EXPLORATION & DEVELOPMENT

TerraX optimistic about Yellowknife potential

TerraX Minerals (CN:TXR) is optimistic about the potential for a large tonnage deposit following step-out drilling at the Sam Otto South zone at its Yellowknife City gold project in Canada’s Northwest Territories.

Staff reporter
Step-out drilling extends mineralised zone

Step-out drilling extends mineralised zone

It received assays from the first five holes of its winter drilling programme with two holes testing the Sam Otto South extension, confirming a 2.2km mineralised zone.

Among the highlights, a hole collared 1.5km south of the Sam Otto main zone included 27.16m at 2.16g/t gold and CEO Joseph Campbell said the "extremely long step-out" confirmed the company's exploration targeting, with the intersections reported exceeded the grades typically seen in the main zone.

"With several kilometres of strike length to explore, we are excited about the potential for a large tonnage deposit," he said.

The company has been busy expanding its holdings in the area, staking an additional 337.5km2 immediately north of the project earlier this month, and agreeing to acquire the historically mined Ptarmigan Mine property - within its Eastbelt property at Yellowknife - in January.

It had C$2.3 million (US$1.8 million) cash on hand at the end of October, which it said would be sufficient to fund its planned exploration during fiscal 2018, as well as its general and administrative expenses in the first half of fiscal 2019.

Shares in the company have ranged between C38-78c over the past year and fell about 6.5% yesterday to 43c, representing a drop of close to 19% year-to-date and putting its capitalisation at $46.3 million.

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