VANCOUVER, March 16 /CNW/ --
TSX-V: TXR
Frankfurt: TX0
VANCOUVER, March 16 /CNW/ - TerraX Minerals Inc. (TSXV: TXR) (Frankfurt:
TX0) has received assay results from three holes drilled in February
2011 on its Road Zone prospect within its wholly-owned
Sunbeam-Pettigrew gold property near Atikokan, Ontario. The first hole,
SP11-06, intercepted 13.90 m of 1.11 g/t Au, including 6.4 m of 1.74 g/t Au, at a vertical depth of 50 meters. The winter drill program at
Sunbeam-Pettigrew has now been completed, with assays pending from two
other prospective zones at Sunbeam-Pettigrew, AL 198 and Roy.
The Sunbeam-Pettigrew property consists of thirty-six claims totaling
425 claim units (~67 km(2)) within the Archean Marmion Batholith, in a similar geological
environment to the Hammond Reef gold deposit, presently being explored
by Osisko Mining Corporation. The Hammond Reef deposit 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 Road Zone occurs on the Sunbeam lineament defined by TerraX in
2009. This lineament contains the past-producing Sunbeam gold deposit,
and is known to be intermittently mineralized over at least 5 km. The
zone contains anomalous gold in grab samples over a 200 m strike
length, with a high value of 2.6 g/t Au. TerraX drilled three holes
totaling 449.3 m, testing a 100 m strike length of the zone. Each hole
intersected the same 5 to 15 m wide alteration zone, consisting of
strongly sericitized rock with pyrite and minor amounts of fuchsite and
pyrrhotite. In hole SP11-06, this zone contained an intersection of 13.90 m of 1.11 g/t Au, including 6.4 m of 1.74 g/t Au. In hole SP11-07, the zone returned 2.85 m @ 115 ppb Au, and in hole
SP11-08, the zone contained anomalous values of 102 ppb Au over 5.92
m. These three holes collectively provide information on the shallow
portion of a coherent alteration zone that at least locally contains
ore grade mineralization. The intersection in hole SP11-06 is at a
higher grade than the average grade at Hammond Reef; it is worth noting
that mineralization at Hammond Reef tends to improve with depth.
Clearly the Road Zone needs to be further tested down-dip and along
strike; further drilling is planned for the summer of 2011.
TerraX also completed three holes on the AL198 Zone, 2 km southwest of the Road Zone on the same lineament, and two
holes on the Roy prospect which occurs on the 9 km long Roy lineament. Assays from
these holes are pending. For more information on these 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 (TSXV: 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.
The Brett Resources Technical Report on this project 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 is also actively exploring the 60.5 sq km Stewart property in the
Burin Peninsula, 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
in Newfoundland.
On behalf of the Board of Directors
'JOSEPH CAMPBELL'
Joseph Campbell, P.Geo
President
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(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
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