Teras Receives Results From the First Deep Core Hole at Cahuilla Including 0.9m of 31.20 g/t Gold and 1.8m of 373.6 g/t Silve...
13 November 2013 - 11:30PM
Marketwired Canada
Teras Resources Inc. ("Teras" or the "Company") (TSX VENTURE:TRA)(OTCQX:TRARF)
is pleased to announce that assay results have been received for the first deep
core hole along with five reverse circulation drill holes completed in the
northeast project area at the Cahuilla gold-silver project in Imperial County,
California. This drill campaign represents the first phase of our current
reverse circulation and deep core program at Cahuilla with the primary objective
of reinforcing and validating our confidence that the precious metal-rich
epithermal system continues at depth.
The Company is very pleased with the results from the first deeper core hole,
CAH-303, that was drilled within the southern portion of the resource area to
initiate testing of the deeper-rooted, high grade feeder zone gold/silver
potential at Cahuilla. The purpose of the current drill program consists of four
elements; first, to continue delineation and definition of near surface high
grade veins encountered in Teras' previous drill program with the goal of
increasing the gold grade and ounces within the defined NI 43-101 resource.
Second, to expand the shallower disseminated gold/silver resources at depth in
areas where past drilling was terminated in significant mineralization,
recognizing that many of these areas have been identified throughout the known
resource area. Thirdly, to extend the shallower gold/silver mineralization into
relatively untested areas outside of our current NI 43-101 resource,
specifically in the northeast project area during this phase of the drill
program.
Fourthly and most importantly, to search for the high grade precious metal
source or feeder veins along with mineralizing volcanic and/or intrusive events,
which have been encountered and developed at many similar epithermal gold/silver
deposits similar to Cahuilla throughout the world.
The first core hole, CAH-303, was pre-collared to 61.0m (200') and cored to a
total depth of 534.9m (1755'). CAH-306 to 310 are reverse circulation
exploration holes located in the far northeast project area and results are
reported in the table below:
----------------------------------------------------------------------------
Thickness Gold - g/t
Hole # From To TD - m (ft) (oz/ton) Remarks
----------------------------------------------------------------------------
CAH-303 0.0 3.1 61.0 3.1 (10) 0.55 RC Pre-Collar
(0.016)
----------------------------------------------------------------------------
22.9 32.0 9.1 (30) 1.10
(0.032)
----------------------------------------------------------------------------
47.1 50.2 3.1 (10) 0.55
(0.016)
----------------------------------------------------------------------------
CAH-303 148.4 195.1 534.9 46.7 (153) 1.58 Diamond Drill
(0.046) Core
----------------------------------------------------------------------------
Including 151.2 152.1 0.9 (3) 31.20
(0.911)
----------------------------------------------------------------------------
Including 192.3 195.1 2.8 (9) 6.99
(0.204)(1)
----------------------------------------------------------------------------
209.7 211.5 1.8 (6) 0.75
(0.022)(2)
----------------------------------------------------------------------------
393.2 417.9 24.7 (81) Anomalous Low-level Gold
and Silver
----------------------------------------------------------------------------
CAH-306 109.7 150.9 213.4 41.2 (135) 0.38 RC Northeast
(0.011) Exploration
----------------------------------------------------------------------------
CAH-307 198.1 No significant intercepts RC Northeast
Exploration
----------------------------------------------------------------------------
CAH-308 24.4 30.5 213.4 6.1 (20) 0.38 RC Northeast
(0.011) Exploration
----------------------------------------------------------------------------
CAH-309 97.5 100.6 189.0 3.1 (10) 0.65 RC Northeast
(0.019) Exploration
----------------------------------------------------------------------------
CAH-310 0.0 57.9 182.9 57.9 (190) 0.51 RC Northeast
(0.015) Exploration
----------------------------------------------------------------------------
(1) 162.7 g/t silver (4.75 oz/t) was encountered in addition to the gold
(2) 373.6 g/t silver (10.91 oz/t) was also encountered
The most significant findings from the results reported above are the anomalous
gold and silver mineralization encountered in strongly silicified and brecciated
fanglomerate hosting various episodes of quartz veining far beneath the existing
resource from 393.2 to 417.9m (1,290 to 1,371'). This demonstrates that the
Cahuilla epithermal system is far more extensive at depth than previously known
and reinforces our premise that high grade feeder veins may be present within
the project area.
CAH-303 also shows that the shallower high grade vein and disseminated precious
metal mineralizing system extends well below the depths of the vast majority of
existing drill holes. This represents further evidence that only a small portion
of the epithermal system has been tested and the possibility for expanding the
gold/silver resource at Cahuilla is excellent in many directions including the
northeast, east, southwest, south and at depth.
Core and reverse circulation samples have been delivered to Inspectorate
America, Reno, Nevada and cutting of the core with a rock saw is in progress.
