TerraX on the verge of a very significant gold discovery in the Northwest Territories
Gold always seems to shine among the chaos, and with the trade wars continuing its hard not to mention gold. When it comes to history, gold has probably been the most secure of all investments since it was first used as a currency. With both China and Russia buying up gold bullion there could be a new gold rush on its way, especially if the US-China trade war continues to worsen.
TerraX Minerals Inc. (TSXV: TXR) is a junior gold exploration company focused on creating shareholder value through discovery. TerraX has assembled a highly prospective district-scale land position on the doorstep of the city of Yellowknife in the Northwest Territories of Canada.
The Canadian Shield region has a rich history of gold mining (Yellowknife location map)
TerraX’s Yellowknife City Gold (YCG) Project
The Yellowknife City Gold Project encompasses 783 km2 of contiguous land immediately north, south and east of the city of Yellowknife. The project covers 67 km of strike length on the southern and northern extensions of the shear system that hosts the high-grade Con and Giant gold mines.
TerraX has three main tenement regions – Northbelt, Eastbelt, and Southbelt. The Yellowknife City Gold Project lies next to the Con Mine that has produced 8.1M oz Au @ 16g/t Au, and the Giant Mine that has produced 6.1 M oz @ 16 g/t Au average grade over 60 years. These are big numbers and very good grades.
TerraX tenements lie near two very successful gold mines
TerraX key drill results summary
High-grade drill results serve to indicate the project’s potential as a world-class gold district with high grades and bulk tonnage potential.
TerraX corporate update and next steps
TerraX has recently (May 8, 2019) provided a corporate update and further information about its proposed 2019 exploration plans on its Yellowknife City Gold (YCG) Project. A comprehensive review of 4 top priority targets was identified in early 2019. The review included the use of historical data and 2019 assays of the historical core. This has led to a focus on the deposit expansion at Crestaurum and Sam Otto, as well as the advancement within the Barney Deformation that is targeting the North Giant Extension. TerraX also confirmed the extension of gold mineralization on structures that hosted the Giant Mine onto TerraX’s property, which is great news. The Company will conduct surface work including the review of historical core data as well as geophysical and geochemical surveys for future drill targeting.
David Suda, President, and CEO stated: “The company has gone through significant changes and achieved several key milestones. This work has brought us to a major inflection point in the company’s history and has put TerraX on the verge of what could be a very significant discovery.”
The City of Yellowknife has a rich gold mining history and TerraX has been able to cost-effectively generate new high-grade gold discoveries that have been helped along the way will excellent infrastructure and year-round exploration. The close proximity to the City of Yellowknife has also enhanced the discovery as TerraX views to re-establish Yellowknife as one of Canada’s premier gold mining districts.
In times of global turbulence, gold will always benefit. Gold’s price is largely influenced by the value of the U.S. dollar and U.S. policy. If the U.S. dollar is losing value then expect gold prices to go up. The other uncertainty is China’s stealth accumulation of gold bullion giving speculation to a gold backed Yuan currency and adding even more chaos to the mix. This is a gold story worth watching as things play out, TerraX’s new premier gold mining district and the City of Yellowknife could be big future winners.
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>