Teras Receives Results from its Core Drill Program including 116' of 4.11 G/T and 16' of 779.5 G/T Silver
05 June 2014 - 9:59PM
Access Wire
Calgary, AB / ACCESSWIRE / June 5 2014 / Teras
Resources Inc. ("Teras" or the "Company")
(TRA.V -
News): announces assay
results from its angled diamond drill core program consisting or 7
HQ core holes at the Cahuilla gold-silver project in Imperial
County, California. This drill program focused within the current
resource area using core drilling to better recognize and sample
vertical to sub vertical high grade sheeted veins which will
improve the resource modelling and better direct further drilling
to expand the tonnage and increase the reported grade.
The Company intends to use the
new positive insight from core drilling to direct future drilling
into the high grade sheeted complex to expand, better define and
enhance the current mineral resource. The objective is to advance
Cahuilla to a Preliminary Economic Assessment (PEA).
Analysis of the core
has confirmed the existence of a high grade sheeted vein
complex at depth. The veins appear to be vertical to sub-vertical
and have complex cross-cutting relationships. The best intercepts
from the program occur in hole CAH 0324 which cut 12 feet (3.6 m.)
averaging 14.79 g/t Au between 173'-185' and 16' (4.8 m.) averaging
779.5 g/t Ag between 293'-309'. The results from seven HQ core
holes drilled in the main resource area represent a total of 3,796
feet drilled (1157 m.)
The results from hole CAH 0319
were especially encouraging as the entire bottom of the hole from
320' to 650' averaged 330' of 1.67 g/t Au with 116' from 491' to
607' averaging 4.11 g/t Au. Numerous vein sets were cut in this
zone and this confirms the robust nature of the mineralizing
system. Hole CAH 0318 was plagued by poor recovery in the highly
broken veins encountered at depth. Recoveries as low as 20% were
found and therefore the hole was twinned by hole CAH 0323. The
results from CAH 0323 include 68' (20.7 m.) from 335' to 403'
averaging 2.02 g/t Au. All of the drilling intercepted multiple
sheeted and cross-cutting veins at depth that represent a vein
stockwork. Our goal now is to define the length and breadth of the
sheeted vein complex and vector in on the higher grade portions of
the deposit.
Drill results are reported
below:
----------------------------------------------------------------------
| | | | | | | |
|--------------------------------------------------------------------|
| | | | | | | |
|--------------------------------------------------------------------|
|Hole # |From |To |T.D.|Thickness|Gold g/t |Remarks | |
| | | | |(Ft) | | | |
|--------------------------------------------------------------------|
|CAH |152' |158' |650'|6' |1.56 | | |
|0319 | | | | | | | |
|--------------------------------------------------------------------|
|CAH |320' |650' | |330' |1.67 | | |
|0319 | | | | | | | |
|--------------------------------------------------------------------|
|Including|491' |607' | |116' |4.11 | | |
|--------------------------------------------------------------------|
| |491' |496' | |5' |11.39 | | |
|--------------------------------------------------------------------|
| |502' |505' | |3' |14.51 | | |
|--------------------------------------------------------------------|
| |535' |538' | |3' |18.21 | | |
|--------------------------------------------------------------------|
| |604' |607' | |3' |26.68 | | |
|--------------------------------------------------------------------|
| | | | | | | | |
|--------------------------------------------------------------------|
|CAH |46' |49' |600'|3' |12.08 | | |
|0320 | | | | | | | |
|--------------------------------------------------------------------|
|CAH |112' |127' | |15' |1.16 | | |
|0320 | | | | | | | |
|--------------------------------------------------------------------|
|CAH |300' |315' | |15' |1.19 | | |
|0320 | | | | | | | |
|--------------------------------------------------------------------|
|CAH |495' |501' | |6' |4.41 | | |
|0320 | | | | | | | |
|--------------------------------------------------------------------|
| | | | | | | | |
|--------------------------------------------------------------------|
|CAH |203' |255' |500'|52' |1.55 | | |
|0321 | | | | | | | |
|--------------------------------------------------------------------|
|CAH |319' |351' | |32' |2.74 | | |
|0321 | | | | | | | |
|--------------------------------------------------------------------|
|Including|346 |348 | |2' |11.26 | | |
|--------------------------------------------------------------------|
| | | | | | | | |
|--------------------------------------------------------------------|
|CAH |339' |351' |600'|12' |5.02 | | |
|0322 | | | | | | | |
|--------------------------------------------------------------------|
