CALGARY, ALBERTA--(Marketwired - Sept. 17, 2013) - Teras Resources Inc. ("Teras" or the "Company") (News - Market indicators)(OTCQX:TRARF) is pleased to report that National Drilling Company has finished the mobilization process and initiated both reverse circulation and Diamond drilling operations at its Cahuilla project in Imperial County, California. The primary objective of this phase of exploration will be focused on the discovery of deeper high grade feeder vein targets defined by recently obtained detailed geological and geophysical data.
Drilling began with hole CAH-303 which was pre-collared by the reverse circulation drill to approximately 60m (200') and cased to total depth. The hole was then re-entered by the Diamond drill which has now reached a depth of about 305m (1000'). Technical personnel on site have informed the Company that core drilling is progressing exceptionally well, while almost 100m (320') of core was recovered the first day with excellent core sample recoveries approaching almost 100%. Thus far in the hole, the core is very strongly altered from the surface to depth and includes an intercept of intensely silicified and veined fanglomerate from 85 to 213m (280-700').
The following photo is an example of Cahuilla core showing strongly silicified rhyolitic breccia hosted in fanglomerate which is intersected by multiple phases of precious metal-bearing sheeted quartz veins: http://media3.marketwire.com/docs/trarf0917photo.jpg.
This core was recovered in the vicinity of CAH-139 which 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) and 36.6m of 2.77 g/t gold from 135.6 to 144.8m including 9.2m of 8.70 g/t (120' @ 0.081 oz/t including 30' @ 0.254 oz/t).
CAH-303 will be drilled to a depth of up to 600m or possibly more depending upon the down hole geology and alteration. CAH-304 is currently being pre-collared by the reverse circulation drill and Diamond drilling will begin as soon as CAH-303 is completed. Reverse circulation drill samples are being collected by Mr. Paul Stubble, Project Geologist and Manager, split on site, placed in sample bags and delivered to Inspectorate Laboratory in Reno, Nevada for gold/silver analysis. Core samples are also being collected on site, placed in boxes, photographed, split in half by a rock saw and one half will be analyzed by Inspectorate Laboratories in Reno.
Peter Leger, President and CEO of Teras Resources, remarked, "We are very pleased with the excellent drill progress and core recoveries National Drilling has achieved thus far on our current drill program. Our technical team has been very pleased with the visual appearance and intense alteration and veining of the core recovered from a known high grade gold zone intersected by previous Teras drilling. The reverse circulation drill will continue to pre-collar and case the deeper Diamond drill holes then move to drill the shallower gold/silver resource expansion holes."
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 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 and tonnage of the resource and develop the project for future mining operations.
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 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.
