Northern Territories assays show new mineralized structures
Surface sampling at a Northwest Territories gold and silver property, located in the shadow of several large past-producing mines, has revealed some high-grade results.
TerraX Minerals Inc. (TXR:TSX.V) released assay results from the Yellowknife City Gold project in Canada's Northwest Territories on July 18. Surface sampling from the Angel and Duck Lake zones revealed some high-grade results, including 67.5 g/t gold and 4,910 g/t silver at Angel and 20.3 g/t gold at Duck Lake.
The CEO of TerraX, Joe Campbell, stated that "the discovery of high grade gold and silver during surface sampling on our newly acquired Eastbelt property is an excellent start to an extensive district scale exploration program now underway. The Angel and Duck Lake areas both have significant outcropping mineralization, which occurs in a strong east-west structural trend that is due east of the past producing high grade Con gold mine. In addition, the impressive silver results at Angel indicate an exciting new style of mineralization that has not been previously reported in the camp."
PearTree Securities' Vice President and Senior Mining Analyst Gary Baschuk visited the property and filed a report on July 21, noting, "TerraX owns a large land package consisting of 418 sq km covering the extensions of past multi-million-ounce gold producers in a mining friendly jurisdiction."
Baschuk referenced the recent assay results: "Numerous high-grade gold deposits and showings occur on the property and TerraX has discovered and delineated additional mineralization, most recently a 65.7 g/t gold grab sample from Angel, Eastbelt Property. We believe the extensive network of shears and related gold mineralization, currently only tested to relatively shallow depths, is highly conducive for additional discoveries."
The analyst also stated that TerraX is "taking a strategic and thorough approach to exploration by conducting detailed mapping and sampling to better understand controls on mineralization followed by geophysics and finally drilling to test the concepts. Mispickel, a recent discovery, is showing excellent promise with high-grade gold intercepts with expansion potential in all directions. In addition to high-grade zones, large, shallow, potentially bulk mineable mineralization has been discovered and partially delineated, e.g., Sam Otto on the Northbelt."
Baschuk noted TerraX's project location is "on-strike to multi-million ounce, high-grade (avg 16 g/t) past producing Con (6.1 mln oz) and Giant Yellowknife (8.1 mln oz) mines."
TerraX stated that results are pending for an additional 2,000 samples.
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