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TICKERS: TXR

Gold Explorer Reaches Maiden Resource Estimate Milestone
News Update

Source:

Further drilling is planned to increase the project's now existing resource.

TerraX Minerals Inc. (TXR:TSX.V) announced in a news release that an initial mineral resource estimate was prepared for its Yellowknife City gold project in the Northwest Territories.

The Inferred resource is an estimated 735,000 ounces (735 Koz) and composed of two parts. One is a pit-constrained Inferred resource of 11.6 million tons (11.6 Mt) averaging 1.4 grams per ton (1.4 g/t) for 523 Koz of contained gold. The second is an underground Inferred resource of 1.2 Mt averaging 5.7 g/t for 212 Koz of contained gold.

The resource estimate includes four gold deposits all situated within a 3 kilometer radius: Sam Otto, Crestaurum, Barney and Mispickel.

Sam Otto is the largest of the four, containing a pit-constrained Inferred mineral resource of 426 Koz gold, or 10.794 Mt gold averaging 1.23 g/t, to a maximum depth of 200 meters (200m).

The current resource of Crestaurum, located to the southwest of Sam Otto, is an estimated pit-constrained Inferred mineral resource of 38 Koz gold, or 127,000 tons (127 Kt) gold averaging 9.41 g/t to a depth of 45m and an estimated underground Inferred mineral resource of 153 Koz gold, or 723 Kt gold averaging 6.56 g/t.

TerraX plans in Q1/20 to drill these two deposits "where we believe the potential to increase the resources is excellent," Executive Chairman Gerald Panneton said in the release.

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