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TerraX Provides Assay Results from Nine Hole Drill Program at Yellowknife City Gold Project

TerraX Minerals Inc. has received assay results from a nine hole drill program testing quartz vein and replacement style mineralization at the Sam Otto target on its Walsh Lake property of the Yellowknife City Gold Project ("YCG"), immediately north of Yellowknife in the Northwest Territories. This zone had not previously been tested by TerraX, but had sporadic drilling reported from the 1980s and 1990s.

The drill holes reported today were drilled over 100 meters of strike length on two zones (Sam Otto West and Sam Otto East) and confirm that Sam Otto is a big mineralized system. All drill holes intersected wide, pervasive and persistent zones of mineralization, including:

  • 49.70 m @ 1.00 g/t Au, including 10.35 m @ 2.54 g/t Au in the Sam Otto West Zone of hole TWL16-011
  • 30.70 m @ 1.33 g/t Au, including 15.00 m @ 2.02 g/t Au in the Sam Otto West Zone of hole TWL16-013
  • 40.85 m @ 1.03 g/t Au, including 20.90 m @ 1.56 g/t Au in the Sam Otto West Zone of hole TWL16-012

Drilling at Sam Otto totaled 1,510 meters in 9 holes testing 100 meters of strike (6944500-6944600 N) along two parallel north-south striking and steeply east dipping mineralized zones (approximately -75 to -80º dip). The holes were designed to hit mineralization approximately 30 to 160 meters below surface trenches sampled by TerraX in 2013. Six holes were specifically targeted on the Sam Otto West Zone. Three holes, (TWL16-007, 008 and 010) were drilled on the same section line (550N) and were designed to intersect both the Sam Otto East and West Zones. TWL16-010 was collared in the East Zone and therefore had an incomplete intersection across that zone, but successfully intersected all of the West Zone. Drill holes TWL16-011 (section 565N), and TWL16-012 and 013 (section 600N) were the most northerly holes and showed the strongest mineralization in the Sam Otto West Zone. To the best of our knowledge, the Sam Otto West Zone trend has not been tested for at least 500 meters of strike north of holes TWL16-012 and 013.

Zones of mineralization were evenly mineralized with a highest individual assay result of 8.39 g/t Au in TWL16-006 in the West Zone. All drill holes reported here intersected additional narrower mineralized zones adjacent to the two targeted zones, both in the hanging wall and footwall of the East and West zones. Overall the Sam Otto drilling results indicate a large mineralizing system that TerraX believes has the potential to host large high grade zones along a gold trend that has been identified by trenching, mapping, historical drilling and geophysics for at least 1.5 kilometers of strike length.

A map and cross sections showing the location of drill holes on the Sam Otto target area are available on our web site under "Walsh Lake - Sam Otto 2016 Field Exploration".

The obvious increase in grade and width of zones of mineralization towards the north, and the potential to demonstrate continuity of mineralization along strike has resulted in a decision to do more work on the Sam Otto target. In particular, the north-south striking zones drilled in this campaign are known to be intersected by a well mineralized (surface sampling and historical drilling) northeast trending structure (Dave's Pond) located approximately one kilometer to the north of the 2016 drilling. This intersection area, and the entire projected trend of the Sam Otto and Dave's Pond structures, will be subjected to a detailed surface magnetic survey in the spring of 2016, followed by detailed mapping and prospecting along the trend to identify targets of likely higher grade within the large mineralized system. The results of drill holes TWL16-005 to TWL16-013 are summarized below, by section line (north to south) and by zone:

