A pivotal moment in TerraX’s advancement towards a potentially significant gold discovery
The talk right now within the gold sector is an expected rally of 22% in 2019, pushing the gold price per ounce to around $1,500. The next cycle could hit $1,900 by next year making gold buyers and gold miners excited. The globe has many historical gold mine sites and districts that it seems to be a worldwide trend to revisit theses mines.
TerraX Minerals Inc. (TSXV: TXR) is a junior gold exploration company focused on creating shareholder value through discovery. The Company has assembled a highly prospective district scale land position on the doorstep of the city of Yellowknife in the Northwest Territories. TerraX has been able to cost-effectively generate multiple new high-grade gold discoveries with a view to re-establishing Yellowknife as one of the premier gold mining districts in Canada.
The Yellowknife City Gold Project
The Company is focused on the Yellowknife City Gold Project, which encompasses 783 sq. km of contiguous land covering 70 km of strike length immediately north, south and east of the city of Yellowknife.
TerraX has three main tenement regions:
The Yellowknife City gold project lies next to Con and Giant Mines that together produced 14.2 M oz @ 16 g/t Au average grade over 60 years. High grade gold districts are rare, so owning such large tenements near a proven gold district gives TerraX plenty of potential should they have drilling success.
TerraX tenements at Yellowknife
Recent drill results serve to indicate the project’s potential as a world-class gold district which can easily be accessed from Yellowknife only 10 km away. Individual assay values from the margins of the historical sampling included 5.06 g/t Au, 2.74 g/t Au, 1.65 g/t Au, 0.99 g/t Au, and 0.96 g/t Au. The results reported here represent only 200 meters of strike along the 4 kilometer mineralized deformation zone.
Long section view and drill results of TerraX’s Northbelt
Latest news for TerraX
Effective until January 2024 and extendable to 2026, the Company has been issued a new land use permit enabling their exploration plan on all the land holdings of its Yellowknife City Gold (YCG) property. The new permit covers all of TerraX’s claims and leases, providing complete flexibility in planning and carrying out long term exploration plans.
President and CEO David Suda stated: “This new land use permit is much better than the two previous permits that TerraX has worked under as it allows the company to drill anywhere on its 783 square km property. We are also looking forward to results from the historical core assays from 5 holes ahead of our refined 2019 drill targeting which we will complete and announce in the coming weeks.”
TerraX has also confirmed that gold structures that hosted one of Canada’s highest grade past producing mines (The Giant Mine) extend onto TerraX’s target zone. The Company will continue to be opportunistic in selecting samples of the remaining core for analysis to further the advancement of targets and deliver results in the future.
CEO David Suda stated: “Results from historical core assays have led to a pivotal moment in TerraX’s advancement toward a potentially significant gold discovery. Assay results indicate that gold structures mined by Giant just south of TerraX property continue north for 4 km on our BDC target. The results underpin data which drove the BDC as a top target and provide significant technical insight for future drill targeting along the trend.”
Focusing on a historical mine district in Yellowknife may have paid off for TerraX Minerals. If the Company continues getting good test results there could be a potentially significant gold discovery. As an investor TerraX is worth keeping an eye on, not only because they are chasing historical gold in a proven gold region; but the prediction is out there for gold to reach $1,900 by next year.
Matthew Bohlsen is a Senior Editor for InvestorIntel.com. With a Graduate Diploma in Applied Finance and Investment, and a Graduate Diploma in Financial Planning. He ... <Read more about Matthew Bohlsen>