Teras Resources Inc. ("Teras" or the "Company") : Teras is pleased to report that the Company is very encouraged by the continued excellent progress of its reverse circulation and diamond drill program at the Cahuilla project in Imperial County, California.
The first deep hole, CAH-303, has been completed to a depth of 536m (1757') and has intersected a deeper zone of strongly altered and veined rock from 390m (1280') to 427m (1,400'), which is far beneath the near surface disseminated and high grade vein precious metal mineralization. In addition, the diamond drill continues to perform exceptionally well achieving impressive footage rates and core recoveries of nearly 100%.
CAH-303 intersected strongly silicified and veined fanglomerate from 0 to 213m (0 - 700') as describe in the September 17, 2013 press release. The fanglomerate then becomes variably altered below 213m with the intensity of alteration decreasing to 337m (1,105). At 337m, a very fine grained gray to black claystone was intersected to a depth of 390m (1,280'). At that point, the drillers notified the site geologist that the diamond drill had encountered very hard rock and the drill rate had decreased significantly. It was then discovered that a very strongly silicified and brecciated fanglomerate hosting various episodes of quartz veining was encountered as shown in the photograph linked here: http://media3.marketwire.com/docs/900152I.jpg.
This new discovery is very encouraging because strongly altered rock characterizing the Cahuilla epithermal system has never been encountered at these depths suggesting the hydrothermal system may be far more extensive than previously known. Finally, the drill passed through the fanglomerate at 427m (1,400') and intersected quartz monzonite which is variably altered and veined near the contact, then becomes increasingly unaltered prompting the hole to be terminated at 536m (1757'). The core is currently being geologically logged and photographed by Mr. Paul Stubble, Project Geologist and Manager, and will be split in half by a rock saw and one half will be analyzed for gold and silver by Inspectorate Laboratories in Reno, Nevada.
The core drill has been moved approximately 152m (500') to the northeast of CAH-303, which was pre-collared and cased to 189m (620') in proximity to the original Cahuilla discovery hole, TM-28, that was drilled in 1992. The reverse circulation drill has been mobilized approximately 91m (300') to the east of CAH-303 and is pre-collaring the third deep drill hole, CAH-305, which is located nearby CAH-142 where high grade gold and exceptional silver values were encountered by Teras in December of 2011.
Peter Leger, President and CEO of Teras Resources, remarked, "We are especially pleased with the discovery of the deeper, strongly silicified and veined fanglomerate far below the depths of any previous drilling. This significantly increases our confidence that the epithermal system continues at depth and deep high grade feeder zones may very likely occur at Cahuilla. The Company is looking forward to receiving assay results from CAH-303 once the core has been properly logged and prepared for analysis."
Dale A Vitone P. Eng., registered with the Association of Professional Engineers of Ontario, Alberta and Northwest Territories and a Director of Teras, is the Company's nominated qualified person responsible for monitoring the supervision and quality control of the programs completed on the Company's properties. Mr. Vitone has reviewed and verified the technical information contained in this news release.
The Company is focused on developing its Cahuilla project located in Imperial County, California. The project encompasses an area of at least 3 km by 1.5 km and demonstrates the potential for a large-scale, bulk mining operation consisting of altered and mineralized sedimentary and volcanic host rocks with numerous sheeted high-grade quartz veins. Teras filed a NI 43-101 compliant technical report with an indicated resource of 1.2 million plus ounces of gold and 11 million plus ounces of silver on its Cahuilla project (70.148 million tons at an average grade of 0.015 ounces per ton gold and 0.17 ounces per ton silver with a cut-off of 0.008 ounces per ton gold). The Company has an aggressive plan to increase the grade and tonnage of the resource and develop the project for future mining operations.