VANCOUVER, Feb. 8 /PRNewswire/ – TerraX Minerals Inc. (TSX.V: TXR; Frankfurt: TX0) has resumed fieldwork on its wholly-owned Stewart gold-copper property in Newfoundland. Soil sampling is currently being carried out on the property to follow up on a 725 meter wide Au, Cu, Mo anomaly previously reported by TerraX from a test line of soil surveying across the strike of the alteration zone. Anomalous gold results within the 725 meter interval of 30 samples taken 25 meters apart ranged as high as f 640 ppb Au and averaged 160 ppb Au. These results are considered to be extremely encouraging, and validated the use of soils as an exploration tool at Stewart. The objective of the current soil sampling is to delineate the full extent of the gold anomalism within this large hydrothermal alteration system, and to follow up the newly discovered Forty Creek showing (grab sample of 59 g/t Au and 2290 g/t Ag – see news release of December 20, 2010).
In addition to the soil survey work, TerraX has contracted Quantec Geosciences to carry out Titan 24 ground geophysics across 3.5 kilometers of strike length on the alteration zone. This program is designed to pick up epithermal or more likely porphyry-style mineralization up to a depth of 600 meters below surface. Line cutting for the survey will commence the second week of February, and Titan surveying will follow shortly thereafter. In addition, Geo Data Solutions Inc. has been contracted to fly an airborne magnetic survey over the entire property. This survey will be completed in March or April, allowing sufficient time for interpretation prior to drilling in mid-summer.
The Stewart property is comprised of 242 claims totaling 60.5 sq. km located 30 km north-northeast of the town of Marystown on the Burin Peninsula. The original property was 173 claims (~43 sq. km), but has been expanded in order to cover prospective strike extensions to the alteration zones. The property features an east-northeast striking 6 km long by up to 700 m wide epithermal to porphyry style alteration zone with extensive low-grade gold-copper mineralization.
For more information on TerraX’s properties, please visit our website at www.terraxminerals.com. 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.”
About TerraX Minerals
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 inferred resource of 259.4 million tonnes at 0.8 grams per tonne Au (approximately 6.7 million ounces of gold). The Brett Resources Technical Report on this deposit is available on SEDAR. TerraX is actively exploring three wholly-owned gold exploration projects, the Sunbeam-Pettigrew, Blackfly and Central Canada 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 also recently optioned the ~50.5 sq km Stewart gold-copper property in the Burin Peninsula of Newfoundland, which is part of the Avalon terrane, a geologic structure which can be traced from eastern Newfoundland through Nova Scotia and New Brunswick into New England, the Carolinas and northern Georgia. The Avalon terrane hosts several epithermal/porphyry gold-copper deposits, including the past-producing Hope Brook deposit, presently being explored by Castillian Resources Corp.
On behalf of the Board of Directors
Joseph Campbell, P.Geo