TerraX Minerals Inc. (TSX.V: TXR; Frankfurt: TX0) has received assay
results from the recently completed core drilling at its wholly-owned
Blackfly gold property near Atikokan, Ontario, where mineralization was
identified over a strike length of
4.4 kilometres during the 2009 field program and grab samples
returned assays up to 167 g/t Au. This first phase Blackfly drill
program comprised six shallow holes testing near-surface Induced
Polarization (?IP?) chargeability and resistivity anomalies on the
Blackfly and Blackfly Northeast targets. These targets are on the western
margin of the Marmion Batholith, in a similar geological environment to
Brett Resources' (TSX.V: BBR) nearby Hammond Reef gold deposit. These target areas are considered
to have potential for both high grade gold related to quartz veins of
significant width, and for lower grade, bulk mineable gold. This initial
drill program successfully encountered both styles of mineralization,
intersecting 8.26 m @ 0.94 g/t Au
in altered tonalite, and 1.07 m @
15.1 g/t Au in a high grade quartz vein (the ?Blackfly Vein?) that is
open down-dip and along strike.
In addition, some of the better disseminated mineralized zones
were encountered near the ends of the drill holes. On the Blackfly
target, hole BF10-02 was drilled behind hole BF10-01 and stopped short of
the gold zone encountered at the bottom of this hole. At Blackfly
Northeast, BF10-05 hit its best mineralization (1.47 metres of 2.7 g/t Au) in altered quartz diorite near the
end of the hole. Hole BF10-06
was stopped short just as it entered this rock unit, prior to
intersecting the better alteration and mineralization.
Four holes totaling 670 metres were drilled at the Blackfly Target, which consists
of the Blackfly Vein and a coincident chargeability/resistivity anomaly
identified during TerraX's IP survey earlier this year. Each drill hole
encountered extensive silicification with associated pyrite, an important
feature in this gold camp, as well as abundant quartz-ankerite
veining. Hole BF10-01
intersected 3.96 m @ 0.79 g/t Au in weakly sericitized tonalite near the
end of the hole at 130 metres (see Table 1 below). As well, erratic anomalous
values (20 to 685 ppb Au) were encountered throughout the entire length
of the hole. Hole BF10-02
also intersected locally anomalous values (up to 214 ppb Au) throughout
much of the hole. Hole BF10-03 intersected 0.51 m @ 2.22 g/t Au in the
Blackfly Vein, and 8.26 m @ 0.94
g/t Au in silicified tonalite with minor pyrite and
chalcopyrite. Hole BF10-04
intersected 1.07 m @ 15.1 g/t Au
in the Blackfly Vein and 1.48 m @ 0.81 g/t Au in a sericitized mafic dike
that has mineralized tonalite shoulders for a total intersection of 3.2 m
@ 0.47 g/t Au.
An initial drill test of the Blackfly
Northeast Target comprised two drill holes totaling 293 metres,
targeted solely on IP anomalies. These holes also encountered extensive
silicification and pyrite development. Hole BF10-05 intersected 1.23 m @
0.57 g/t Au, 1.47 m @ 2.70 g/t Au
and 1.47 m @ 0.73 g/t Au, as well as intermittent anomalous gold
values. The latter two
intersections were in a magnetic quartz diorite not previously noted on
the property. An intersection
of 1.11 m @ 0.79 g/t Au occurred in hole BF10-06 in strongly silicified
tonalite with minor pyrite.
Numerous isolated intervals of anomalous gold (up to 431 ppb) were
present in the hole.
TerraX has so far tested only the upper parts of a gold-bearing
hydrothermal system, and it is encouraged by the extent of the alteration
zones and the associated gold mineralization. It is considered significant that
the small drill program on the Blackfly Target encountered both high
grade gold associated with major quartz veins, and several intersections
of low grade material (the average grade of the nearby Hammond Reef
deposit is 0.8 g/t Au) associated with alteration and narrow veins. The
Blackfly Vein has been tested only in the upper ten vertical meters; it
is open down-dip and along strike. Brett Resources? experience in
similar alteration systems is that the width and continuity of the ore
improve with depth. In the
Hammond Reef A Deposit, many of the shallow drill holes encountered
grades of 0.30-0.50 g/t Au overlying much wider and higher grade
mineralization. It is also significant that TerraX has only tested a 100
m strike length of the Blackfly Target and a 150 m strike length of the
Blackfly Northeast Target, both of which occur on the 4.4 kilometer
Blackfly lineament. The remainder of the strike length of this lineament
has never been drill tested.
TerraX believes the first phase of drilling has revealed
significant zones of gold mineralization which are incompletely
understood. Our
strategy for moving forward at Blackfly will include detailed surface
mapping to identify the areal extent of the distinctive rock units
encountered in the drilling that contained the gold mineralization.
Follow-up trenching and channel sampling will provide better
understanding of the structural controls and orientation of these zones.
This surface work, which is scheduled for the fall of 2010, will then be
used to more accurately locate the second phase of drilling on these gold
zones.
A map showing
the location of the drill holes completed at Blackfly will be available
soon on our web site at www.terraxminerals.com.
Table 1:
Mineralized Intersections on the Blackfly Property
Target
|
Hole
|
From (m)
|
To (m)
|
Intersection
|
Blackfly
|
BF10-01
|
130.14
|
134.10
|
3.96 m @ 0.79 g/t Au
|
Blackfly
|
BF10-03
|
11.43
|
11.94
|
0.51 m @ 2.22 g/t Au
|
Blackfly
|
BF10-03
|
84.92
|
93.18
|
8.26 m @
0.94 g/t Au
|
Blackfly
|
BF10-04
|
13.00
|
14.07
|
1.07 m @
15.1 g/t Au
|
Blackfly
|
BF10-04
|
80.32
|
81.80
|
1.48 m @ 0.81 g/t Au
|
Blackfly Northeast
|
BF10-05
|
47.45
|
48.68
|
1.23 m @ 0.57 g/t Au
|
Blackfly Northeast
|
BF10-05
|
105.58
|
107.05
|
1.47 m @
2.70 g/t Au
|
Blackfly Northeast
|
BF10-05
|
118.81
|
120.28
|
1.47 m @ 0.73 g/t Au
|
Blackfly Northeast
|
BF10-06
|
22.88
|
23.99
|
1.11 m @ 0.79 g/t Au
|
All drill core from the 2010 drill program was logged, split and
sampled at a secure core facility in Atikokan. Samples were delivered by TerraX
personnel to the Activation Laboratories (Actlabs) facility in Thunder
Bay. Actlabs is an ISO/IEC 17025
accredited analytical laboratory.
Analysis was by fire assay with AA finish. Analytical accuracy and precision
are monitored at the laboratory by the analysis of reagent blanks,
reference material and replicate samples. Quality control is further
assured by the use of international and in-house standards. TerraX routinely inserted blanks
and certified standards into the sample stream in order to independently
assess analytical accuracy.
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 Brett Resources' 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 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. For more information on
TerraX, please visit the company's website at www.terraxminerals.com.
On behalf of the Board of Directors
"JOSEPH CAMPBELL"
Joseph Campbell, P.Geo
President
Contact: Paradox Public Relations
Phone:
514-341-0408
Toll Free:
1-866-460-0408
|