VANCOUVER, Sept. 14, 2011 /CNW/ --
TSX-V: TXR
Frankfurt: TX0
VANCOUVER, Sept. 14, 2011 /CNW/ - TerraX Minerals Inc. (TSX.V: TXR; Frankfurt: TX0) has completed the second hole of the current drill program on its
wholly-owned Stewart gold-copper property in Newfoundland. The first
hole (ST11-01) intersected an extensive porphyry style alteration zone
with significant sulphides over 433 m (see our news release of August
25, 2011). The second hole (ST11-02) was collared 1.7 km northeast of
ST11-01 along the strike trend of the mapped alteration on surface,
targeting a large, buried Titan IP anomaly. This second hole
intersected porphyry style alteration with significant sulphides
similar to ST11-01 from 172 m to the end of the hole at 585 m. The hole
was stopped at the limit of the drill capability, still within the zone
of alteration and sulphides. Drilling is continuing on hole ST11-03,
located between the first two holes, approximately 600 m west-southwest
of drill hole ST11-02.
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. 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 our 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.
The second hole was drilled in a southerly direction along a Titan 24
section line which contains a 700 m wide by at least 500 m deep
chargeability anomaly that is buried beneath the surface. This anomaly
is adjacent to the Bat Zone which contains widespread hydrothermal
alteration on surface. The hole was 585 m long, of which the upper 172
m intersected strongly altered rock, with a low sulphide content
(0.5-1%). This was followed by 413 m of sulphide content ranging from
5-10% pyrite. This interval is also strongly altered; mineralogical
analysis with a Terraspec instrument confirmed that the interval is
dominated by varying amounts of pyrophyllite, illite, dickite and
alunite, all of which are common in porphyry to epithermal
environments.
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
assays, no conclusions can be drawn as to the nature or extent of any
metal content. The entire alteration zone is being split and
submitted for assay to the Activation Laboratories facility in
Fredericton.
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.
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, 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.
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