VANCOUVER, March 16 /PRNewswire/ - TerraX Minerals Inc. (TSXV: TXR) (Frankfurt: TX0) has received assay results from three holes drilled in February 2011 on its Road Zone prospect within its wholly-owned Sunbeam-Pettigrew gold property near Atikokan, Ontario. The first hole, SP11-06, intercepted 13.90 m of 1.11 g/t Au, including 6.4 m of 1.74 g/t Au, at a vertical depth of 50 meters. The winter drill program at Sunbeam-Pettigrew has now been completed, with assays pending from two other prospective zones at Sunbeam-Pettigrew, AL 198 and Roy.
The Sunbeam-Pettigrew property consists of thirty-six claims totaling 425 claim units (~67 km2) within the Archean Marmion Batholith, in a similar geological environment to the Hammond Reef gold deposit, presently being explored by Osisko Mining Corporation. The Hammond Reef deposit 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 Road Zone occurs on the Sunbeam lineament defined by TerraX in 2009. This lineament contains the past-producing Sunbeam gold deposit, and is known to be intermittently mineralized over at least 5 km. The zone contains anomalous gold in grab samples over a 200 m strike length, with a high value of 2.6 g/t Au. TerraX drilled three holes totaling 449.3 m, testing a 100 m strike length of the zone. Each hole intersected the same 5 to 15 m wide alteration zone, consisting of strongly sericitized rock with pyrite and minor amounts of fuchsite and pyrrhotite. In hole SP11-06, this zone contained an intersection of 13.90 m of 1.11 g/t Au, including 6.4 m of 1.74 g/t Au. In hole SP11-07, the zone returned 2.85 m @ 115 ppb Au, and in hole SP11-08, the zone contained anomalous values of 102 ppb Au over 5.92 m. These three holes collectively provide information on the shallow portion of a coherent alteration zone that at least locally contains ore grade mineralization. The intersection in hole SP11-06 is at a higher grade than the average grade at Hammond Reef; it is worth noting that mineralization at Hammond Reef tends to improve with depth. Clearly the Road Zone needs to be further tested down-dip and along strike; further drilling is planned for the summer of 2011.
TerraX also completed three holes on the AL198 Zone, 2 km southwest of the Road Zone on the same lineament, and two holes on the Roy prospect which occurs on the 9 km long Roy lineament. Assays from these holes are pending. For more information on these 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."
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 Osisko Mining Corporation's (TSXV: OSK) 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. The Brett Resources Technical Report on this project 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.
TerraX is also actively exploring the 60.5 sq km Stewart property in the Burin Peninsula, which is part of the Avalon terrane, a geologic structure which can be traced from eastern Newfoundland through Nova Scotia and New Brunswick into New England, the Carolinas and northern Georgia. The Avalon terrane hosts several epithermal/porphyry gold-copper deposits, including the past-producing Hope Brook deposit in Newfoundland.
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.
SOURCE TerraX Minerals Inc.