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TerraX acquires Northbelt Gold Mining Leases in Yellowknife, NWT

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TerraX acquires Northbelt Gold Mining Leases in Yellowknife, NWT

Historic Drill Results include 24.60 g/t Au over 4.63 m and 4.61 g/t Au over 19.71 m.

 

TerraX Minerals Inc. (TSX.V: TXR; Frankfurt: TX0) has completed the purchase of the Northbelt leases (the “Property”) in the Yellowknife area of the Northwest Territories, Canada. As previously announced on January, 2 2013 TerraX is purchasing an unencumbered 100% ownership of the Property with no private royalties or option payments, no assessment requirements and with low annual maintenance fees ($2/acre/year).  Review of historic information from the Giant Mine archives and filed at the NWT Geoscience Office determined that numerous historical high grade gold intersections are situated on the Property, including 24.60 g/t Au over 4.63 metres at the Crestaurum deposit and 4.61 g/t Au over 19.71 metres on a sub-parallel shear (20 Shear).

 

 

 

 

The Property consists of 121 leases totalling 8802 acres (3562 hectares) which cover approximately 13 km of strike along the prolific Yellowknife Belt, 15 km north of the city of Yellowknife.  The southern part of the Property is accessible by road and the remainder is accessible by all terrain vehicles.  Northbelt is situated on the northern strike continuation of the Yellowknife gold camp, immediately west of the major break controlling gold mineralization within the camp.  The Property is host to multiple shears that are the recognized hosts for gold deposits in the Yellowknife camp, including the past producing 7.6 Moz Giant and the 5.5 Moz Con mines, and it contains innumerable gold showings.  Known mineralization on the Property contains free milling gold.  Maps of the Property and its location are available at www.terraxminerals.com.

 

Posted February 13, 2013

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