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Teras
Resources Inc. ("Teras" or the
"Company") (TSX VENTURE:TRA - News): Teras
is pleased to announce the receipt of assay results from a recently completed
preliminary portable core drill program that was conducted at the Cahuilla
gold-silver Project in Imperial County, California. The Cahuilla Project is a
large epithermal, paleo-hot springs system hosting
multiple bonanza-grade veins that occur within an extensive body of
disseminated gold-silver mineralization. For further information on the
Cahuilla project refer to the NI 43-101 technical report entitled
"Cahuilla Property 43-101 Technical Report," dated October 25, 2007
prepared by Todd Wakefield, MAusIMM of AMEC E&C
Services filed on Sedar on November 15, 2007.
The
preliminary core drill program was supervised by Mr. Thomas Callicrate, Vice-President Exploration of the Company, in
January 2011 and focused on one of the high grade banded epithermal veins
that outcrops at the Cahuilla site. The program consists of fourteen shallow
core holes that were drilled with a portable core drill for the purpose of
obtaining a precursory look at the gold and silver mineralization in the
high-level banded epithermal vein material. The samples were collected by Mr.
Callicrate, they were then split in half for sampling and assaying
purposes. The split core was then placed in sample boxes and delivered to
Inspectorate laboratory in Reno Nevada for processing. A summary of the drill
results follows:
----------------------------------------------------------------------------
Thickness -
Gold - Silver -
Hole # From
TD
ft. (m) oz./ton (g/t) oz./t (g/t)
----------------------------------------------------------------------------
SCH-01
0.00
1.75 1.75 (0.53)
0.262 (8.97) 3.77
(129.1)
----------------------------------------------------------------------------
SCH-03
0.00
4.90 4.90 (1.49)
0.079 (2.71) 7.67
(262.7)
----------------------------------------------------------------------------
Including
0.00
1.90 1.90 (0.58)
0.137 (4.69) 16.29 (557.9)
----------------------------------------------------------------------------
SCH-05
2.50
11.50 9.00 (2.74) 0.197 (6.75) 0.78 (26.7)
----------------------------------------------------------------------------
including
7.25
11.00 3.75 (1.14) 0.328 (11.23) 0.78 (26.7)
----------------------------------------------------------------------------
SCH-07
0.00
9.00 9.00 (2.74)
0.315 (10.79)
2.14 (73.3)
----------------------------------------------------------------------------
Including
1.50
2.50 1.00 (0.31) 0.625 (21.40) 12.47 (427.1)
----------------------------------------------------------------------------
SCH-08
0.00
2.50 2.50 (0.76)
0.294 (10.07) 6.53
(223.6)
----------------------------------------------------------------------------
SCH-11
0.00
4.50 4.50 (1.37)
0.224 (7.67) 4.90
(167.8)
----------------------------------------------------------------------------
SCH-12
0.00
4.00 4.00 (1.22)
0.200 (6.85)
1.80 (61.6)
----------------------------------------------------------------------------
SCH-13
0.00
2.50 2.50 (0.76)
0.417 (14.28) 5.73
(196.2)
----------------------------------------------------------------------------
The
deepest core hole totalled 11.5 feet while the
average depth of all fourteen holes was 3.7 feet. None of the core holes
penetrated the entire thickness of the vein at depth. As a result of the
extremely hard ground conditions due to the intense silicification
that is characteristic of the banded quartz after calcite vein material, not
all of the hand drilled core holes were able to reach the desired depth.
The
Company plans to conduct a much more comprehensive drilling program of the
vein structure with a standard truck-mounted core drill in the second quarter
of this year. The main purpose of this program will be to test the surface
dimensions of the vein and its down dip extension
with a series of gridded holes to develop continuity and increase precious
metal mineralization for a new NI 43-101 report, which will be initiated
later this year.
The
Company is currently awaiting approval of its Phase 2 drill permit for the
Cahuilla Project. The Phase 2 permit will allow Teras
and Consolidated Goldfields Corp., Teras' earn-in
agreement partner, to drill an additional 200 core and reverse circulation
holes throughout the project's main area. The primary objective of Phase 2
will be to test the continuity and extent of known high grade veins and
disseminated mineralization that was encountered in historic drilling to
expand the mineralization as determined by Mine Development Associates of
Reno, Nevada for Kennecott Corporation in 1995.
Thomas
E. Callicrate B.Sc., Professional Geologist,
Vice-President Exploration of the Company, 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. Callicrate has reviewed and verified the technical
information contained in this news release.
Issuance
of Performance Shares
As
per a Press Release dated July 21, 2010 regarding the issuance of 1,500,000
performance shares to officers of the Company, Teras
has met the obligations to trigger the release of the performance shares when
requested by the holder of the right to earn such performance shares. Mr.
Thomas Callicrate has requested his 500,000
performance shares be issued immediately while Mr. Peter Leger and Mr. Thomas
Mancuso have asked that their shares not be issued until after the Phase 2
drilling permit for the Cahuilla Project has been issued.
About
Teras
Teras'
vision is to acquire and advance properties with established technical merit.
The Company's exploration work will be focused on detailed diamond drilling
programs with the goal of proving resources with an NI 43-101 compliant
resource report.
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 issuance of a Phase 2 drilling
permit. 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, the requirements for the issuance of drilling permits
being similar to the requirements of previously obtained drilling permits and
future costs and expenses being based on historical costs and expenses,
adjusted for inflation. 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.
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.
Contact:
Peter Leger
Teras Resources Inc.
President
(403) 262-8411 or (403) 852-0644
pleger@teras.ca
www.teras.ca
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