TerraX Minerals Inc. has begun fieldwork on the Yellowknife City Gold Project with the assistance of technical staff from Osisko Gold Royalties Ltd. This cooperative work follows Osisko's agreement to invest $2.5 Million in TerraX by way of a non-brokered flow-through private placement currently being finalized.
The fieldwork will focus on field mapping of structurally controlled gold targets that were identified by geophysical and geological programs previously carried out by TerraX and will allow us to prioritize drill targets for the summer drill program scheduled for start-up in mid July. Fieldwork will also include an orientation geochemical exploration program and field checking of radiometric anomalies identified by TerraX's 2013 airborne geophysical program.
The current work programs will be partly funded by a Mineral Incentive Program (MIP) grant. The MIP was initially started in 2014 by the government of the Northwest Territories (NWT) to provide funding to prospectors and exploration companies who propose new exploration projects or are already carrying out NWT mineral exploration work. The MIP is intended to stimulate and sustain mineral exploration activities throughout the NWT and reduce the risk associated with grass roots mineral exploration. TerraX is pleased to announce that an application for innovative exploration research on its YCG project has resulted in an award of $80,000 from MIP. The support shown through its MIP is seen by TerraX as a progressive move by the NWT government to sustain mining as an important economic driver in the NWT economy.
TerraX also recently expanded its land position in the eastern part of the YCG by staking one claim and optioning an additional claim from local prospector Walt Humphries. The latter claim is added to the Walsh Lake property presently under option from Mr. Humphries.