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Feb. 5, 2013 /PRNewswire/ - TerraX Minerals Inc.
(TSX.V: TXR; Frankfurt: TX0) has completed a positive due diligence study and plans to proceed with the purchase of the Northbelt leases (the "Property") in the
Yellowknife area of the
Northwest Territories, Canada. Closing of the acquisition is scheduled for mid February, 2013 and is subject to receipt of a vesting order from the Superior Court of
Quebec as the Property forms part of the assets of Century Mining Corporation which is currently under the receivership of
Samson Belair/Deloitte & Touche Inc.
The property consists of 121 leases totalling 8802 acres (3562 hectares) which cover approximately 13 kilometres of strike along the prolific Yellowknife Belt, 15 km north of the city of
Yellowknife (see our news release of
January 2, 2013). TerraX is purchasing an unencumbered 100% ownership of the Property (no private royalties or option payments, no assessment requirements) with low annual maintenance fees. Our due diligence included review of historic information obtained from Giant Yellowknife Mines and currently filed at the NWT Geoscience Office in
Yellowknife. TerraX's due diligence studies revealed an abundance of information confirming that the Property is underlain by highly prospective geology with substantial potential for discoveries of economic deposits. TerraX technical staff is currently in
Yellowknife reviewing and verifying this data, the results of which will be announced when complete.
Access and logistics for the project are excellent. There are no known substantial environmental liabilities associated with the Property. 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. This spatial location is host to all known gold deposits in the
Yellowknife camp, including the past producing 7.6 Moz Giant and the 5.5 Moz Con mines. The Property is host to multiple shears that are the recognized hosts for gold deposits in the
Yellowknife camp, and it contains innumerable gold showings. Known mineralization on the Property contains free milling gold.
TerraX has reviewed information on the property tenure, permitting, property access, and much of the historical technical data; all of these issues were deemed satisfactory for TerraX to proceed with the purchase. Our review of technical information revealed that 300-400 historical drill holes were completed on the Property between 1945 and 1996, mostly concentrated on the Crestaurum deposit (approximately 200 holes) which was staked in 1944 with the discovery of the outcropping deposit. Subsequent exploration revealed numerous other sub-parallel structures hosting gold occurrences along the main camp 'break'. In addition, a precious metal (Au, Ag) enriched base metal (Zn/Pb +/-Cu) play was identified in the northern part of the Property.