Mining News: Northern Nuggets: TerraX encouraged by new Yellowknife gold zone

TerraX Minerals Inc. May 4 reported results from a six-hole drill program at Homer Lake area of its Yellowknife City Gold Project in the Northwest Territories. Two holes targeted a previously untested north-striking quartz vein and sulfide gold zone that crosses the Homer Lake base metal structure. THL16-008 cut 15.91 meters averaging 1.78 grams per metric ton gold; and THL16-009 cut 18.19 meters averaging 1.2 g/t gold. These holes, testing a gold-silver zone identified in historic trenches, were placed 25 meters apart and about 35 meters below surface. TerraX said it is encouraged by the results on this previously untested zone. Surface assays and the 2015 ground magnetic survey indicate potentially multiple sub-parallel structures. The length of the ground magnetic signature from the structure reported here extends for more than 500 meters. A coincident LiDAR structure has a strike length of more than 2,000 meters. The successful intersection of significant gold mineralization in both holes on this structure supports TerraX’s decision to carry out more exploration along these gold-bearing structures. The company also reported that four holes testing the northeast striking Homer Lake base metal mineralization identified during drilling in 2014 intersected base metal mineralization, including four meters averaging 0.53 g/t gold, 57.1 g/t silver, 4.63 percent zinc and 3.82 percent lead in hole THL16-010. Following the Homer Lake program, the drills were moved to the Barney and Hebert-Brent zones. Winter 2016 drilling was completed March 30 with 7,310 meters drilled. Logging and cutting of the core is ongoing.

- Shane Lasley