Chip samples from the reverse circulation drilling were collected by Mr. Paul
Stubbe, Project Geologist and Manager, split on site, placed in sample bags and
stored in a secure facility before delivery to Reno, Nevada. The Company also
collects separate splits of each reverse circulation sample at the drill which
are retained for future analyses. Core samples from the diamond drill are
collected on site, placed in boxes, photographed, split in half by a rock saw
and one half is assayed by Inspectorate. Sample blanks and certified standards
are inserted into the sample stream at random intervals for quality control
purposes.
Toby Mancuso, Vice President Project Development for Teras, remarked, "The
significance of the deep anomalous precious metal mineralization is remarkable.
We had always felt that mineralization existed at deeper levels and we have now
confirmed this in our first deep core hole. This significantly increases the
expansion possibilities of our existing gold/silver resources and potential
regarding the discovery of the high-grade feeder veins. Our technical team is
looking forward to receiving the remaining deep core results and conducting a
very detailed analysis of the new assay and geologic data. From this
comprehensive assessment, our conclusions will more confidently steer the deep
high grade feeder vein exploration program to greatly improve our chances of
success for the benefit of our shareholders and investors."
Peter Leger, President and CEO of Teras Resources commented: "I am very excited
to share our results of the current drill program thus far. We have now
established that there is gold and silver at depth far beneath our current
resource, which significantly improves our chances of increasing the size and
extent of Cahuilla in multiple directions. Accomplishing three out of four
objectives on our first deep core hole demonstrates tremendous progress."
Dale A Vitone, P. Eng., registered with the Association of Professional
Engineers of Ontario, Alberta and North West Territories and a Director for
Teras, is the Company's nominated qualified person responsible for monitoring
the supervision and quality control of the programs completed on the Company's
properties. Mr. Vitone has reviewed and verified the technical information
contained in this news release.
About Teras
The Company is focused on developing its Cahuilla project located in Imperial
County, California. The project encompasses an area of at least 3 km by 1.5 km
and demonstrates the potential for a large-scale, bulk mining operation
consisting of altered and mineralized sedimentary and volcanic host rocks with
numerous sheeted high-grade quartz veins. Teras filed a NI 43-101 compliant
technical report with an indicated resource of 1.2 million plus ounces of gold
and 11 million plus ounces of silver on its Cahuilla project (70.148 million
tons at an average grade of 0.015 ounces per ton gold and 0.17 ounces per ton
silver with a cut-off of 0.008 ounces per ton gold). The Company has an
aggressive plan to increase the grade and tonnage of the resource and develop
the project for future mining operations.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy of accuracy of this news release.
This press release may contain "forward-looking information" within the meaning
of applicable Canadian securities legislation. All statements, other than
statements of historical fact, included herein may be forward-looking
information. Generally, forward-looking information may be identified by the use
of forward-looking terminology such as "plans", " expects" or "does not expect",
"proposed", "is expected", "budgets", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes", or variations
of such words and phrases, or by the use of words or phrases which state that
certain actions, events or results may, could, would, or might occur or be
achieved. In particular, this press release contains forward-looking information
regarding the reverse circulation drill program. This forward-looking
information reflects the Company's current beliefs and is based on information
currently available to the Company and on assumptions the Company believes are
reasonable. These assumptions include, but are not limited to, the actual
results of exploration projects being equivalent to or better than estimated
results in technical reports or prior exploration results and future costs and
expenses being based on historical costs and expenses, adjusted for inflation.
Forward-looking information is subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of activity,
performance or achievements of the Company to be materially different from those
expressed or implied by such forward-looking information. Such risks and other
factors may include, but are not limited to: the early stage development of the
Company and its projects; general business, economic, competitive, political and
social uncertainties; commodity prices; the actual results of current
exploration and development or operational activities; competition; changes in
project parameters as plans continue to be refined; accidents and other risks
inherent in the mining industry; lack of insurance; delay or failure to receive
board or regulatory approvals; changes in legislation, including environmental
legislation, affecting the Company; timing and availability of external
financing on acceptable terms; conclusions of economic evaluations; and lack of
qualified, skilled labour or loss of key individuals. Although the Company has
attempted to identify important factors that could cause actual results to
differ materially from those contained in forward-looking information, there may
be other factors that cause results not to be as anticipated, estimated or
intended. Accordingly, readers should not place undue reliance on
forward-looking information. The Company does not undertake to update any
forward-looking information, except in accordance with applicable securities
laws.
FOR FURTHER INFORMATION PLEASE CONTACT:
Teras Resources Inc.
Peter Leger, President
(403) 262-8411
(403) 852-0644
pleger@teras.ca
www.teras.ca
Teras Resources (TSXV:TRA)
Historical Stock Chart
From May 2024 to Jun 2024
Teras Resources (TSXV:TRA)
Historical Stock Chart
From Jun 2023 to Jun 2024
