TerraX samples 48.8 g/t Au and 1,990 g/t Ag in quartz vein at Forty Creek showing on Stewart Property in Newfoundland; multi-element soil anomaly over Stewart porphyry system extended 200 m to the southwest
VANCOUVER, Oct. 24, 2012 /PRNewswire/ - TerraX Minerals Inc. (TSX.V: TXR) (Frankfurt: TX0) has received the assay results from a multi-disciplinary field program completed this summer 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, as well as epithermal mineralization identified by sampling at the Forty Creek showing, 2 km to the northeast of the alteration zone, which returned grab samples up to 59 g/t Au and 2,290 g/t Ag (reported December 10, 2010). This summer, additional grab sampling of quartz veins at Forty Creek returned values of 48.8 g/t Ag and 1,990 g/t Ag. In addition, soil sampling at the Stewart porphyry target 5 km to the southwest of Forty Creek extended the multielement soil anomaly (Au-Cu-Mo) 200 m to the southwest, at which point it is covered by a lake known as the Camp Pond.
Forty Creek Showing
Mechanical stripping/trenching completed on the Forty Creek high grade epithermal system this summer conclusively confirms that the original high grade angular boulders discovered in 2010 are virtually in place, with the trenches exposing in-situ, sub-parallel quartz veins similar in appearance to the boulders. As well, numerous other angular boulders of mineralized quartz were noted in the vicinity. It is now thought that a series of en echelon quartz veins is present at Forty Creek. Forty-two representative samples of angular boulders were collected; three of these samples ran more than 1 g/t Au, with a high of 48.8 g/t Au and 1,990 g/t Ag within 30 m of the subcrop sample of 59 g/t Au and 2,290 g/t Ag reported in 2010. Forty-five channel samples were collected from mechanically stripped outcrop approximately 50 meters east of the high grade trenches with the highest assay being 1 m @ 0.2 g/t Au.
This 2012 fieldwork has validated TerraX's original interest in the Forty Creek epithermal area, which is now known to contain a number of variably mineralized en echelon quartz veins, with locally high grade gold and silver mineralization that will be a priority target of our next drill program at Stewart. A map showing sample locations at Forty Creek is available on our web site at www.terraxminerals.com
Stewart Porphyry Target
In addition to the work done at Forty Creek, the soil sampling grid at the main alteration zone at Stewart was extended to the southwest, south and to a lesser extent to the northwest via the collection of an additional 177 samples. This work was designed to find the extension of the strong Au-Cu-Mo anomaly over the Stewart alteration zone (reported May 9, 2011); the current sampling program extends it 200 m further to the southwest than previously known, at which point it is covered by a lake known as the Camp Pond. This anomaly is defined by Au (20-640 ppb), Cu (17-173 ppm) and Mo (4-162 ppm). A separate coherent 13-sample gold anomaly was identified 1 km south of the Stewart alteration zone, in an area that has received very little exploration attention. Copper is locally anomalous within this gold anomaly. Prospecting and mapping identified porphyry alteration on the western edge of the porphyry system indicating it is more extensive than previously known, occurring immediately west of and under the Camp Pond. To define the anomaly under the lake, a total of 52 lake sediment samples were also collected at Stewart. Camp Pond is anomalous in Au (10-21 ppb), Cu (250-515 ppm), Mo (25-56 ppm) and Se (2.5-10 ppm; note that Se is considered a useful epithermal/porphyry pathfinder element in the Avalon Terrane).
Soil sampling, lake sediment sampling and geological work have all strongly suggested that the Stewart porphyry alteration zone continues to the southwest under this lake. The best known near-surface mineralization in this zone is in the southwest portion; thus the area under Camp Pond will be of significant interest during future drilling at Stewart. A map showing copper and gold soil and lake sediment sampling results at Stewart is available on our web site at www.terraxminerals.com.
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 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.
SOURCE TerraX Minerals Inc.
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