Mr. Joseph Campbell reports
TERRAX ACQUIRES PTARMIGAN MINE PROPERTY ON EASTBELT, YELLOWKNIFE CITY GOLD
Terrax Minerals Inc. has entered into an agreement to acquire the Ptarmigan mine property, located within its Eastbelt property at the Yellowknife City gold project.
The Ptarmigan mine was a gold producer in the Yellowknife gold district from 1941 to 1942, in 1983, and from 1985 to 1997.The main Ptarmigan vein was accessed by a shaft extending to 275 metres depth and mined over 400 metres of strike length. Production from Ptarmigan totalled 364,874 tonnes, producing 112,213 ounces of gold (average 9.56 grams per tonne Au recovered).The gold is free milling with recoveries in the 1940s reported at 97 per cent to 98 per cent. Gold recovery in the 1985-to-1997 period consisted of gravity and flotation concentration with reported recovery of 94 per cent. When the mine closed in 1997 the vein was still open along strike to the west on claims now owned by TerraX, and open down dip below the mine workings. (Source: The Operation History of Mines in the Northwest Territories, R. Silke, 2009; and Treminco Resources Ltd., Annual Report 1990).
Joe Campbell, chief executive officer of TerraX, stated, "The acquisition of the Ptarmigan mine property gives TerraX nearly one kilometre of strike coverage along the Ptarmigan vein trend. This provides an opportunity not only to extend the mineralization below and along strike of the main vein at the mine, but also offers opportunity to explore parallel vein systems discovered south of the main vein and reported in historical documents and identified as potential production areas. With paved road access from Yellowknife, and high-tension powerlines connected to the former mine site, Ptarmigan, with exploration success, could easily be brought back to life."
The Ptarmigan property consists of a mineral lease and a mineral claim totalling 47 hectares. TerraX has no liability for any remediation of the previous mine site. The option agreement is for a 100-per-cent interest in the property with the following terms: A total of $5,000 in cash payments, payable on TSX Venture Exchange approval of the option agreement, and a total of 40,000 TerraX shares issued on approval of the option agreement.
The technical information contained in this news release has been approved by Mr. Campbell, the chief executive officer of TerraX, who is a qualified person as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. The information on the operation history at Ptarmigan has not been prepared in accordance with National Instrument 43-101, and TerraX is not treating any historical results at Ptarmigan as current mineral resources or mineral reserves. No qualified person has done sufficient work to classify any historical information as a current mineral resource or mineral reserve.
About the Yellowknife City gold project
The Yellowknife City gold project encompasses 440 square kilometres of contiguous land immediately north and south of Yellowknife, NWT. Through a series of acquisitions, TerraX controls one of the six major high-grade gold camps in Canada. Being within 15 km of the City of Yellowknife, the YCG is close to vital infrastructure, including transportation, service providers, hydroelectric power and skilled tradespeople.
The YCG lies on the prolific Yellowknife greenstone belt, covering 45 km of strike length along the main mineralized break in the Yellowknife gold district, including the southern and northern extensions of the shear system that hosted the high-grade Con and Giant gold mines. The project area contains multiple shears that are the recognized hosts for gold deposits in the Yellowknife gold district, with innumerable gold showings and recent high-grade drill results that serve to indicate the project's potential as a world-class gold district.
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