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:
Twin of CAH 0318 due to poor recovery
16' @ 779.5 g/t Ag
The location of drill holes and direction drilled is as follows:
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.
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
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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.
SOURCE: Teras Resources Inc.