TerraX Receives Drill Permit Approval for Yellowknife City Gold Project

The McKenzie Valley Land and Water Board has issued a Land Use Permit (No. MV2014C005) to TerraX Minerals Inc. (TSXV:TXR,FWB:TXO) permitting the company to conduct advanced exploration and drilling programs on its Yellowknife City Gold Project. The permit has conditions applying to work activities typical for advanced exploration, and contains a condition for a security deposit of $70,000 to be deposited with the minister of Aboriginal Affairs and Northern Development Canada. The permit is for a term of five years with the option of a two year extension. The term and area of the permit will allow TerraX to efficiently explore the YCGP in the years ahead.

According to the company’s press release:

The permit applies to all TerraX’s exploration land holdings immediately north of the City of Yellowknife with the exception of the Goodwin Claims which contain approximately 5% of the YCGP area. At the request of the Yellowknife Dene First Nation (YKDFN”), TerraX requested that the Goodwin Claims not be included in the permit. This area is currently low priority for TerraX and the YKDFN has advised that portions of the Goodwin Claims border culturally and environmentally sensitive land. TerraX will conduct below threshold prospecting activity on the Goodwin Claims to ascertain their mineral potential and at that time will sit down with the YKDFN to advise them of findings prior to any future work on the Goodwin property.

Click here to view the full press release.