TerraX to Acquire Northbelt Gold Mining Leases in Yellowknife, NWT
VANCOUVER, Jan. 2, 2013 /PRNewswire/ – TerraX Minerals Inc. (TSX.V: TXR; Frankfurt: TX0) has been advised that it has won a competitive bid to acquire the
Northbelt claims in the Yellowknife area of the Northwest Territories,
Canada. The property consists of 121 leases totalling 8,802 acres
(3,562 hectares) which cover approximately 13 km of strike along the
prolific Yellowknife Belt, 15 km north of the city of Yellowknife. The
property abuts the Giant Mine property (historical production of 7.6M
oz Au, source: Guide to Mineral Deposits, Northwest territories, 2007), and is directly north of the mine along the known mineralized trend.
Many of the geological characteristics of the property are reported to
be similar to the Con Mine (historical production of 5.5M oz Au,
source: Guide to Mineral Deposits, Northwest territories, 2007), which is the second largest gold producer on the belt. It contains
several known occurrences, including the Crestaurum deposit, which has
an historic resource of 290,000 tonnes of 7.52 g/t Au (source: Treminco Annual Report, 1990). TerraX believes the historic resource is relevant but investors are
cautioned that the estimate was prepared before the introduction of
National Instrument 43-101 Standards of Disclosure for Mineral
Projects. A Qualified Person has not completed sufficient exploration
work nor conducted an examination of past work to define a resource
that is currently compliant with NI 43-101.
The property was offered for sale by Samson Belair/Deloitte & Touche
Inc., acting as receiver of the assets of Century Mining Corporation,
which had acquired the ground in 2005 and was subsequently put into
receivership on May 29, 2012 by its secured lender. The financial
difficulties of Century Mining Corporation were mostly due to
production losses at its Sigma-Lamaque property in Quebec, Canada.
TerraX has agreed to pay $211,000 to acquire 100% ownership of the
mining leases with no retained interest by any outside parties. The
acquisition is subject to a due diligence period that expires on
January 31, 2013 following which TerraX will announce its exploration
plans for the property, should its due diligence prove satisfactory.
Joe Campbell, President of TerraX states, “TerraX has been looking for an opportunity to acquire a property with
historical resources in a major mining camp. The Northbelt property
meets this criteria, and has the added advantages of being easily
accessible to Yellowknife infrastructure; has a clear 100% ownership of
mine leases with low annual property fees; contains numerous showings
with minimal historical exploration; has a maximum drilling depth of
only 100m on the Crestaurum deposit; is over an established geological
extension of the known mineralized trend from the multi-million ounce
producers; and has a geological context similar to the Con Mine which
was mined to almost 1900m depth. Following a positive due diligence
study, I believe acquisition of this property will be a turning point
for TerraX’s future.”
The technical information contained in this news release has been
approved by Joseph Campbell, the President of TerraX, who is a
Qualified Person as defined in “National Instrument 43-101, Standards
of Disclosure for Mineral Projects.”
TerraX Minerals Inc. is also 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 NI 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
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. In addition TerraX holds the Stewart
property in Newfoundland which contains targets for Au-Cu porphyry
(111m of 0.13 g/t Au and 0.05% Cu at Stewart showing) and epithermal Au
mineralization (up to 59 g/t Au and 2290 g/t Ag at Forty Creek).
On behalf of the Board of Directors
Joseph Campbell, P.Geo
Neither the TSX Venture Exchange nor its Regulation Services Provider
(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, the completion of due diligence 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.