Last updated on April 16, 2014 at 21:24 EDT

TerraX drills wide zones of gold mineralization on Central Canada Property, including 23.30 m @ 0.83 g/t Au and 10.61 m of 1.32 g/t Au

April 17, 2012

Frankfurt: TX0

VANCOUVER, April 17, 2012 /PRNewswire/ – TerraX Minerals Inc. (TSX.V: TXR;
Frankfurt: TX0) has received assay results from its recent 1,160 meter
drill program at its wholly-owned Central Canada and Sunbeam-Pettigrew
properties near Atikokan, Ontario. Anomalous gold (>300 ppb Au) was
encountered in all ten drill holes.

At the Central Canada property, Terrax completed three holes (363 m) spaced approximately 55 meters
apart to test a 110 m strike length of the main mineralized structure,
which trends east-northeast.  This structure was identified during
sampling in 2010, with grab sample results up to 39.6 g/t Au and
channel samples of 2.0 m @ 2.51 g/t Au (see our news release of January
19, 2011).  Drill holes were aligned to cut normal to the mineralized
structures identified in the channel sampling. Drill intersections from
southwest to northeast include 23.30 m @ 0.83 g/t Au (including 0.63 m @ 7.36 g/t Au) in hole CC12-03, 10.61 m @ 1.32 g/t Au (including 1.82 m @ 4.77 g/t Au) in hole CC12-01, and 8.92 m @ 0.74 g/t Au in hole CC12-02.  Selected results from drilling at Central Canada are
as follows


       Hole   Azimuth Dip   From     To  Length  Au
                            (m)     (m)   (m)   (g/t)

    CC12-01      165º -45º  32.72  43.33  10.61  1.32

    including               36.05  37.87   1.82  4.77

    CC12-02      165º -45º  29.83  38.75   8.92  0.74

                            63.29  65.21   1.92  1.35

                            88.05  89.46   1.41  0.64

                           127.96 130.15   2.19  0.82

    CC12-03      165º -45º  18.05  19.06   1.01  1.83

                            38.72  62.02  23.30  0.83

    including               38.72  39.35   0.63  7.36

    including               43.87  45.73   1.86  4.44

    including               58.95  59.67   0.72   4.1

To follow-up on the success of this initial limited drill program at
Central Canada, TerraX is planning further drilling later this year to
determine the overall size of the mineralized structure, which remains
open along strike and down-dip.  Hole CC12-02 encountered extensive
alteration and was extended to a final depth of 157 meters. Several
anomalous gold zones parallel to the main structure were intersected in
this hole indicating the potential for multiple gold horizons at
Central Canada. All three holes had significant gold intersections on
the main structure indicating a continuously mineralized zone of
consistent gold grade. The intersections are especially significant
given that the 10.52 million ounces of gold defined at the nearby
Hammond Reef deposit by Osisko Mining Corporation are at a grade of
0.62 g/t Au.

On the Sunbeam-Pettigrew property, TerraX drilled three new target areas: the WN2 and Rubble showings,
and drilled its first hole into the down-dip extension of the old
Sunbeam Mine (circa 1900).  The highlights from WN2 included 0.95 m @ 18.00 g/t Au, whereas Rubble returned a best intersection of 12.34 m @ 0.61 g/t Au. Drill holes were aligned to cut normal to the mineralized structures
identified in the channel sampling.

Three holes (326 m) were drilled at WN2, where channel sampling in 2011
produced an intercept of 23 m @ 276 ppb (0.28 g/t) Au (news release of
Feb 12, 2012).  Two holes were drilled as a fence along one section
line to test across the 75 m wide intermittently mineralized stripped
outcrop. The first hole (SP12-14) tested the hangingwall part of the
zones and intersected 11.8 m @ 0.33 g/t Au in iron carbonatized tonalite.  Hole SP12-15 tested the footwall zone
and returned a high grade intersection of 0.95 m @ 18.00 g/t Au in a zone of altered tonalite cut by several quartz-ankerite-pyrite
veins. The third hole (SP12-16) was drilled 50 m along strike and
intersected a 1.65 m zone which ran 0.46 g/t Au.

Three holes drilled at the Rubble showing tested a 150 m strike length
of a north-northeast trending structure where previous channel sampling
results included 11 m @ 500 ppb (0.50 g/t) Au.  A consistently
anomalous gold zone was intersected in SP12-19, which produced 12.34 m @ 0.61 g/t Au.  Holes SP12-17 and SP12-18 contained patchy anomalous gold, with
assays of up to 0.30 g/t Au in both holes.

