VANCOUVER, Aug. 25, 2011 /CNW/ --
TSX-V: TXR
Frankfurt: TX0
VANCOUVER, Aug. 25, 2011 /CNW/ - TerraX Minerals Inc. (TSX.V: TXR) (Frankfurt: TX0) has completed the first hole of the current drill program on its
wholly-owned Stewart gold-copper property in Newfoundland. This drill
hole intersected an extensive porphyry style alteration zone with
significant sulphide over 433 metres (m). Drilling is continuing on
the Stewart property as part of an anticipated 2,500 m drill program
(see news release of August 15, 2011). The drill core from the first
drill hole is being split and will be submitted to Activation
Laboratories ('Actlabs) in Fredericton for assay.
The Stewart 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. The target type for the Stewart
property is a mineralized system similar to Oyu Tolgoi in Mongolia.
Strong IP anomalies were identified with a Titan 24 survey over a
strike length of 2.5 km, with widths up to 800 m and vertical extents
in excess of 500 m (see news release of May 9, 2011). 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.
This first hole was drilled in a southeast direction along a Titan 24
section line which contains a 250 m wide by 300 m deep chargeability
anomaly that intersects the surface. This anomaly is semi-coincident
with the Vinjer trench, which contains extensive hydrothermal
alteration and anomalous metals. The hole was 440 m long, of which the
upper 433 m consistently contains between 1 and 5% pyrite. This
interval is also strongly altered; mineralogical analysis with a
Terraspec instrument confirmed that the interval is dominated by
varying amounts of pyrophyllite and illite, both of which are common in
porphyry to epithermal environments. Stockwork quartz veins,
chalcopyrite and molybdenite all occur locally within the hole. The
upper 185 m of the hole contains strongly altered quartz diorite,
tentatively interpreted as the mineralizing intrusion for the extensive
hydrothermal system. The lower 7 m of the hole contains a fresh felsic
volcanic rock. The contact between the altered rock and the unaltered
felsic volcanic corresponds to the edge of the chargeability anomaly.
TerraX is encouraged by the presence of strong alteration to a vertical
depth of 307 m in this location, and by the apparent close
correspondence between sulphide distribution and the Titan
chargeability anomaly. This suggests that TerraX's interpretation of a
major porphyry system on the Stewart property is correct. Readers are
cautioned that the presence of strong alteration and extensive pyrite
development need not be indicative of significant quantities of gold or
other metals and that, prior to receipt of assay results, no
conclusions can be drawn as to the nature or extent of any metal
content.
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 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
'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.
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Contact: Paradox Public Relations
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