TerraX Minerals Inc. has released what it’s calling encouraging results from its summer exploration program as part of the Yellowknife City Gold Project.
In addition to high levels of gold, significant levels of silver, zinc, lead, copper and molybdenum were also found on the company’s property just north of the city.
The company says its surface program was based on 501 grab samples and 60 channel and chip samples. The results will help TerraX establish priority areas for its 2016 winter drilling program.
“From the point of view of things we’ve put out in the past there’s nothing earth-shattering here, it’s showing continued success,” said Joe Campbell, president and CEO of TerraX Minerals Inc.
“It seems that whenever we go out and do exploration, we are finding multiple zones of mineralization.
“From someone who’s familiar with the project it’s more of the same but it’s certainly showing that the project is robust.”
Despite the depressed industry trend right now, Campbell says TerraX is fully funded to carry out planned exploration work in 2016.
“That’s certainly bucking the trend,” he said. “Most of our peers are kind of stalled or shuttered.
“It’s been a difficult last three years to raise money in the junior market in particular and we’ve been quite successful in doing that which sets us a bit apart and gives us some stability on this project.”
“We’re still in exploration though, and I always have to caution people that these things are long-term projects.
“They take a long time to come to fruition. We’re talking several years before a project would be ready for any kind of development.
“With the continued encouragement we’re having from exploration, these new zones of mineralization that we’ve discovered, that brings us to a critical mass of mineralization that we could start to look at.
“We’re creeping towards that but it’s not a sea change in the direction of the project.”