|CAH |555' |580' | |25' |1.09 | | |
|0322 | | | | | | | |
|--------------------------------------------------------------------|
| | | | | | | | |
|--------------------------------------------------------------------|
|CAH |192' |198' |428'|6' |1.2 |Twin of | |
|0323 | | | | | |CAH 0318 | |
| | | | | | |due to | |
| | | | | | |poor | |
| | | | | | |recovery | |
|--------------------------------------------------------------------|
|CAH |252' |261' | |9' |1.11 | | |
|0323 | | | | | | | |
|--------------------------------------------------------------------|
|CAH |282' |306' | |24' |3.78 | | |
|0323 | | | | | | | |
|--------------------------------------------------------------------|
|CAH |335' |403' | |68' |2.02 | | |
|0323 | | | | | | | |
|--------------------------------------------------------------------|
| | | | | | | | |
|--------------------------------------------------------------------|
|CAH |125' |318' |518'|193' |2.04 | | |
|0324 | | | | | | | |
|--------------------------------------------------------------------|
|Including|173' |185' | |12' |14.79 | | |
|--------------------------------------------------------------------|
|Including|293' |309' | |16' | |16' @ 779.5 g/t Ag | |
----------------------------------------------------------------------
The location of drill holes
and direction drilled is as follows:
-----------------------------------------------
|HOLE |Azimuth|Angle|T. D.|UTM84 E|UTM84 N |
|---------------------------------------------|
|CAH 0318|N74W |-70 |500' |1925701|12114275|
|---------------------------------------------|
|CAH 0319|S33E |-85 |650' |1925440|12114463|
|---------------------------------------------|
|CAH 0320|N26E |-80 |600' |1925426|12114402|
|---------------------------------------------|
|CAH 0321|South |-66 |500' |1925598|12114430|
|---------------------------------------------|
|CAH 0322|West |-65 |600' |1925586|12114449|
|---------------------------------------------|
|CAH 0323|N74W |-70 |428' |1925700|12114260|
|---------------------------------------------|
|CAH 0324|West |-73 |518' |1926058|12114350|
-----------------------------------------------
Mr. Paul Stubbe, Project
Geologist and VP of Project Development for Teras, supervised as
core samples from the diamond drill were collected on site, placed
in boxes and photographed. The core was then split in half by a
rock saw located at the company's facility. One half of the core is
stored in a secure location while the other half was shipped to
Inspectorate lab in Reno, Nevada and assayed. Sample blanks and
certified standards were inserted into the sample stream at random
intervals for quality control purposes. Any sample grades exceeding
10 g/t gold were re fire assayed with gravimetric
finish.
Peter Leger, President and CEO
of Teras Resources noted, "The diamond drill program
was successful in proving the sheeted vein complex and the high
grades within the complex. This adds new understanding for the
higher grade potential of Cahuilla. We are confident these results
will enhance our current NI 43-101 resource as this latest drilling
builds on our inventory of mineralization in the main resource
area. Using these results to reinterpret our RC drilling will
enable Teras to incorporate these high grade portions into future
resource calculations. Teras intends to move to the next step of a
Preliminary Economic Assessment (PEA) with additional drilling and
metallurgical studies.
About Teras
Teras 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 Teras
believes that the Cahuilla project has the potential to develop
into a 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 1.0 million ounces
of gold and 11.9 million ounces of silver on its Cahuilla project
(70 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) and inferred class of 10 million tons grading 0.011 opt
gold and 0.10 opt silver. Gold equivalent ounces are 1.2 million
ounces in indicated class and 130,000 ounces in inferred class
using a ratio of 55 silver ounces to 1 gold ounce.
Dale A Vitone P. Eng., registered
with the Association of Professional Engineers of Ontario, Alberta
and Northwest Territories and a director of 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
mining scientific and technical information contained in this news
release.
For further
project and corporate information, contact:
--------------------------
|Teras Resources Inc. | |
|Peter Leger, President| |
|(403) 262-8411 | |
|(403) 852-0644 | |
|Email: pleger@teras.ca| |
|Website: www.teras.ca | |
| | |
--------------------------
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
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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.
SOURCE: Teras Resources Inc.
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