Business
TerraX Acquires Ptarmigan Mine Property on Eastbelt, Yellowknife City Gold
Vancouver, British Columbia--(Newsfile Corp. - January 12, 2018) - TerraX Minerals Inc. (TSX...
About this update from Gold Terra Resource Corp.
[{"type":"text","content":"TerraX Acquires Ptarmigan Mine Property on Eastbelt, Yellowknife City GoldVancouver, British Columbia--(Newsfile Corp. - January 12, 2018) - TerraX Minerals Inc. (TSXV: TXR) (OTC Pink: TRXXF) (FSE: TX0) is pleased to report that it has entered into an agreement to acquire the Ptarmigan Mine property, located within its Eastbelt property, Yellowknife City Gold Project (see map here). The Ptarmigan Mine (\"Ptarmigan\") was a gold producer in the Yellowknife gold district from 1941-42, in 1983 and from 1985-1997. The main Ptarmigan vein was accessed by a shaft extending to 275 meters depth and mined over 400 meters of strike length. Production from Ptarmigan totaled 364,874 tonnes producing 112,213 ounces of gold (average 9.56 g/t Au recovered). The gold is free milling with recoveries in the 1940's reported at 97-98%. Gold recovery in the 1985-97 period consisted of gravity and flotation concentration with reported recovery of 94%. When the mine closed in 1997 the vein was still open along strike to the west on claims now owned by TerraX, and open down dip below the mine workings. (Source: The Operation History of Mines in the Northwest Territories, R. Silke, 2009; and Treminco Resources Limited, Annual Report 1990).Joe Campbell, CEO of TerraX states, \"The acquisition of the Ptarmigan mine property gives TerraX nearly 1 kilometer of strike coverage along the Ptarmigan vein trend. This provides an opportunity not only to extend the mineralization below and along strike of the main vein at the mine, but also offers opportunity to explore parallel vein systems discovered south of the main vein and reported in historical documents and identified as potential production areas. With paved road access from Yellowknife, and high-tension powerlines connected to the former mine site, Ptarmigan, with exploration success, could easily be brought back to life.\"The Ptarmigan property consists of a mineral lease and a mineral claim totalling 47 hectares. TerraX has no liability for any remediation of the previous mine site. The option agreement is for a 100% interest in the property with the following terms:A total of $5,000 in cash payments, payable on TSX-V approval of the option agreement; andA total of 40,000 TerraX shares issued on approval of the option agreement.The technical information contained in this news release has been approved ...