The quartz vein/shear zone that comprises the Sunbeam structure was
intersected in hole SP12-20; assays returned a weakly anomalous
intersection of 1.18 m @ 0.23 g/t Au.

Selected results from drilling the three targets on the
Sunbeam-Pettigrew property are as follows:

    Hole    Target Area Azimuth  Dip From   To   Length Au (g/t)
                                      (m)   (m)   (m)

    SP12-14 WN2            140º -45º 28.76 40.56   11.8     0.33

                    and              68.24  69.1   0.86     1.16

    SP12-15 WN2            140º -45º 8.51   9.46   0.95    18.00

    SP12-16 WN2            140º -45º 78.35 80.00   1.65     0.46

    SP12-19 Rubble         120º -45º 20.34 32.68  12.34     0.61

    SP12-20 Sunbeam             -90º 43.45 44.63   1.18     0.23

This recent drilling on WN2 and Rubble brings to five the number of gold
mineralized zones drilled at Sunbeam-Pettigrew since early 2011,
including the Road (13.90 m @ 1.11 g/t Au reported March 16, 2011), Roy
(14.70 m @ 0.67 g/t Au reported April 12, 2011), and AL198 (5.63m @
0.98 g/t Au reported April 12, 2011) zones. These zones occur on
mineralized structures defined by prospecting to be up to 10 kilometers
long. TerraX believes that the consistency in successfully drilling
mineralized zones over widespread target areas is an indication of the
promising gold endowment on the property.

The Sunbeam-Pettigrew property consists of 36 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 developed by Osisko Mining Corporation. The Central Canada
property consists of seven claims totaling 24 claim units (~3.8 km2) on
the southern margin of the Marmion Batholith, and approximately 3
kilometers from the south boundary of the Sunbeam-Pettigrew property.

All drill core from the 2012 drill program was logged, split and sampled
at a secure core facility near Atikokan. Samples were delivered by
TerraX personnel to the Activation Laboratories (“Actlabs”) facility in
Thunder Bay. Actlabs is an ISO/IEC 17025 accredited analytical
laboratory. Analysis was by fire assay with AA finish. Analytical
accuracy and precision are monitored at the laboratory by the analysis
of reagent blanks, reference material and replicate samples. Quality
control is further assured by the use of international and in-house
standards. TerraX routinely inserted blanks and certified standards
into the sample stream in order to independently assess analytical

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 (TSX: OSK) Hammond Reef gold deposit which
contains a National Instrument 43-101-compliant global inferred
resource of 530.6 million tonnes at 0.62 grams per tonne Au (10.52
million ounces gold).  The Osisko Technical Report on this project is
available on SEDAR. TerraX is actively exploring three wholly-owned
gold exploration projects, the Sunbeam-Pettigrew,  Central Canada and
Blackfly (2.0 m @10.96 g/t Au reported March 4, 2011) 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 currently targeting for follow-up drill programs on all three
of these properties.

TerraX is also actively exploring the 60.5 sq km Stewart property in the
Burin Peninsula, which is part of the Avalon Terrane. The Avalon
Terrane hosts several epithermal/porphyry gold-copper deposits,
including the past-producing Hope Brook deposit in Newfoundland.
Exploration at Stewart by TerraX in 2011 indicated the property hosts
porphyry to epithermal style alteration and mineralization. A detailed
mapping program will be carried out in June at Stewart to ascertain the
trends of mineralization discovered in a Q3 2011 drill program (111 m @
0.13 g/t Au and 0.05% Cu reported Oct. 31, 2011), as well as follow-up
on the Forty Creek showing, where a grab sample of 59 g/t Au and 2290
g/t Ag was reported December 10, 2010.

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.”

On behalf of the Board of Directors

Joseph Campbell, P.Geo

Neither the TSX Venture Exchange nor its Regulation ServicesProvider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.

This news release contains forward-looking information, which involves
known and unknown risks, uncertainties and other factors that may cause
actual events to differ materially from current expectation. Important
factors – including the availability of funds, the results of financing
efforts, and the results of exploration activities – that could cause
actual results to differ materially from the Company’s expectations are
disclosed in the Company’s documents filed from time to time on SEDAR
(see www.sedar.com). Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. The company disclaims any intention or obligation,
except to the extent required by law, to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.

SOURCE TerraX Minerals Inc.

Source: PR Newswire