VANCOUVER, Sept. 14, 2011 /PRNewswire/ - TerraX Minerals Inc. (TSX.V: TXR; Frankfurt: TX0) has completed the second hole of the current drill program on its wholly-owned Stewart gold-copper property in Newfoundland. The first hole (ST11-01) intersected an extensive porphyry style alteration zone with significant sulphides over 433 m (see our news release of August 25, 2011). The second hole (ST11-02) was collared 1.7 km northeast of ST11-01 along the strike trend of the mapped alteration on surface, targeting a large, buried Titan IP anomaly. This second hole intersected porphyry style alteration with significant sulphides similar to ST11-01 from 172 m to the end of the hole at 585 m. The hole was stopped at the limit of the drill capability, still within the zone of alteration and sulphides. Drilling is continuing on hole ST11-03, located between the first two holes, approximately 600 m west-southwest of drill hole ST11-02.
The Stewart property features an east-northeast striking, 6 km long by up to 1.4 km wide epithermal to porphyry style alteration zone with extensive low grade gold-copper mineralization. The target type for the Stewart property is a mineralized system similar to Oyu Tolgoi in Mongolia. Strong IP anomalies were identified with a Titan 24 survey over a strike length of 2.5 km, with widths up to 800 m and vertical extents in excess of 500 m (see our news release of May 9, 2011). A geologic model of the anomalies identified at Stewart, with a comparison to those at Oyu Tolgoi, is available on our web site at www.terraxminerals.com.
The second hole was drilled in a southerly direction along a Titan 24 section line which contains a 700 m wide by at least 500 m deep chargeability anomaly that is buried beneath the surface. This anomaly is adjacent to the Bat Zone which contains widespread hydrothermal alteration on surface. The hole was 585 m long, of which the upper 172 m intersected strongly altered rock, with a low sulphide content (0.5-1%). This was followed by 413 m of sulphide content ranging from 5-10% pyrite. This interval is also strongly altered; mineralogical analysis with a Terraspec instrument confirmed that the interval is dominated by varying amounts of pyrophyllite, illite, dickite and alunite, all of which are common in porphyry to epithermal environments.
Readers are cautioned that the presence of strong alteration and extensive pyrite development need not be indicative of significant quantities of gold or other metals and that, prior to receipt of assays, no conclusions can be drawn as to the nature or extent of any metal content. The entire alteration zone is being split and submitted for assay to the Activation Laboratories facility in Fredericton.
The Stewart property is comprised of 242 claims totalling 60.5 sq. km, located 30 km north-northeast of the town of Marystown on the Burin Peninsula. For more information on Stewart and TerraX's other properties, please visit our website at www.terraxminerals.com.
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.