Mining News: TerraX expands new Yellowknife gold find

TerraX Minerals Inc. May 2 reported results from the first 22 holes of its 43-hole winter drill program at the Yellowknife City Gold Project. Six of the holes were drilled at Dave's Pond, a new discovery at the Northbelt property, a section of the expansive Yellowknife project that extends north from the Northwest Territories capital. TSO16-005, the discovery hole at Dave’s Pond, cut 2.40 meters averaging 9.89 grams per metric ton gold. All six holes drilled at this target hit gold mineralization. Highlights include: 8.8 meters averaging 2.33 grams per metric ton gold in hole TSO17-015; 3.3 meters of 6.96 g/t gold in TSO17-016; 2.0 meters of 4.82 g/t gold in hole TSO17-017; and 1.9 meters of 13.96 g/t gold in hole TSO17-019. These holes have extended the Dave’s Pond discovery to 400 meters along strike. "The high grade multi-gram gold intersections confirm the continuity of the Dave's Pond structure along strike,” said TerraX CEO Joseph Campbell. “The consistency of the mineralization along strike and at depth leaves this area open for expansion when drilling at Dave's Pond resumes in July 2017. Dave's Pond will provide a high grade addition to the adjacent bulk tonnage Sam Otto Main Zone target, which is sub-parallel and 300 meters to the west of Dave's Pond." The remaining 16 holes for which assays have been received were drilled in portions of the Mispickel target covered by Walsh Lake and requiring winter drilling. The goal of this reconnaissance drilling was to identify which structures, based on shearing, alteration and mineralization, have the potential to host high-grade gold similar to the Mispickel discovery. One holed drilled at Mispickel last year cut 8.0 meters of 60.6 g/t gold. TerraX said two of the four areas require follow-up. Two holes drilled in North Structure cut wide zones of anomalous gold and discrete areas of visible shearing, mineralization and alteration. TerraX believes these two holes indicate the potential for discovery of high grade shoots on the mineralized shear zones. Similar indicators were identified in a new structure 400 meters west of Mispickel. Of the 21 holes for which assay results are pending, 15 holes were drilled at the Sam Otto , Banting Lake and Jackson Lake areas of the Northbelt property and six holes were drilled to test the high-grade Con Shear and New Vein targets at Southbelt, the section of YCGP that extends south from Yellowknife.

–SHANE LASLEY