VANCOUVER, Nov. 15, 2012 /PRNewswire/ - TerraX Minerals Inc. (TSX.V: TXR; Frankfurt: TX0) has now completed its work obligations and, as a result, has made the final payment due under its option agreement whereby it can acquire a 100% interest in the Stewart gold-copper property in Newfoundland, subject to a 2% NSR and the issuance of a further 175,000 shares by April 2014. TerraX intends to follow up on the positive exploration results from this summer's field work by diamond drilling newly defined targets at the main Stewart porphyry target and at the high grade Forty Creek epithermal Au-Ag showing.
The Stewart target consists of a large (6 km x 1.4 km) porphyry style alteration zone (Stewart Porphyry Target) defined by surface mapping, trenching, channel sampling, Titan IP surveying and drilling. At Forty Creek, 2 km to the northeast of the Stewart alteration zone, epithermal Au-Ag mineralization has been identified by prospecting and sampling; grab samples included 59 g/t Au and 2,290 g/t Ag recovered in 2010, with a sample this summer returning values of 48.8 g/t Ag and 1,990 g/t Ag.
STEWART PORPHYRY TARGET
Soil and lake sediment sampling in 2012 at the Stewart porphyry target extended the multi-element anomaly (Au-Cu-Mo) to the southwest under the Camp Pond. This area is 1.5 km southwest of previous drilling conducted by TerraX in 2011 (ST11-01 with 111m @ 0.11 g/t Au, 0.05% Cu). The soil and lake sediment sampling combined with other geological and geophysical work have all strongly suggested that the Stewart porphyry alteration zone continues to the southwest under this lake (see maps on our web site at www.terraxminerals.com). As a result of this work, TerraX feels that the core of the Au-Cu porphyry system at Stewart may be under Camp Pond, which has its eastern shore 250 meters southwest of the original Stewart showing. TerraX intends to drill up to 1,200 meters under Camp Pond to test this interpreted extension to the porphyry mineralization.
Mechanical stripping/trenching completed on the Forty Creek high grade epithermal system this summer conclusively confirms that the original high grade angular boulders discovered in 2010 are virtually in place, with the trenches exposing in-situ, sub-parallel quartz veins similar in appearance to the boulders and providing strike and dip orientation to guide future drilling on these veins. As well, numerous other angular boulders of mineralized quartz were noted in the vicinity. A map showing sample locations at Forty Creek is available on our web site at www.terraxminerals.com. It is now thought that a series of en echelon quartz veins is present at Forty Creek with grades as high as 59 g/t Au and 2,290 g/t Ag and 48.8 g/t Ag and 1,990 g/t Ag reported in grab samples. TerraX's drill plan at Forty Creek calls for a series of shallow holes crossing the vein structures and totalling approximately 600-800 meters of drilling.
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, which is part of the Avalon Terrane. The Avalon Terrane hosts several epithermal/porphyry gold-copper deposits, including the past-producing Hope Brook deposit in Newfoundland.
TerraX Minerals Inc. is also one of the major landholders of prospective ground in the burgeoning Marmion Batholith gold district near Atikokan, Ontario, host to Osisko Mining Corporation's (TSX: OSK) Hammond Reef gold deposit which contains a National Instrument 43-101-compliant global inferred resource of 530.6 million tonnes at 0.62 grams per tonne Au (10.52 million ounces gold). The Osisko Technical Report on this project is available on SEDAR. TerraX is actively exploring three wholly-owned gold exploration projects, the Sunbeam-Pettigrew, Central Canada and Blackfly 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.
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
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.
SOURCE TerraX Minerals Inc.