TerraX options Stewart Gold-Copper Property, Burin Peninsula, Newfoundland
TerraX can earn a 100% interest in the Stewart property over a four year period by making option payments totaling
A primary focus for TerraX on the Stewart property is extensive alteration and gold-copper mineralization that suggests the presence of a shallowly buried porphyry gold-copper deposit. The property contains a 4 km long by up to 700 m wide advanced argillic alteration zone with variable amounts of pyrophyllite, alunite, hematite, sericite, pyrite and fluorite. It has been recognized that the Stewart property’s sheeted and stockwork quartz veins, and its widespread advanced argillic alteration with low grade Au and Cu values, is similar to other large porphyry systems where advanced argillic alteration closely overlies porphyry mineralization, such as at Oyu Tolgoi in
The original showing was discovered in 1985, and several geochemical and geophysical surveys were completed in 1986. Novamin Resources Inc. collected soil samples with values up to 1570 ppb Au (1.57 g/t Au), and basal till samples up to 1030 ppb Au (1.03 g/t Au). Novamin subsequently drilled four holes in 1986, noting long intervals of consistently anomalous gold and, where analyzed, copper (eg. 102 m @ 135 ppb Au and 385 ppm Cu in hole NG1). Soil sampling by Corona Corporation in 1989 produced coincident anomalies of Au (up to 1440 ppb or 1.44 g/t), Cu (up to 250 ppm) and Mo (up to 145 ppm) over a strike length of 1 km. The highest values corresponded with advanced argillic alteration and minor chalcopyrite. Corona drilled three shallow holes totaling 411 m in 1990 and intersected 63 m @ 0.25 g/t Au, including 5 m @ 0.84 g/t Au in hole 7434-90-02. Other elements were not assayed, but chalcopyrite, azurite, cuprite, and molybdenite were noted in the core. Cornerstone Resources Inc. acquired the property in 2007. They excavated two large trenches and exposed a very large mineralized zone, with 219 m @ 92 ppb Au and 193 ppm Cu in the Vinjer trench, and the 70 x 70 m Stewart trench, which produced 12 m @ 555 ppb Au and 826 ppm Cu.
An associated target type for the property is high sulphidation style epithermal Au deposits. The
Two major belts of epithermal high sulphidation style alteration/mineralization, each greater than 100 km in strike length, occur in the
The technical information contained in this news release has been verified by Dr.
About TerraX Minerals
TerraX Minerals Inc. is one of the major landholders of prospective ground in the burgeoning Marmion Batholith gold district near
On behalf of the Board of Directors "JOSEPH CAMPBELL" Joseph Campbell, P.Geo. President
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SOURCE TerraX Minerals Inc.