Northwest Territories

GOLD – TerraX Minerals Inc. June 2 reported assay results from the final nine holes drilled during the winter drill program on the Northbelt property of the Yellowknife City gold project. Four of these holes were drilled at Crestaurum and five holes were drilled to test the northern extension of the Barney Shear target. Three of the holes drilled at Crestaurum were designed to twin historic drill holes for which no drill core is available and confirmed the correlation with historic drill results. Highlights include 10.02 meters grading 4.17 grams per metric ton gold in hole TNB14-011. The twin-hole locations were designed to give TerraX spatial coverage of the known zone of mineralization over 1,400 meters of strike and 150 meters of dip length, and to provide a representative range of grade and thickness. TerraX said the three twin holes generally intersected mineralization where expected, confirming the location and thickness of the zones as indicated by the historical records. The company said the grades showed expected variation, but there appears to be good unbiased grade correlation with historical results. Two holes (TNB14-006 and 011) were drilled into the South Shoot and one hole (TNB14-012) was drilled a 1,000 meters along strike in the North Shoot. TerraX is planning to drill an additional nine twin holes during the summer drill program and said that if the correlation continues the company will have adequate information to prepare an NI 43-101-compliant resource estimate at Crestaurum. A fourth hole drilled at Crestaurum was designed to intersect the interpreted mineralized zone at an acutely oblique angle to verify interpretations of zone geometry and check for alternative interpretations for zone geometry. This hole was collared at the wrong dip and azimuth and failed to intersect the zone. It will be re-drilled at a different orientation during the summer program. TerraX said drilling at the Barney zone was purely exploratory and designed to test the interpreted northern strike extension of the historically drilled mineralization (termed the Barney North Extension). Five drill holes were collared 150-250 meters north along the interpreted strike from the 1995-96 drill holes reported by TerraX on recovered historical core (20.86 meters grading 3.79 g/t gold reported August 14, 2013). The initial hole. TNB14-007, intersected the host shear structure but was devoid of mineralization. Encouraged by the discovery of the shear zone, hole TNB14-008 was drilled directly under TNB14-007 and encountered quartz carbonate veining with significant sulfides, including galena, arsenopyrite and pyrite. This hole intersected 6 meters grading 1.49 g/t gold, 12.3 g/t silver and 0.50% lead. TNB14-009, drilled to intersect the zone some 25 meters south of holes TNB14-007 and 008, was weakly mineralized with an intersection of 0.96 meters grading 1.04 g/t gold, 24.1 g/t silver and 0.93 lead. Hole TNB14-010, drilled about 25 meters south and 50 meters down-dip of the intersection in TNB14-009, cut multiple zones of better mineralization, including a central zone of 12.5 meters grading 1.40 g/t gold, 20.3 g/t silver and 1.69 percent lead. The final hole, TNB14-014, was drilled 100 meters north of holes TNB14-007 and 008 to target the interpreted host shear zone at shallow depth. TerraX reports that this hole was stopped at 78 meters as spring breakup required shutdown and removal of the drill. Regardless, this hole was weakly mineralized returning 2.97 meters grading 0.46 g/t gold in a zone of quartz carbonate veining and shearing. The summer drill program, expected to begin in late June 2014, will be at the known main Barney Zone. Historical drill holes at the Barney Zone were cased and capped in 1995-96 in anticipation of re-entry into those holes. TerraX’s initial drilling at Barney will consist of wedges off historical deeper drill holes (250-450 meter vertical depth for mineralized intercepts). This will generate up-dip intersections from previously intersected mineralized zones, and be used by TerraX to construct strike and dip interpretations of those zones. Additionally it is expected that the summer program will include drill holes to indicate continuity between the main Barney Zone and the Barney North Extension.