Teras Receives Remaining Drill Results From Its 2013 Drilling Program Including 3.1m of 12.76 g/t Gold
2013年12月12日 - 10:01PM
Marketwired Canada
Teras Resources Inc. ("Teras" or the "Company") (TSX VENTURE:TRA)(OTCQX:TRARF)
announces the receipt of final assay results from its recent core and reverse
circulation drill program at the Cahuilla gold-silver project in Imperial
County, California. The results include the remaining two deep core holes
situated in the main resource area and two reverse circulation drill holes
located in the northeast project area outside of the existing resource. The most
important findings from this drill program include the new geologic information
derived from the four deeper core holes. This new data has advanced our
understanding of the higher grade gold-silver veins, which we believe will lead
to enhancing the grade and expanding the size of the precious metal resources at
Cahuilla.
Results from the CAH-311 were successful in expanding the disseminated
gold/silver resource at depth, along with the discovery of a new high grade vein
in an area where little high grade gold had been encountered in past drilling.
CAH-311 also intersected 0.9m @ 119.0 g/t silver from 258.8 to 259.7m and 0.9m @
113.2 g/t silver from 281.0 to 281.9m (3.5 oz/t @ 849 - 852' and 3.3 oz/t @ 922
- 925'). As seen in the results from the first two deep core holes, anomalous
deep precious metal mineralization was also encountered in both CAH-305 and 311
further demonstrating the considerable size of the Cahuilla epithermal precious
metal system.
Core holes CAH-305 and 311 were pre-collared to 286.5m and 256.0m respectively
and results for all remaining drill holes are reported in the table below:
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Thickness - Gold - g/t
Hole # From To TD m (ft) (oz/ton) Remarks
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CAH-305 0.0 6.1 286.5 6.1 (20) 0.55 (0.016) RC Pre-Collar
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24.4 88.4 64.0 (210) 0.65 (0.019)
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CAH-305 549.2 Diamond Drill
Core
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286.5 443.5 157.0 (515) Anomalous Low-level Gold
and Silver
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CAH-311 24.4 152.4 256.0 128.0 (420) 0.79 (0.023) RC Pre-Collar
----------------------------------------------------------------------------
Including 128.0 131.1 3.1 (10) 12.76 (0.373)
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198.1 205.7 7.6 (25) 0.55 (0.016)
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251.4 256.0 4.6 (15) 0.62 (0.018)
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CAH-311 551.1 Diamond Drill
Core
----------------------------------------------------------------------------
256.0 346.0 90.0 (295) Anomalous Low-level Gold +
Silver(i)
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CAH-316 71.6 74.7 182.9 3.1 (10) 0.82 (0.024) RC Northeast
Exploration
----------------------------------------------------------------------------
CAH-317 15.2 16.7 213.4 1.5 (5) 0.62 (0.018) RC Northeast
Exploration
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(i) CAH-311 intersected 0.9m @ 119.0 g/t silver from 258.8 to 259.7m and
0.9m @ 113.2 g/t silver from 281.0 to 281.9 (3.5 oz/t @ 849 - 852' and 3.3
oz/t @ 922 - 925').
The new technical information obtained from this recent drill program is
invaluable with respect to understanding the geology of the higher grade
gold-silver veins; and therefore, extremely important for planning our next
drill program and satisfying Teras' primary objective of increasing the grade of
the precious metal resource. Detailed geology that has recently been assimilated
from core logging indicates that the higher grade veins are dominantly
sub-vertical while the extensive disseminated gold/silver mineralization is
basically a tabular sub-horizontal, flat lying body.
The specific geometry of the high grade veins was not well understood in the
past because the existing geologic model was interpreted based upon reverse
circulation drill chip logs obtained from a majority of vertical drill holes.
The new deep core holes clearly illustrate the sub-vertical nature of the veins
suggesting that drilling angled core holes across known gold and silver veins
may represent the key to delineating continuous zones of high grade precious
metal mineralization and feeder veins. The results from the four deep core and
eleven northeast exploration holes will play an integral part in our upcoming
plan to further develop Cahuilla. This comprehensive plan is currently being
formulated and details will be reported in a press release early next year.
Dr. William Bagby, technical advisor for Teras, remarked, "The discovery of this
new geologic information regarding the orientation of the higher grade
gold-silver veins is very significant; and therefore, essential for the planning
and execution of future drill programs. I look forward to working diligently
with Teras' technical team to continue improving our understanding of the
detailed geology of Cahuilla and to satisfy our primary objective of increasing
our gold-silver grades and size of the precious metal resource."
Core and reverse circulation samples have been delivered to Inspectorate
America, Reno, Nevada and cutting of the core with a rock saw is complete. Chip
samples from the reverse circulation drilling were collected by Mr. Paul Stubbe,
Project Geologist and Manager, split on site, placed in sample bags and stored
in a secure facility before delivery to Reno, Nevada. Separate splits of each
reverse circulation sample are also collected at the drill, which are retained
for future analyses. Core samples from the diamond drill are collected on site,
placed in boxes, photographed, split in half by a rock saw and one half is
assayed by the laboratory. Sample blanks and certified standards are inserted
into the sample stream at random intervals for quality control purposes.
Dale A Vitone, P. Eng., registered with the Association of Professional
Engineers of Ontario, Alberta and North West Territories and a Director for
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.
About Teras
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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy of accuracy of this news release.
This press release may contain "forward-looking information" within the meaning
of applicable Canadian securities legislation. All statements, other than
statements of historical fact, included herein may be forward-looking
information. Generally, forward-looking information may be identified by the use
of forward-looking terminology such as "plans", " expects" or "does not expect",
"proposed", "is expected", "budgets", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes", or variations
of such words and phrases, or by the use of words or phrases which state that
certain actions, events or results may, could, would, or might occur or be
achieved. In particular, this press release contains forward-looking information
regarding the reverse circulation drill program. This forward-looking
information reflects the Company's current beliefs and is based on information
currently available to the Company and on assumptions the Company believes are
reasonable. These assumptions include, but are not limited to, the actual
results of exploration projects being equivalent to or better than estimated
results in technical reports or prior exploration results and future costs and
expenses being based on historical costs and expenses, adjusted for inflation.
Forward-looking information is subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of activity,
performance or achievements of the Company to be materially different from those
expressed or implied by such forward-looking information. Such risks and other
factors may include, but are not limited to: the early stage development of the
Company and its projects; general business, economic, competitive, political and
social uncertainties; commodity prices; the actual results of current
exploration and development or operational activities; competition; changes in
project parameters as plans continue to be refined; accidents and other risks
inherent in the mining industry; lack of insurance; delay or failure to receive
board or regulatory approvals; changes in legislation, including environmental
legislation, affecting the Company; timing and availability of external
financing on acceptable terms; conclusions of economic evaluations; and lack of
qualified, skilled labour or loss of key individuals. Although the Company has
attempted to identify important factors that could cause actual results to
differ materially from those contained in forward-looking information, there may
be other factors that cause results not to be as anticipated, estimated or
intended. Accordingly, readers should not place undue reliance on
forward-looking information. The Company does not undertake to update any
forward-looking information, except in accordance with applicable securities
laws.
FOR FURTHER INFORMATION PLEASE CONTACT:
Teras Resources Inc.
Peter Leger
President
(403) 262-8411 or (403) 852-0644
pleger@teras.ca
www.teras.ca
Teras Resources (TSXV:TRA)
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