TerraX commences 2012 field program on Stewart Gold-Copper Property; investigates large porphyry system and high grade gold and silver showings at Forty Creek epithermal system
VANCOUVER, June 11, 2012 /PRNewswire/ - TerraX Minerals Inc. (TSX.V: TXR; Frankfurt: TX0) has commenced a multi-disciplinary field program at its wholly-owned Stewart gold-copper property in Newfoundland. The Stewart property features a large (6 km x 1.4 km) porphyry style alteration zone defined by surface mapping and Titan IP surveying, with drilling in 2011 having returned gold and copper mineralization over long intervals (111 m @ 0.13 g/t Au and 0.05% Cu in drill hole ST11-01 - see our news release of October 31, 2011). In addition, epithermal mineralization identified by sampling at the Forty Creek showing, 2 km to the northwest of the alteration zone, returned grab samples up to 59 g/t Au and 2,290 g/t Ag (reported December 10, 2010) that have not yet been fully explored. Work to be performed at Stewart includes:
- Mechanical stripping at Forty Creek to trace the extent of the sub-cropping high-grade gold and silver mineralization.
- soil surveying of the porphyry alteration zone, where a large Au-Cu-Mo soil geochemistry anomaly remains open to the southwest and is partly covered by a lake that will be tested via lake sediment sampling
- Geological investigations will be performed in an attempt to define a volcanic center coincident with the porphyry system and to better understand the tectonic deformation of the system.
- Magnetic anomalies defined by TerraX's 2011 airborne survey will be field checked in order to determine whether or not they are related to potassic alteration.
Selected areas of the property will also undergo lake sediment sampling, additional prospecting and geological examination. In particular, possible offsets of the main alteration zone suggested by the airborne magnetic patterns will be field checked, as will the area between the porphyry and epithermal zones. The over-riding objective of fieldwork is to produce drill targets as quickly and efficiently as possible.
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, which is part of the Avalon Terrane. The Avalon Terrane hosts several epithermal/porphyry gold-copper deposits, including the past-producing Hope Brook deposit in Newfoundland. For more information on Stewart, please visit our website at www.terraxminerals.com
TerraX Minerals Inc. is also 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 global inferred resource of 530.6 million tonnes at 0.62 grams per tonne Au (10.52 million ounces gold). The Osisko Technical Report on this project is available on SEDAR. TerraX is actively exploring three wholly-owned gold exploration projects, the Sunbeam-Pettigrew, Central Canada and Blackfly (2.0 m @10.96 g/t Au reported March 4, 2011) 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 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."
On behalf of the Board of Directors
Joseph Campbell, P.Geo
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 or accuracy of this release.
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors - including the availability of funds, the results of financing efforts, and the results of exploration activities - that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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