Highlights:
A sample from the Forty Creek showing ran 13.3 g/t Au, 670 g/t Ag and >0.5% Pb; other samples in this area assayed up to 1.03% Zn;
Structural study confirms the east-northeast plunge to the large (6 km by 1.4 km) hydrothermal alteration zone;
Alteration mineralogy study notes the presence of high temperature alteration minerals topaz and diaspore, defines possible vectors to mineralization;
Drill targets have been identified and drilling is to begin in early August
VANCOUVER, July 19, 2011 /PRNewswire/ – TerraX Minerals Inc. (TSX.V: TXR) (Frankfurt: TX0) has received results from a two week program of geology and prospecting conducted on its wholly-owned Stewart gold-copper property in Newfoundland in May of this year. The property features an east-northeast striking, 6 km long by up to 1.4 km wide epithermal to porphyry style alteration zone with extensive low grade gold-copper mineralization, of which less than 15% has been drill and trench tested. Our initial target type for the Stewart property was for a mineralized system similar to Oyu Tolgoi in Mongolia, and the IP anomalies we’ve defined exceed, both in size and intensity, our most optimistic expectations. A geologic model of the anomalies identified at Stewart, with a comparison to those at Oyu Tolgoi, is available on our web site at www.terraxminerals.com.
A second high grade boulder grading 13.3 g/t Au, 670 g/t Ag and >0.5% Pb was discovered during prospecting of the Forty Creek area of the property, where last fall TerraX discovered a high grade showing of 59 g/t Au and 2290 g/t Ag (see our news release of December 20, 2010) one km northeast of any previously known alteration. The recently completed program included additional geological work to firm up drill targets on the main alteration zone, a structural study to help determine the orientation of the mineralized zones, prospecting focused on the Forty Creek area, and an alteration mineralogy study to vector exploration towards potential economic mineralization. Drill targets have been identified and a minimum 2,500 metre drill program is scheduled to begin in early August.
The newly discovered high grade boulder at Forty Creek is angular and more than 0.5 m across; scanning electron microscopy showed that it contains chalcopyrite, lead telluride, silver telluride and native gold. Several other angular mineralized boulders were discovered within a 500 m radius of Forty Creek; these assayed up to 225 ppb Au, 785 ppm Cu, 1.03% Zn and >0.5% Pb (different samples). Outcrop in the Forty Creek vicinity is sparse, but samples of outcrop collected assayed up to 109 ppb Au, 26.6 g/t Ag, 5810 ppm Cu, 1800 ppm Pb, 1500 ppm Zn and 133 ppm Mo (different samples). The outcropping host rock proximal to Forty Creek is a strongly altered felsic volcanic rock most similar geochemically (whole rock data) to the Caribou Tuff, the unit that hosts the bulk of the main alteration zone. Assay values from samples collected ranged from below detection to the values quoted above.
Structural consultant Dr. Kruse of Terrane Geoscience Inc. spent one week on the Stewart property. His observations suggest that the porphyry/epithermal hydrothermal system plunges to the northeast at approximately 65 degrees. This is consistent with the tendency of the major chargeability anomaly to deepen to the northeast (see news release of May 9, 2011). Kruse also recognized three different vein sets, one of which he classes as pre-deformation hydrothermal veins related to the porphyry system.
Geological reconnaissance provided further information on the overall geology of the core of the property prior to drilling. In particular, confidence in the presence and distribution of strongly altered quartz diorite, the presumed mineralizing intrusion, was increased. Additional terraspec data were acquired, and all available data were sent to Ausspec International for interpretation. Ausspec believes that there are variations in the compositions of the ubiquitous white mica and chlorite which may serve as vectors towards the more acidic and/or hotter parts of the hydrothermal system and ultimately as vectors to ore. The high temperature minerals topaz and diaspore were identified in several samples.
Our understanding of the geological/hydrothermal system at Stewart is continually improving. Alteration mineralogy is indicative of hot, acid conditions, consistent with a high sulphidation epithermal system collapsing onto a porphyry system. The overall system plunges to the northeast, as shown by structural indicators, by the distribution of chargeability and surface geochemical anomalies, and by the change in alteration style at surface. Alteration at surface varies from porphyry/high sulphidation epithermal in the southwest through high sulphidation epithermal in the center (Bat Zone) to potential bonanza style Au-Ag mineralization with or without base metals at Forty Creek in the northeast, above and distal to the main intrusive center.
Notwithstanding the impressive assays in the Forty Creek area, TerraX considers the prime target on the Stewart property to be the large, low grade interpreted porphyry style hydrothermal system analogous to Oyu Tolgoi in Mongolia. TerraX intends to initially focus on this porphyry target while we build up our knowledge base on the Forty Creek area. To that end, TerraX has designed a minimum 2,500 m drill program for early August that will target chargeability anomalies in the main alteration zone which were identified by the Quantec Titan survey earlier this year.
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. For more information on Stewart and TerraX’s other 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.”
On behalf of the Board of Directors
Joseph Campbell, P.Geo
President
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 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.
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