VANCOUVER, Oct. 31, 2011 /PRNewswire via COMTEX/ — TSX-V: TXR Frankfurt: TX0
TerraX Minerals Inc. (tsx.v:TXR)(frankfurt:TX0) has completed its five hole drill program (2700 metres) on its wholly-owned Stewart gold-copper property in Newfoundland and received assays from the first hole, ST11-01, completed in August. This hole was drilled to a depth of 440 metres (m) and most of the hole contains anomalous gold (>20 ppb). Gold and copper mineralization is uniformly distributed across broad intersections in the hole, indicative of a very large mineralizing system, with the highest gold value at 1.02 g/t over 1.5 meters and the highest copper at 0.11% Cu over 1.5 meters. Highlights include 111 m @ 0.13 g/t Au, including 42 m @ 0.20 g/t Au; and 18.03 m @ 0.11 g/t Au, all with anomalous to significant Ag, Cu and Zn (see table below). TerraX believes that these results in ST11-01 are representative of significant widespread gold mineralization in the pyritic shell of the porphyry system at Stewart. Assay results from the remaining four holes are pending.
Assay Results from Hole ST11-01
From To Length (m) Au (g/t) Ag (g/t) Cu (%) Zn (ppm)
174.5 285.5 111 0.13 0.16 0.05 –
234.5 276.5 42 0.20 0.13 0.05 –
370.47 388.5 18.03 0.11 0.64 0.06 0.10
TerraX’s drill program was designed to examine various geophysical scenarios in both the core and the margin of the system. The five holes were widely spaced over a strike length of 1.7 km. Three holes (ST11-01, 02 and 05) tested the edges of the system. In all three cases, long intervals (up to 585 m in hole ST11-02) of pervasively altered rock with 1 to 10% pyrite were encountered. Mineralogical analysis with a Terraspec instrument confirmed that the zones are dominated by varying amounts of pyrophyllite, illite, dickite and alunite, all of which are common in porphyry to epithermal environments. The margin of the system typically contains felsic volcanic rocks, although hole ST11-01 contains 185 m of strongly altered quartz diorite and ST11-02 contains over 200 m of a fine-grained, interpreted intrusive rock. Zones of intense quartz veining (stockworks) are locally present.
Three holes (ST11-03, 04 and 05) tested the inner parts of the system. These holes encountered mostly mafic volanics and intrusions, as well as several different types of intermediate porphyritic intrusions. Most mafic rocks have undergone patchy epidote-silica alteration typically confined to zones of intense alteration up to 15 m wide separated by less altered rocks. The intense alteration includes silica, illite, chlorite, pyrite and locally chalcopyrite. Stringers of quartz and pyrite and/or chalcopyrite are present. Hole ST11-03 contains 130 m of silicified mafic volcanics with small amounts of native copper and probable hydrothermal magnetite.
The objective of the drill program at Stewart was to provide preliminary three dimensional information on the extensive hydrothermal system defined by TerraX over the past year. This system features an east-northeast striking, 6 km long by up to 1.4 km wide epithermal to porphyry style alteration zone defined by surface mapping. A Titan 24 IP-resistivity survey was completed over the western half of the alteration zone, defining a 2.5 km long, intense chargeability anomaly, with widths up to 800 m and vertical extents in excess of 500 m (see our news release of May 9, 2011).
TerraX continues to be encouraged by ongoing results. The recently completed drill program has reinforced the hypothesis that the surface alteration and chargeability anomaly are manifestations of a large hydrothermal system with a porphyry style interior and a high sulphidation epithermal style margin. Intervals of pervasive phyllic/advanced argillic alteration with 1-10% pyrite more than 500 m long have been encountered on the margin/top of the system, while the interior contains several porphyry intrusions as well as hydrothermal magnetite, epidote, chlorite and silica, with stringers of pyrite and/or chalcopyrite and local native copper. Sulphide-bearing vugs are present throughout the system. These systems typically require extensive drill testing to isolate economic mineralization and TerraX’s preliminary drill program, coupled with the previous surface exploration, has shown that the Stewart system merits such a large-scale drilling program.
The Stewart property is comprised of 242 claims totalling 60.5 sq. km, located 30 km north-northeast of the town of Marystown on the Burin Peninsula. For more information on Stewart and TerraX’s other properties, please visit our website at www.terraxminerals.com .
All drill core from the 2011 drill program at Stewart is logged, split and sampled at a secure core facility in Marystown. Samples are collected from this facility by a shipping company for onward transportation to the Actlabs facility in Fredericton. Actlabs is an ISO/IEC 17025 accredited analytical laboratory. Gold analysis is by fire assay with AA finish; other elements of interest (silver, copper, molybdenum, zinc etc) are obtained by ICP. 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 inserts blanks and certified standards into the sample stream in order to independently assess analytical accuracy.
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
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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.