TerraX drills 1.90 m @ 13.96 g/t Au and 2.08 m @ 10 .90 g/t Au at the Dave’s Pond Zone, strike of zone now increased to 400 meters
May 2, 2017 TSX-V: TXR
Frankfurt: TX0
OTC Pink: TRXXF
News Release
TerraX drills 1.90 m @ 13.96 g/t Au and 2.08 m @ 10 .90 g/t Au at the Dave’s Pond Zone, strike of zone
now increased to 400 meters
Vancouver, B.C. – TerraX Minerals Inc. (TSX-V: TXR; Frankfurt: TX0; OTC Pink: TRXXF) is pleased to
announce assay results from the first 22 holes from the 2017 winter drill program just completed at the Yellowknife
City Gold Project (“YCG") in the Northwest Territor ies. A total of 43 holes comprising 14,689 metres were drilled
on multiple targets on both the Northbelt and South belt project areas, with assay results pending from the
remaining 21 holes, of which 15 holes were drilled at Northbelt (Sam Otto, Banting Lake and Jackson La ke) and
six holes were drilled at Southbelt to test the high-grade Con Shear and New Vein targets
Of the 22 holes reported today, six holes (1,774 meters) were drilled at Dave’s Pond covering 400 meters of strike
to the south and north of TSO16-005, the discovery hole drilled in 2016 (2.40 m @ 9.89 g/t Au – news r elease
January 11, 2017). The remaining 16 holes were dri lled on areas to the east, north and south of Mispi ckel in
locations that are covered by the waters of Walsh Lake and require winter drilling.
Joseph Campbell, the CEO of TerraX, stated “The high grade multi-gram gold intersections confirm the continuity
of the Dave’s Pond structure along strike. This supports our belief that this area hosts classic high grade lode gold
targets common to Archean gold systems in Canada. The consistency of the mineralization along strike and at
depth leaves this area open for expansion when dril ling at Dave’s Pond resumes in July 2017. Dave’s P ond will
provide a high grade addition to the adjacent bulk tonnage Sam Otto Main Zone target, which is sub-par allel and
300 meters to the west of Dave’s Pond.”
SAM OTTO – Dave’s Pond
The drilling on the Dave’s Pond Zone (8 holes total ing approximately 2,300 meters, of which are six ho les are
reported here and two holes are awaiting assay results) was designed to test 400 meters of strike south and north
of hole TSO16-005, which intersected 11.50 m @ 2.42 g/t Au, including 2.40 m @ 9.89 g/t Au, in 2016. Highlights
include:
• 8.80 m @ 2.33 g/t Au including 1.99 m @ 9.19 g/t Au in hole TSO17-015
• 3.32 m @ 6.96 g/t Au including 2.08 m @ 10.90 g/t Au in hole TSO17-016
• 2.00 m @ 4.82 g/t Au in hole TSO17-017
• 2.90 m @ 2.70 g/t Au i n hole TSO17-018
• 1.90 m @ 13.96 g/t Au in hole TSO17-019
• 3.00 m @ 2.18 g/t Au in hole TSO17-020
A new zone of mineralization was intersected in the footwall of the Dave’s Pond. The zone has exciting potential
as it contains the same structural, alteration and mineralization signatures that characterized the hi gh grade gold
ore zones at the Con Mine. Three holes (TSO17-017, 019 and 020) intersected the zone with modest gold grades
(7.08 m @ 0.57 g/t Au in TSO17-017 and 11.75 m @ 0.31 g/t Au in TSO17-019) and the zone showed good strike
and dip continuity. TerraX will be carrying out follow up drilling in the summer of 2017 to locate higher grade gold
lodes.
All holes were drilled approximately normal to proj ected strike and dip of the zones of mineralization and are
interpreted to be 90-95% of true thickness. A map a nd cross sections showing the location of the drill holes
reported above from the Dave’s Pond target area can be accessed here .
Drill Hole Dip Azimuth
UTM Location
From (m) To (m)
Interval
(m) Au g/t Easting Northing
TSO17-015 -45 270 639565 6944985 39.95 41.95 2.00 1.16
and 120.50 129.30 8.80 2.33
incl. 126.31 128.30 1.99 9.19
and 144.50 145.50 1.00 1.59
TSO17-016 -45 270 639565 6944925 119.00 125.00 6.00 1.74
incl. 123.30 125.00 1.70 5.40
and 137.68 141.00 3.32 6.96
incl. 137.68 139.76 2.08 10.90
TSO17-017 -45 270 639565 6944850 4.00 5.00 1.00 2.21
168.00 178.30 10.30 1.40
incl. 174.00 176.00 2.00 4.82
and 238.07 238.67 0.60 2.23
and. 257.92 265.00 7.08 0.57
TSO17-018 -45 270 639495 6944854 70.00 72.32 2.32 0.90
and 96.00 97.00 1.00 3.02
and 103.00 105.90 2.90 2.70
TSO17-019 -45 270 639658 6945159 34.50 36.40 1.90 13.96
and 100.00 101.00 1.00 1.26
and 130.25 132.10 1.85 3.18
and 144.80 145.80 1.00 2.50
and 227.00 228.00 1.00 1.56
and 338.25 350.00 11.75 0.31
TSO17-020 -45 270 639577 6945151 52.90 55.90 3.00 2.18
and 136.50 137.20 0.70 2.49
and 255.00 259.50 4.50 0.28
WALSH LAKE – Reconnaissance Drilling
A total of 16 holes totaling 5432 meters were drilled near the area of Mispickel and Sam Otto in locat ions that are
covered by the waters of Walsh Lake. Four areas wer e targeted with 11 holes based on magnetic signatur es and
a limited amount of surface sampling from small isl ands in the lake. The goal of the drilling was to i dentify which
structures, based on shearing, alteration, and mine ralization, have the potential to host high grade g old similar to
the Mispickel discovery (8.00 meters at 60.60 g/t Au – news release June 6, 2016). In addition 5 holes were drilled
to form a stratigraphic fence across the geological formation hosting the Mispickel zone. These holes were drilled
500 meters south of Mispickel outside the area of known alteration and mineralization. A map showing the location
of all the Walsh Lake reconnaissance drill holes can be accessed here.
