Teras Receives Permits to Drill up to 2000 Additional Holes on the Cahuilla Gold/Silver Project
Calgary, Alberta--(Newsfile Corp. - November 5, 2015) - Teras Resources Inc. (TSXV: TRA) ("Teras" or the "Company" - News): Teras announces that the Company has recently obtained the approval of a Phase 3 Conditional Use Permit for conducting additional drilling at its Cahuilla gold-silver project in Imperial County, California. This new permit along with an environmental assessment received earlier this year allows the Company to drill up to 2000 new holes throughout the project area.
In the fall of 2013, Teras initiated the Phase 3 drill permit application process with Imperial County for the Cahuilla project that encompasses the entire project area. The Company engaged URS Corporation of La Jolla, California to conduct the field studies and surveys as well as prepare and submit the appropriate applications required by the different regulating bodies.
This has been a long process given the overall size of the Cahuilla project and the significant amount of holes included in the applications. Teras feels that the project is of merit and by permitting the larger number of drill sites now, delays will be avoided during future exploration and development phases. On October 28, 2015, a hearing was conducted for the Phase 3 permit applications which were approved by the Imperial County Planning Commission. Of the permitted drill hole sites, 1000 are located on private land and 1000 are situated on sovereign reservation land.
This Phase 3 permit is critical for the expansion of the gold/silver resource at Cahuilla as it allows Teras to drill exploratory and development holes in areas not permitted since the mid-1990’s when Kennecott held the project. Teras completed a variety of geophysical surveys that were performed by Zonge International in May 2013 that identified multiple high priority targets within many of the newly permitted areas.
Since 2010, Teras has also completed various surface geochemical sampling programs that exhibited exceptional results throughout the newly permitted areas, but these exciting targets could not be drilled at that time. The drilling conducted by Teras, historical drilling, geophysics and strong technical recommendations from independent geologists have guided the Company as to the importance of expanding the resource outside of the permitted boundaries in highly prospective areas.
The following map shows the entire project area and the multiple target areas outside of the current resource area that can now be drill tested:
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Dr. William Bagby, California PG 7396, AIPG CPG-11457, Senior Technical Advisor to Teras' Board of Directors comments; "The newly approved Conditional Use Permit for Teras Resources' Cahuilla gold-silver project provides the Company with several new exploration opportunities. These include drill-testing large silica veins anomalous in gold and silver west of the identified resource area and conceptual vein targets beneath intense clay alteration northeast of the identified resource area."
"Although the large silica veins in the western project area crop out in a canyon west of the resource area, they have never been satisfactorily drill-tested. Likewise, the large clay-altered area to the northeast has not been satisfactorily drill-tested largely due to access issues which are now remedied by the new permit. Should the new drilling prove successful, the current precious metal resource will be expanded."
Teras will update its shareholders in the near future as to its next steps in building value and advancing Cahuilla now that the Phase 3 permit has been approved.
About Teras
Teras 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 Teras believes that the Cahuilla project has the potential to develop into a 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 technical report with an indicated resource of 1.0 million ounces of gold and 11.9 million ounces of silver on its Cahuilla project (70 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) and inferred class of 10 million tons grading 0.011 opt gold and 0.10 opt silver. Gold equivalent ounces are 1.2 million ounces in indicated class and 130,000 ounces in inferred class using a ratio of 55 silver ounces to 1 gold ounce.
Dale A Vitone P. Eng., registered with the Association of Professional Engineers of Ontario, Alberta and Northwest Territories and a director of 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 mining scientific and technical information contained in this news release.
For further project and corporate information, contact:
Teras Resources Inc.
Peter Leger, President
(403) 262-8411
(403) 852-0644
Email: pleger@teras.ca
Website: www.teras.ca
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.
This press release contains "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 Cahuilla project, the development and advancement of the Cahuilla project, the development of the geologic model in respect of the Cahuilla project, the development of further drill plans in relation to the Cahuilla project and the potential of the Cahuilla project to develop into a mining operation; and the completed core drilling program including further analysis of the core drilling program, the evaluation of the core drilling program and its impact on the Company's existing NI 43-101 technical report. 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, the ability of the Company to obtain acceptable financing, market acceptance of its exploration programs and projects; consistent and favorable commodity prices; and regulatory acceptance of the Company's geologic models . 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.