TerraX Minerals Inc. (TSXV: TXR) announced that it will acquire the Northbelt claims in the Yellowknife area of the Northwest Territories.
As quoted in the press release:
TerraX has agreed to pay $211,000 to acquire 100% ownership of the mining leases with no retained interest by any outside parties. The acquisition is subject to a due diligence period that expires on January 31, 2013 following which TerraX will announce its exploration plans for the property, should its due diligence prove satisfactory.
TerraX’s President, Joe Campbell, said:
The Northbelt property meets this criteria, and has the added advantages of being easily accessible to Yellowknife infrastructure; has a clear 100% ownership of mine leases with low annual property fees; contains numerous showings with minimal historical exploration; has a maximum drilling depth of only 100m on the Crestaurum deposit; is over an established geological extension of the known mineralized trend from the multi-million ounce producers; and has a geological context similar to the Con Mine which was mined to almost 1900m depth.