates that the diamond drill will begin operations this weekend once all of the equipment has been mobilized to the project site.
The initial phase of this upcoming core drilling program will consist of six to eight angle holes totaling approximately 1100 meters. The goal of the diamond drill program will focus on delineating the continuity of known sub-vertical, near surface high grade gold and silver veins that were intersected in previous Teras and historical reverse circulation drilling. As a result of the near vertical vein control, these new high priority targets will be tested by angled core holes drilled in various directions through the high grade sub-vertical veins at angles that fluctuate from -65? to -80?.
Teras' primary objective for 2014 is to increase the grade of the precious metal resource by further delineating high grade precious metal mineralization, thus enhancing the total in ground gold and silver ounces within the existing NI 43-101 resource. Teras will also obtain more detailed information required to perform metallurgical, mineralogical and geotechnical studies, along with the geologic understanding of ore controls in preparation for a scoping study based on current resources to rapidly advance the project to a mining operation.
The following map illustrates the location where the new angled core holes will be collared to begin testing the high grade precious metal zones:
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The angled core holes will be targeting some of the highest grade reverse circulation precious metal intercepts on the property including Teras drill holes CAH-139 and CAH-142, which are approximately 150m apart and situated within the current target area shown on the map above. Significant high grade intercepts from these two drill holes are shown in the table below:
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|Hole # |From |To |TD |Thickness– m|Gold– g/t ( |
| | | | |(ft) |oz/ton) |
|--------------------------------------------------------|
|CAH-139 |88.4 |99.1 |213.4|10.7 (35) |19.11 (0.558) |
|--------------------------------------------------------|
|Including|88.4 |91.5 | |3.1 (10) |*64.54 (1.880) |
|--------------------------------------------------------|
|Including|88.4 |89.9 | |1.5 (5) |*104.32 (3.046)|
|--------------------------------------------------------|
| |128.0|164.6| |36.6 (120) |2.77 (0.081) |
|--------------------------------------------------------|
|Including|135.6|144.8| |9.2 (30) |8.70 (0.254) |
|--------------------------------------------------------|
|CAH-142 |25.9 |82.3 |173.7|56.4 (185) |1.13 (0.033) |
|--------------------------------------------------------|
| |102.1|140.2| |38.1 (125) |1.61 (0.047) |
|--------------------------------------------------------|
|Including|103.6|112.8| |9.2 (30) |**3.80 (0.111) |
|--------------------------------------------------------|
|Including|128.0|137.2| |9.2 (30) |**1.92 (0.056) |
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*Fire assays of duplicate samples from the very high grade gold values in CAH-139 encountered 3.1m of 80.79 g/t gold from 88.4 to 89.5m including 1.5m of 135.40 g/t (10' @ 2.359 oz/t including 5' @ 3.954 oz/t).
**The higher grade gold intercepts in CAH-142 also contain significant silver values including 213.6 grams (6.24 oz/t) from 103.6 to 112.8 meters (9.2m) and 493.3 grams (14.40 oz/t) from 128.0 to 137.2 meters (9.2m) including 1.5 meters of 4.45 grams gold (0.130 oz/t) and 983 grams silver (28.7 oz/t) from 135.6 to 137.1 meters.
Core samples will be delivered to Inspectorate America in Reno, Nevada for analysis. Core from the diamond drill shall be collected on site, placed in boxes, and photographed. The core will then be split in half by a rock saw at the Company's secured warehouse facility near the project site and one half will be transported and analyzed for precious metals by Inspectorate. Sample blanks and certified standards shall be inserted into the sample stream at random intervals for quality control purposes.
Teras is also pleased to report that URS Corporation of La Jolla, California is achieving excellent progress on the Company's phase three permitting program that encompasses the entire Cahuilla project area, which is comprised of nearly eight square kilometers. Biological and archeological surveys are currently in progress and expected to be complete in the early spring of this year. Final draft permit documents will be submitted to the appropriate regulators sometime in mid-2014, while final approvals are anticipated to be received during the second half of the year.
Dale A Vitone P. Eng., registered with the Association of Professional Engineers of Ontario, Alberta and Northwest 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 1.2 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 of 0.008 ounces per ton gold). The Company has an aggressive plan to increase the grade of the resource and develop the project for future mining operations.
For further project and corporate information, contact:
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|Teras Resources Inc. | |
|Peter Leger, President| |
|(403) 262-8411 | |
|(403) 852-0644 | |
|Email: pleger@teras.ca| |
|Website: www.teras.ca | |
| | |
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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.
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