TerraX Minerals – Gold Exploration in Northwestern Ontario
Overview:
TerraX Minerals Inc. is one of the major landholders of prospective ground in the burgeoning Marmion Batholith gold district near Atikokan, Ontario, host to Brett Resources Hammond Reef gold deposit which contains a National Instrument 43-101-compliant inferred resource of 259.4 million tonnes at 0.8 grams per tonne Au (approximately 6.7 million ounces of gold). The Brett Resources Technical Report is available on SEDAR. TerraX is actively exploring three wholly-owned gold exploration projects, the Sunbeam-Pettigrew, Blackfly and Central Canada 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.
What We Like about TerraX:
- Low capitalization – only 17.5 million shares issued.
- Strong portfolio of gold projects in Ontario with excellent infrastructure and local support.
- High grade sampling during 2009 – assays to 167 g/t Au (Blackfly).
- Strike lengths up to 9 kilometers (Sunbeam-Pettigrew).
Chief Properties:
Sunbeam – Pettigrew Property
Located about 180 west of Thunder Bay, Ontario, the 100% owned Sunbeam-Pettigrew property consists of 35 mining claims, totally approximately 66 square km. The property is situated near the Brett Resources’ (TSX-V: BBR) Hammond Reef property, which contains a National Instrument 43-101 compliant resource of 155 million tonnes grading 1.04 grams per tonne gold (approximately 5.2 million ounces gold; Brett news release dated July 23, 2009). The majority of the previous work on the property was done around 1900. Since then work has been highly intermittent and no work has been completed since 1990.
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The Company completed core drilling at the property in June 2010, where mineralization was identified over a strike length of over nine kilometers during the 2009 field program. Grab samples from the same 2009 program returned assays up to 16.2 gram per tonne (g/t) gold. 661 meters of drilling were completed at Pettigrew Northeast, which focused on a 1,100m long by 100-200m wide northeast striking an Induced Polarization (IP) anomaly. Grab samples from this area returned up to 10.2 g/t gold during the 2009 program. All logging and sampling from this first phase drill program have been completed and TerraX is awaiting assay results. The next phase of drilling is scheduled for fall 2010.
Blackfly Gold Property
The Blackfly gold property is located in the same northwest Ontario region as the Sunbeam-Pettigrew property. The property is about 10km², and consists of 5 claims. The geology and known mineralization on the Blackfly property are similar to the previously mentioned Hammond Reef deposit and the Blackfly deposit appears to be along strike from Hammond Reef.
TerraX recently received the assay results from the first phase drill program at the Blackfly property. TerraX believes the first phase of drilling has revealed significant zones of gold mineralization, which are incompletely understood. Four holes totaling 670 metres were drilled at the Blackfly Target. Each drill hole encountered extensive silicification with associated pyrite, an important feature in this gold camp, as well as abundant quartz-ankerite veining. An initial drill test of the Blackfly Northeast Target comprised two drill holes totaling 293 metres, targeted solely on IP anomalies. These holes also encountered extensive silicification and pyrite development. The next phase of drilling is scheduled for fall 2010.
Central Canada Property
The 100% percent owned Central Canada property was acquired by TerraX in2009. Located 3km south of the Sunbeam-Pettigrew property, the property is about 3.8km². In February 2010, TerraX conducted an Induced Polarization and magnetic survey on the main mineralized zone at Central Canada, which returned grab samples up to 22.9 g/t Au in 2009. The results of the IP, including maps, will be released after all data has been processed. Once assay results from sampling are returned, TerraX plans to carry out channel sampling on some better exposed areas. The next phase of drilling is scheduled for fall 2010.
Management:
Joseph Campbell, P. Geo – President
– 30 years of experience in the exploration and mining business
- defined a 250 MM tonne Nickel laterite deposit in Cuba
- Project Manager for discovery of a 5 Moz gold resource in Nunavut
Dr. Thomas Setterfield, P. Geo – VP Exploration and Director
- 30 years of international experience in exploration and mining
- consultant to QGX Ltd. for Golden Hills VMS deposit in Mongolia
- VP Expl. for Monster Copper from 2002 to takeover by Mega Uranium in 2007.
Stuart Rogers – Chief Financial Officer and Director
- 23 years of experience in the financial markets in Canada and U.S.
- President of MAX Resource Corp. (TSX.V-MXR)
Paul Reynolds, P. Geo. – Director
- founder and CEO of Athlone Energy Ltd. from 1994 until sale to Daylight
Resources Trust in 2008.
- President of Central Resource Corp. (TSX.V-CBC)
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