TerraX identifies possible kilometre scale gold-copper porphyry system at Stewart Property, Newfoundland. Drilling planned for summer 2011.
VANCOUVER, May 9 /CNW/ --
Highlights:
-- Titan survey identifies a large (2.5 km by 800 m), mostly
untested, easterly plunging chargeability anomaly associated
with a sulphide-bearing zone within an extensive hydrothermal
alteration system;
-- Soil survey delineated an 800 m long and up to 750 m wide gold
anomaly over the portion of the Titan anomaly that extends to
surface;
-- Soil data and previous drilling indicate that the
sulphide-bearing zone contains anomalous Au, Cu, Mo and Ag ;
-- Airborne magnetic survey identifies a strong structure
coincident with the known strike extent of the alteration
system;
-- Reconnaissance mapping and prospecting is planned for May to
firm up drill targets;
-- Drill hole planning is ongoing for a summer start-up
VANCOUVER, May 9 /CNW/ - TerraX Minerals Inc. (TSXV: TXR) (Frankfurt:
TX0) has received results from Titan IP, soil geochemistry, and
airborne magnetic surveys conducted earlier in 2011 on its wholly-owned
Stewart gold-copper property in Newfoundland. The property features an
east-northeast striking, 6 km long by up to 1.4 km wide epithermal to
porphyry style alteration zone with extensive low-grade gold-copper
mineralization of which less than 15% has been drill and trench tested.
Quantec Geosciences completed Titan 24 ground geophysics (deep
penetration IP) across 2.5 km of strike length on the 6 km long
alteration zone. Three separate chargeability anomalies were
identified, collectively defining a zone of anomalous chargeability
which spans the entire length of the survey area (2.5 km).
One Titan 24 chargeability anomaly intersects the surface in the western
portion of the surveyed area where the previous shallow drilling and
trenching is coincident with the anomaly. Here the anomaly is shallow,
restricted to 250 m of dip length (possibly has had a portion removed
by erosion). A much larger buried zone of mineralization is potentially
indicated by a significantly thicker and longer strike length anomaly
of similar amplitude that is concealed by sulphide-poor altered rocks
as it plunges to the northeast. The maximum width of the larger
anomaly is 800 m and its vertical extent reaches more than 500 m,
plunging deeper towards the northeast. The defined anomalous
chargeability is open along strike to the southwest and northeast. Maps
showing the results of the Titan 24 IP survey are available on our web
site at www.terraxminerals.com.
As part of Terrax's exploration strategy for defining potential drill
targets, 609 soil samples were collected in January/February over an
area similar to the area surveyed by Titan and over the Forty Creek
area. Gold values from this survey ranged from below detection to 334
ppb, with 54 of the samples containing >20 ppb gold. Data was combined
with results from the 39 orientation soil samples collected in 2010 and
the combined data defines a gold anomaly (>20 ppb Au) 800 m long and up
to 750 m wide, open to the southwest, where the alteration zone is
covered by a lake. The gold anomaly is mostly coincident with a
coherent but more areally restricted copper anomaly and a diffuse
molybdenum anomaly as defined by the ninety percentile values of both
latter elements. All three elemental anomalies, particularly copper,
are strongly coincident with the near-surface chargeability anomaly. In
addition, TerraX discovered the Forty Creek showing (grab sample of 59
g/t Au and 2290 g/t Ag - see news release of December 20, 2010) 1.4 km
to the northeast of the mapped alteration zone in 2010, further
expanding the exploration area. The Forty Creek showing has a strong,
three-line (450 m wide) arsenic anomaly associated with it.
An airborne magnetic survey was flown over the entire property by Geo
Data Solutions Inc. The major geological contact on the property
between granite in the north and volcanics in the bulk of the property
is reflected in the magnetic signature - the volcanics having a higher
and more complex magnetic response. The data shows a series of
northeast structures offset by east-southeast structures, and
importantly, a structural connection between the mapped alteration zone
and the Forty Creek showing. One of these northeast structures is
coincident with the known alteration system.
The interpretation from the work conducted early in 2011 is that the
large hydrothermal system defined by surface mapping contains
significant sulphides over a strike length of at least 3 km, and that
the sulphide-bearing portion of the system plunges to the east. This
ties in well with the soil geochemistry, which shows anomalous
gold-copper-molybdenum at surface in the western part of the alteration
system, with the anomalies diminishing to the east. The implication is
that metal anomalism plunges to the east, coincident with sulphide
concentration. This theory is corroborated by the limited historical
drilling, which tested the upper portions of a shallow chargeability
zone and returned anomalous gold, copper and molybdenum. The majority
of the hydrothermal system has not been tested by drilling. In the
porphyry gold-copper scenario that is emerging at Stewart, the best
grades need not correlate with the highest chargeability (likely
abundant pyrite), but may be associated with low to moderate
chargeability (lower sulphide content but dominated by chalcopyrite)
adjacent to or underneath the strongest chargeability. Multiple drill
targets are evident from this line of thinking. Joe Campbell, president of TerraX states, 'Our initial target type for
the Stewart property was for a mineralized system similar to Oyu Tolgoi
in Mongolia, and the IP anomalies we've defined exceed, both in size
and intensity, our most optimistic expectations. We are proceeding as
quickly as possible to drill test these exciting targets.'
The high grade Forty Creek showing represents a second target on the
property. Soil sampling has identified an arsenic anomaly proximal to
the showing, and the airborne magnetic survey has shown a structural
connection between Forty Creek and the main alteration zone.
Additional fieldwork will take place on the property in May. The
objectives will be to conduct additional prospecting in the Forty Creek
area and on structures deduced from the new magnetic data; conduct a
thorough structural evaluation of the central part of the property;
obtain additional geological information over the main alteration zone
to understand its relationship to the Forty Creek area; and firm up
drill targets apparent from the geophysical information. Following
this work a campaign of deep drilling on the property is scheduled for
mid-year.
For more information on TerraX's properties, please visit our website at
www.terraxminerals.com.
The technical information contained in this news release has been
verified by Dr. Tom Setterfield, P.Geo., who is a Qualified Person as
defined in 'National Instrument 43-101, Standards of Disclosure for
Mineral Properties.'
About TerraX Minerals
TerraX Minerals Inc. is one of the major landholders of prospective
ground in the burgeoning Marmion Batholith gold district near Atikokan,
Ontario, host to Osisko Mining Corporation's (TSX:OSK) Hammond Reef
gold deposit which contains a National Instrument 43-101-compliant
inferred resource of 259.4 million tonnes at 0.8 grams per tonne Au
(approximately 6.7 million ounces of gold). The Brett Resources
Technical Report on this deposit is available on SEDAR. TerraX is
actively exploring three wholly-owned gold exploration projects, the
Sunbeam-Pettigrew, Blackfly and Central Canada properties, all of which
are located within 20 km of the town of Atikokan, 180 km west of
Thunder Bay, and are within 19 km of the Hammond Reef gold deposit.
The Stewart property is comprised of 242 claims totaling 60.5 sq. km,
located 30 km north-northeast of the town of Marystown on the Burin
Peninsula. The property is part of the Avalon terrane, a geologic
structure which can be traced from eastern Newfoundland through Nova
Scotia and New Brunswick into New England, the Carolinas and northern
Georgia. The Avalon terrane hosts several epithermal/porphyry
gold-copper deposits, including the past-producing Hope Brook deposit,
presently being explored by Castillian Resources Corp.
On behalf of the Board of Directors
'JOSEPH CAMPBELL'
Joseph Campbell, P.Geo
President
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This news release contains forward-looking information, which involves
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actual events to differ materially from current expectation. Important
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