Drill Hole Dip Azimuth UTM Location Zone From
(m)
To
(m)
Interval
(m)
Au
g/t
Easting Northing
Section 600N
TWL16-012 -45 267 639735 6944600 West 24.15 65.00 40.85 1.03
incl. 31.10 52.00 20.90 1.56
incl. 31.10 36.55 5.45 2.23
incl. 45.70 52.00 6.30 2.40
and 91.00 91.70 0.70 1.27
TWL16-013 -52 270 639787 6944600 28.09 30.15 2.06 1.21
47.30 49.00 1.70 3.98
West 111.30 142.00 30.70 1.33
incl. 114.00 129.00 15.00 2.02
incl. 126.40 129.00 2.60 4.91
and 152.36 153.20 0.84 1.78
and 182.60 183.60 1.00 2.61
Section 565N
TWL16-011 -45 270 639739 6944566 West 26.30 76.00 49.70 1.00
incl. 37.10 64.80 27.70 1.64
incl. 42.00 52.35 10.35 2.54
incl. 47.20 51.25 4.05 4.32
Section 550N
TWL16-010 -45 270 639745 6944551 East 6.60 14.60 8.00 0.68
incl. 6.60 10.65 4.05 0.96
West 47.70 66.35 18.65 0.97
incl. 59.00 65.70 6.70 1.85
and 77.30 83.75 6.45 0.44
TWL16-007 -45 270 639795 6944550 44.00 44.60 0.60 1.18
East 61.00 75.50 14.50 1.08
incl. 61.00 68.04 7.04 1.73
West 112.40 142.00 29.60 0.40
TWL16-008 -65 270 639795 6944550 39.37 42.00 2.63 3.35
and 54.00 55.75 1.75 4.66
East 86.00 108.00 22.00 0.45
West 165.65 191.35 25.70 0.35
incl. 183.45 185.25 1.80 1.71
and 236.10 236.60 0.50 1.19
Section 525N
TWL16-009 -45 270 639738 6944525 West 36.00 51.45 15.45 0.37
and 67.10 67.85 0.75 0.82
and 79.25 81.42 2.17 0.58
Section 500N
TWL16-005 -45 270 639759 6944499 51.00 53.10 2.10 0.89
West 62.20 83.10 20.90 0.57
incl. 78.00 79.65 1.65 2.95
and 104.00 106.35 2.35 0.65
EOH 133.90 137.10 3.20 0.91
TWL16-006 -65 270 639759 6944499 18.00 18.50 0.50 1.16
and 19.20 20.10 0.90 0.97
West 87.70 122.15 34.45 0.78
incl. 97.80 100.80 3.00 1.96
incl. 116.15 122.15 6.00 2.64
and 138.90 139.75 0.85 1.83
and 157.00 157.80 0.80 1.04

Drill holes were drilled normal to interpreted strike of the zone. Current interpretations for dip, based on the surface trenching and the nine drill holes, indicate that the true width of seven of the nine holes is approximately 80-85% of drill intersection width, and for holes TWL16-006 and 008 it is approximately 60-65% of drill intersection width.

Following the Sam Otto drilling TerraX mobilized the two drills to its Homer Lake base metal (lead and zinc) high precious metal (silver and gold) target on the Northbelt property and completed six holes totalling 1,146 meters before moving on to the Barney and Hebert-Brent Zones. Maps showing the location of these target areas on the YCG are available on our web site under "2016 Field Exploration". The winter 2016 drill program was completed on March 30th with 7,310 meters having been drilled. Logging and cutting of the core is currently underway and will continue until late April, with assay results to be released when received and interpreted.

TerraX collected 778 samples for assay from the drilling of Sam Otto reported here. Results ranged from below detection to a high of 8.39 g/t Au. Drill hole collar locations were surveyed to sub-meter accuracy. Down hole surveying (Easy Shot) was completed on all holes. TerraX inserts certified standards and blanks into the sample stream as a check on laboratory QC. Drill core samples are cut by diamond saw at TerraX's core facilities in Yellowknife. A halved core sample is left in the core box. The other half core is sampled and transported by TerraX personnel in securely sealed bags to ALS Chemex's (ALS) preparation laboratory in Yellowknife. After sample preparation, samples are shipped to ALS's Vancouver facility for gold and ICP analysis. Gold assays of >3 g/t are re-assayed on a 30 gm split by fire assay with a gravimetric finish. ALS is a certified and accredited laboratory service. ALS routinely inserts certified gold standards, blanks and pulp duplicates, and results of all QC samples are reported.

The technical information contained in this news release has been approved by Joseph Campbell, the President of TerraX, who is a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects."

Source: http://www.terraxminerals.com/

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