Teras Resources Inc. ("Teras" or the "Company") (TRA.V - News): is pleased to announce that development drilling will commence in February 2014 at the Cahuilla gold-silver project in Imperial County, California. As reported in the December 2013 press release, the new technical information obtained from the four deep core holes completed in the recent drill program has proven to be invaluable with respect to understanding the geology of the higher grade gold-silver veins.
As a result, this data is currently being used in the detailed planning of core holes that are scheduled to be drilled beginning in February. Teras' primary objective for 2014 is to increase the grade of the precious metal resource via delineation of high grade precious metal mineralization, thus enhancing the total in ground gold and silver ounces within the existing NI 43-101 resource.
Detailed geology that has recently been garnered from core logging indicates that the higher grade gold/silver veins are dominantly sub-vertical. The specific geometry of the high grade veins was not well understood in the past because the existing geologic model was interpreted from reverse circulation drill chip logs obtained from a majority of vertical drill holes. The new deep core holes clearly illustrate the sub-vertical nature of the veins as shown in the photos below:
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In addition, detailed analyses of the assay results reveal specific linear trends of high grade precious metal mineralization that follow a distinct west-northwest direction. These linear high grade zones are illustrated on the following map that was received in late December 2013, along with the geophysical resistivity showing hard or silicified rocks in blue and white which are commonly mineralized:
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This new information, along with the knowledge of sub-vertical high grade vein control, is of extreme importance in positioning the next round of core holes, which is currently in progress. These new high priority targets will be tested by angled core holes drilled along fences to define continuity of sub-vertical high grade gold/silver zones. Mr. Peter Leger, President and CEO of Teras Resources, commented "This new data has significantly advanced our understanding of the higher grade gold-silver veins, which we believe will lead to enhancing the grade and expanding the size of the current NI 43-101 precious metal resources at Cahuilla."
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.
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.
For further project and corporate information, contact:
Teras Resources Inc.
Peter Leger, President
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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.