Drill Tracker Weekly: TerraX Confirms Down-Dip Extension at Crestaurum on Yellowknife Project

Drill Tracker Weekly highlights drilling results in context with our database of over 10,000 drilling and trenching results. The purpose of this report is to highlight drilling and trenching results that stand out from the pack and compare them to their peer group. This report does not constitute initiation of coverage or a recommendation.

TerraX Minerals Ltd. (TSXV:TXR)

Price: $0.35

Market cap: $19 million

Cash estimate: $2.4 million

Project: Yellowknife City

Country: NWT

Ownership: 100 percent

Resources: N/A

Project status: Additional drill results

• TerraX Minerals announced the results from the initial three drill holes on the Crestaurum Zone on the Company’s 100 percent owned, 94.9 km² Yellowknife City project in the Northwest Territories. The 13 kilometer long Yellowknife City property is the extension of the geology containing the 7.6 million ounce and the 5.5 million ounce Giant Mine and Con Mines.  The project is unusual in the NWT in that it is road accessible year round with an eight kilometre road to the Yellowknife airport where the Company has its core storage facility.  The project was bought after the previous operator Century Mining declared bankruptcy. Osisko Gold Royalties (TSX.OR) owns 9.2 percent of TerraX though the merger with Virginia Mines.
• Highlights from the Crestaurum drilling include 7.00 meters grading 10.23 g/t including 2.97 meters of 23.69 g/t gold starting from a depth of 95 meters. The 4.0 kilometer shear zone has been drilled over 1.2 kilometers to a depth of 100 meters with three key high-grade shoots surrounded by lower grade material. As the nearby Con and Giant Mines were mined to depths of 1,800 meters and the current drilling at Crestaurum is limited to 100 meters, the Company has designed the 2015 drilling program to test for depth extension of existing shoots as well as additional high-grade shoots at depth.
• Since acquiring the Yellowknife City project in January 2013, the Company has been systematically re-logging and re-sampling 200 historical drill intersections from the core stored in the Yellowknife core yard at the Giant Mine. Highlights from the re-assays of near surface drill holes include 5.0 meters of 62.9 g/t gold and 5.0 meters grading 20.66 g/t starting at 53 and 81 meters depth respectively. Since 2013, the Company has also completed a new airborne geophysical survey as well as a high definition LiDAR survey.

New Garnet Skarn Discovery: 25.80 meters at 2.32 percent copper, 1.63 g/t gold

Current Drilling: 7.0 meters at 10.23 g/t gold including 2.7 meters at 23.69 g/t gold; 6.73 meters at 3.36 g/t gold

Disclosure: I, Wayne Hewgill certify that the information in this report is sourced through public documents that are believed to be reliable, but accuracy and completeness as represented in this report cannot be guaranteed. The author has not received payment from any of the companies covered in this report. At the date of this release the author, Wayne Hewgill, owns no shares in the companies in this report.

This report makes not recommendations to buy sell or hold.

Wayne Hewgill is a geologist with extensive knowledge of the global mining industry gained through 30 years of diversified experience in mineral exploration and new business development in Canada, as well as 10 years living in Africa, New Zealand and Australia. He was previously senior research officer at BHP Billiton, an executive with an exploration company working in Argentina and a mining analyst at three Vancouver-based financial groups where he developed the Drill Tracker database in 2006. He holds a B.Sc. in Geology from the University of British Columbia and is registered as a Professional Geoscientist (P.Geo) with APEGBC.