Business
TerraX Announces First Mineral Resource Estimate for Yellowknife City Gold Project: 735,000 Inferred Ounces
VANCOUVER, B.C. / ACCESSWIRE / November 4, 2019 / TerraX Minerals Inc . (TSX-V:TXR)(Frankf...
About this update from Gold Terra Resource Corp.
[{"type":"text","content":"TerraX Announces First Mineral Resource Estimate for Yellowknife City Gold Project: 735,000 Inferred OuncesVANCOUVER, B.C. / ACCESSWIRE / November 4, 2019 / TerraX Minerals Inc. (TSX-V:TXR)(Frankfurt:TX0)(OTC Pink:TRXXF) is pleased to announce a first mineral resource estimate on its 100% owned Yellowknife City Gold Project, located 12 kilometers from the city of Yellowknife and 7 kilometers from the former Giant Mine. The classification of the mineral resource estimate was completed in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (\"CIM\") Definition Standards incorporated by reference in National Instrument 43-101 (\"NI 43-101\").The Inferred resource estimate of 735,000 ounces consists of:A pit constrained Inferred resource of 11.6 million tonnes averaging 1.4 g/t for 523,000 ounces of contained gold An underground Inferred resource of 1.2 million tonnes averaging 5.7 g/t for 212,000 ounces of contained goldGerald Panneton, Executive Chairman of TerraX stated: \"This first mineral resource for the Yellowknife City Gold Project is a major milestone in the project development. To date, drilling has barely scratched the surface of the property and already we are having exploration success at Sam Otto and Crestaurum, and elsewhere. We are planning a drilling campaign for Q1 2020 on these two main mineralized zones, where we believe the potential to increase the resources is excellent.\"Estimation MethodsThe mineral resource estimate includes four gold deposits: Sam Otto, Crestaurum, Barney and Mispickel, which are all within a 3 kilometer radius. It incorporates the results from 463 drill holes totaling 90,751 meters, from which 201 drill holes totaling 42,447 meters were completed by TerraX from 2014 to 2019. In general, the drilling is variably spaced reflecting different mineralization styles and ranges from 25 to 100 meters apart.The mineral resource estimate was prepared by Dr. Allan Armitage, P.Geo., from SGS Geological Services (\"SGS\"). SGS used Geovia Gems software to construct mineralized wireframes for each zone and then interpolated tonnage and grade into block models constrained by the mineralized wireframes and used inverse distance squared (ID2) interpolation. Block sizes were 5 meters X 2 meters X 2 meters for Crestaurum and 5 meters X 2 meters X 2 meters for Barney to generate under...