TerraX has been moving full speed ahead exploring its large land package at the Yellowknife City Gold project, an area with historic high-grade mines, that experts predict could become a district-scale project.
In the last few weeks TerraX Minerals Inc. (TXR:TSX.V) commenced a 17,000-meter winter drill program at Yellowknife City Gold project, nearly tripled the size of its land position, received a land-use permit for Southbelt and released assay results for the final 23 holes from its 2016 drill program.
Addressing the effective tripling of TerraX’s land package by staking an additional 253 sq km in three areas contiguous to its properties, TerraX CEO Joseph Campbell stated, “Since the beginning of the Yellowknife City Gold project we have pursued a goal of assembling and controlling a major Canadian gold district. The acquisition of this highly prospective new ground completes that goal and provides TerraX shareholders with additional opportunities for high grade gold discoveries.”
TerraX’s potential has not gone unnoticed. On Feb. 1, Beacon Securities named TerraX as one of its five “Spec Buys” for 2017, small-cap mining stocks that the firm believes have “discovery, development and/or takeout potential.” Analysts Michael Curran and Michael Bandrowski noted that the list highlights “our favourite micro/small-cap mining stocks which we believe can deliver newsflow this year that can lead to a material re-rating of shares.”
TerraX, the Beacon analysts noted, “controls a large land position on the Yellowknife gold belt, to the north and south of the city of Yellowknife, NWT, which has hosted two high-grade, +5MMoz gold mines (Giant and Con).” They added that “management has indicated the company will deliver mineral resource estimates at Crestaurum, Mispickel, Hebert-Brent, Barney, and Sam Otto zones before year end 2017. In addition, metallurgical test-work will be completed on several of the mineralized zones.”
Jay Taylor, in Gold, Energy & Tech Stocks, described TerraX as a “junior gold mining company that has a world-class exploration project and also enjoys the technical assistance of Osisko Gold Royalties, which owns 11% of the company.” Its land package is “on trend with two of the highest-grade gold mines ever produced in Canada, those being the Con Mine with 6.1 million ounces grading 16.1 g/t gold and the Giant Mine where 8.1 million ounces of gold were produced grading 16.0 g/t gold. Of six high-grade Archean gold districts in Canada, where some 251 million ounces of gold have been mined over the years, the Yellowknife District is the most northerly and least explored of these six districts.”
Taylor also points out that the project is well located for infrastructure: “North though this company’s exploration target is, it’s hard to find such an untapped exploration project with better infrastructure because of its proximity to Yellowknife. From the city, there is year-round road access to the property. There is daily jet service out of the Yellowknife airport that is only 8 km by road from the city. Yellowknife is a city of good size with skilled miners, and with the Blue Fish Hydro Dam on the property, it has an abundance of low-cost power.”
Gwen Preston wrote in Resource Maven that “TerraX is turning over every stone to find the next major gold deposit in the Yellowknife areaand its huge property, covering most of a prolific greenstone belt, hosts numerous targets to test. The potential at this project allowed the TerraX team to raise money even in the bear market, which meant it hit the bull market running.”
Preston also noted that “TerraX has its hands full trying to advance all of the targets at the Yellowknife City project but geologist Joe Campbell is the right man for the job. Campbell discovered Meliadine, a major Canadian gold deposit that is now one of Agnico Eagle’s key mines. Campbell is being methodical at the Yellowknife projectall the drilling is oriented core so they can extract as much information as possible from each hole and [an] immense amount of data analysis is going on behind the scenes to piece this complicated and prospective puzzle together.”
Announcing the 17,000-meter winter drill program at Yellowknife City Gold, CEO Joseph Campbell stated, “Our 2017 winter drill programs will focus on four of our high priority gold targets with a goal of significant new discoveries and the expansion of known zones of gold mineralization. The next six months will be exciting for shareholders as there should be a steady flow of exploration drilling news that will highlight the growing potential of this exciting district.”
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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, shares 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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( Companies Mentioned: TXR:TSX.V,
from The Gold Report – Streetwise Exclusive Articles Full Text https://www.streetwisereports.com/pub/na/17291