TSX-V: TXR
Frankfurt: TX0
VANCOUVER, Jan. 2, 2013 /PRNewswire/ - TerraX Minerals Inc.
(TSX.V: TXR; Frankfurt: TX0) has been advised that it has
won a competitive bid to acquire the Northbelt claims in the
Yellowknife area of the
Northwest Territories, Canada. The
property consists of 121 leases totalling 8,802 acres (3,562
hectares) which cover approximately 13 km of strike along the
prolific Yellowknife Belt, 15 km north of the city of Yellowknife. The property abuts the
Giant Mine property (historical production of 7.6M oz Au, source:
Guide to Mineral Deposits, Northwest territories, 2007), and
is directly north of the mine along the known mineralized trend.
Many of the geological characteristics of the property are reported
to be similar to the Con Mine (historical production of 5.5M oz Au,
source: Guide to Mineral Deposits, Northwest territories,
2007), which is the second largest gold producer on the
belt. It contains several known occurrences, including the
Crestaurum deposit, which has an historic resource of 290,000
tonnes of 7.52 g/t Au (source: Treminco Annual Report,
1990). TerraX believes the historic resource is relevant
but investors are cautioned that the estimate was prepared before
the introduction of National Instrument 43-101 Standards of
Disclosure for Mineral Projects. A Qualified Person has not
completed sufficient exploration work nor conducted an examination
of past work to define a resource that is currently compliant with
NI 43-101.
The property was offered for sale by
Samson Belair/Deloitte & Touche
Inc., acting as receiver of the assets of Century Mining
Corporation, which had acquired the ground in 2005 and was
subsequently put into receivership on May
29, 2012 by its secured lender. The financial difficulties
of Century Mining Corporation were mostly due to production losses
at its Sigma-Lamaque property in Quebec,
Canada. 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.
Joe Campbell,
President of TerraX states, "TerraX has been looking for an
opportunity to acquire a property with historical resources in a
major mining camp. 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. Following a positive due diligence study, I believe
acquisition of this property will be a turning point for TerraX's
future."
The technical information contained in this news
release has been approved by Joseph
Campbell, the President of TerraX, who is a Qualified Person
as defined in "National Instrument 43-101, Standards of Disclosure
for Mineral Projects."
TerraX Minerals Inc. is also one of the
major landholders of prospective ground in the burgeoning Marmion
Batholith gold district near Atikokan,
Ontario, host to Osisko Mining Corporation's (TSX: OSK)
Hammond Reef gold deposit which contains a NI 43-101-compliant
global inferred resource of 530.6 million tonnes at 0.62 grams per
tonne Au (10.52 million ounces gold). The Osisko Technical Report
on this project is available on SEDAR. TerraX is actively exploring
three wholly-owned gold exploration projects, the
Sunbeam-Pettigrew, Central Canada
and Blackfly properties, all of which are located within 20 km of
the town of Atikokan, 180 km west
of Thunder Bay, and are within 19
km of the Hammond Reef gold deposit. In addition TerraX holds the
Stewart property in Newfoundland which contains targets for Au-Cu
porphyry (111m of 0.13 g/t Au and 0.05% Cu at Stewart showing) and epithermal Au
mineralization (up to 59 g/t Au and 2290 g/t Ag at Forty
Creek).
On behalf of the Board of Directors
"JOSEPH CAMPBELL"
Joseph Campbell, P.Geo
President
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 or accuracy of this release.
This news release contains forward-looking
information, which involves known and unknown risks, uncertainties
and other factors that may cause actual events to differ materially
from current expectation. Important factors - including the
availability of funds, the results of financing efforts, the
completion of due diligence and the results of exploration
activities - that could cause actual results to differ materially
from the Company's expectations are disclosed in the Company's
documents filed from time to time on SEDAR (see www.sedar.com).
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. The company disclaims any intention or obligation,
except to the extent required by law, to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
SOURCE TerraX Minerals Inc.