TerraX Minerals Inc. (TXR:TSX.V) released assay results from the Yellowknife City Gold project in Canada's Northwest Territories on July 18. Surface sampling from the Angel and Duck Lake zones revealed some high-grade results, including 67.5 g/t gold and 4,910 g/t silver at Angel and 20.3 g/t gold at Duck Lake.
The CEO of TerraX, Joe Campbell, stated that "the discovery of high grade gold and silver during surface sampling on our newly acquired Eastbelt property is an excellent start to an extensive district scale exploration program now underway. The Angel and Duck Lake areas both have significant outcropping mineralization, which occurs in a strong east-west structural trend that is due east of the past producing high grade Con gold mine. In addition, the impressive silver results at Angel indicate an exciting new style of mineralization that has not been previously reported in the camp."
PearTree Securities' Vice President and Senior Mining Analyst Gary Baschuk visited the property and filed a report on July 21, noting, "TerraX owns a large land package consisting of 418 sq km covering the extensions of past multi-million-ounce gold producers in a mining friendly jurisdiction."
Baschuk referenced the recent assay results: "Numerous high-grade gold deposits and showings occur on the property and TerraX has discovered and delineated additional mineralization, most recently a 65.7 g/t gold grab sample from Angel, Eastbelt Property. We believe the extensive network of shears and related gold mineralization, currently only tested to relatively shallow depths, is highly conducive for additional discoveries."
The analyst also stated that TerraX is "taking a strategic and thorough approach to exploration by conducting detailed mapping and sampling to better understand controls on mineralization followed by geophysics and finally drilling to test the concepts. Mispickel, a recent discovery, is showing excellent promise with high-grade gold intercepts with expansion potential in all directions. In addition to high-grade zones, large, shallow, potentially bulk mineable mineralization has been discovered and partially delineated, e.g., Sam Otto on the Northbelt."
Baschuk noted TerraX's project location is "on-strike to multi-million ounce, high-grade (avg 16 g/t) past producing Con (6.1 mln oz) and Giant Yellowknife (8.1 mln oz) mines."
TerraX stated that results are pending for an additional 2,000 samples.
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1) Patrice Fusillo compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. She owns, or members of her immediate household or family own, securities of the following companies mentioned in this article: None. She is, or members of her immediate household or family are, paid by the following companies mentioned in this article: None.
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Disclosures from PearTree Securities, TerraX Minerals Inc., July 21, 2017
Any opinions or analysis herein reflect the views of the Analyst as at the date appearing above, and are subject to change without notice. The Analyst writing the report is not a person or company with actual, implied or apparent authority to act on behalf of any issuer mentioned in this report.
PearTree may, in exchange for remuneration, participate in the financing of companies mentioned in this report. PearTree analysts are salaried employees who may receive a performance bonus that may be derived, in part, from corporate finance income. PearTree and members of their families may hold positions in the companies mentioned in this report and may buy and/or sell these stocks on the market or otherwise.
Analyst Certification: I, Gary Baschuk, hereby certify that the views expressed in this report accurately reflect my personal views about the subject and the issuer.
Important disclosures: PearTree has visited projects of the issuer and a portion of the expenses for this travel may have been reimbursed by the issuer.
The research analyst is not aware of any other material conflict at the time of publication.