Two for the four areas drilled returned results that TerraX considers significant and requiring follow-up drilling. The
North Structure had two holes drilled totaling 614 meters located between 150 and 250 meters north of the
Mispickel zone. Both holes encountered wide zones of anomalous gold ( 111.10 m @ 0.15 g/t Au in hole TWL17-
037 ), as well as more discrete areas of visible sheari ng, mineralization and alteration ( 11.30 m @ 0.91 g/t Au in
hole TWL17-038 ). TerraX believes these two holes are indicating the potential for discovery of high grade shoots
on the mineralized shear zones. A new structure 4 00 meters west of Mispickel is interpreted to defle ct as it
crosses a major geological contact from the Walsh L ake sediments to the Banting Lake volcanics. Four h oles
tested 400 meters of strike on this zone and total 1,348 meters. Significant shear, alteration, and mineralization is
encountered on the contact, including a zone assaying 11.00 m @ 0.37 g/t Au . TerraX believes this area has the
potential for discovery of high grade shoots on the identified vein/shear zones.
All other holes intersected encountered broad zones (several 10s of meters) of anomalous gold (20-600 ppb Au)
and/or narrow zones of mineralization up to >1 g/t Au in individual samples. These areas are not curre ntly
considered high priority targets by Terrax.
For the 22 holes reported today TerraX collected 4,052 samples for assay from the drilling reported here. Results
ranged from below detection to 23.50 g/t Au. Drill hole collar locations were surveyed to sub-meter accuracy. Down
hole surveying (Reflex Gyro) was completed on all h oles. TerraX inserts certified standards and blanks into the
sample stream as a check on laboratory QC. Drill core samples are cut by diamond saw at TerraX's core facilities
in Yellowknife. A halved core sample is left in th e core box. The other half core is sampled and tran sported by
TerraX personnel in securely sealed bags to ALS Che mex's (ALS) preparation laboratory in Yellowknife. After
sample preparation, samples are shipped to ALS's Va ncouver facility for gold and ICP analysis. Gold as says of
>3 g/t are re-assayed on a 30 gm split by fire assa y with a gravimetric finish. ALS is a certified and accredited
laboratory service. ALS routinely inserts certified gold standards, blanks and pulp duplicates, and results of all QC
samples are reported.
The technical information contained in this news re lease has been approved by Joseph Campbell, the Chi ef
Executive Officer of TerraX, who is a Qualified Per son as defined in "National Instrument 43-101, Stan dards of
Disclosure for Mineral Projects."
About the Yellowknife City Gold Project
Yellowknife City Gold ("YCG") encompasses 418 sq km of contiguous land immediate ly north and south of the
City of Yellowknife in the Northwest Territories. T hrough a series of acquisitions, TerraX controls on e of the six
major high-grade gold camps in Canada. Being within 15 km of the City of Yellowknife, the YCG is close to vital
infrastructure, including transportation, service providers, hydro-electric power and skilled tradespe ople.
The YCG lies on the prolific Yellowknife greenstone belt, covering 45 km of strike length along the main mineralized
break in the Yellowknife gold district, including t he southern and northern extensions of the shear sy stem that
hosted the high-grade Con and Giant gold mines. The project area contains multiple shears that are the recognized
hosts for gold deposits in the Yellowknife gold district, with innumerable gold showings and recent high grade drill
results that serve to indicate the project's potential as a world-class gold district.
For more information on the YCG project, please visit our web site at www.terraxminerals.com .
On behalf of the Board of Directors
"JOSEPH CAMPBELL"
Joe Campbell
CEO
For more information, please contact:
Samuel Vella Paradox Public Relations Inc.
Manager of Corporate Communications Phone: 51 4-341-0408
Phone: 604-689-1749 Toll-Free: 1-866-460-040 8
Toll-Free: 1-855-737-2684 [email protected]
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and other factors that may cause actual events to d iffer materially from current expectation. Importan t factors -
including the availability of funds, the results of financing efforts, the completion of due diligence and the results
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