VANCOUVER, July 19, 2011 /CNW/ --
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
TSX-V: TXR
Frankfurt: TX0
VANCOUVER, July 19, 2011 /CNW/ - 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.teraxminerals.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'
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.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/July2011/19/c6219.html
Paradox Public Relations
Phone: 514-341-0408
Toll Free: 1-866-460-0408
