CALGARY, AB / ACCESSWIRE / October 6, 2016 / Teras Resources Inc. (TSXV: TRA) ("Teras" or the "Company"): reports that the Company has completed a detailed surface exploration program at its Cahuilla gold/silver project in Imperial County, California. The geologic mapping and geochemical sampling program was concentrated in the very extensive southwest target area that was reported in April of this year, and in the northeast target area. The Company is now formulating drill plans to potentially expand the current resource area both to the southwest and northeast. For further information on the Cahuilla project refer to the NI 43-101 technical report entitled "Cahuilla Property 43-101 Technical Report," filed with Sedar on November 27, 2012.
The mapping and sampling program focused on the large area directly west-southwest of the current precious metal resource and extends to the west and south project boundaries This area, illustrated below, has been inadequately tested with a few, shallow historic drill holes. Much of the ground surface is concealed by a thin veneer of alluvial gravels; therefore, only a limited number of geochemical samples could be collected. Field exploration was also conducted in the northeast expansion area; and both the northeast and southwest expansion areas are substantially larger then the current NI 43-101 resource area as illustrated on the map below:
Cahuilla Project - Mapping and Sampling Program 2013 & 2016
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As indicated in the May 11, 2016 press release, Teras recognized the existence of this new, large gold/silver target area via three dimensional interpretation of the updated and enhanced geologic model. The primary objective of the field exploration program was to confirm the existence of the newly inferred large structural features, investigate the surface alteration and collect geochemical samples throughout the target areas for precious metal analyses.
Detailed field mapping recognized several large areas of intense silicification and quartz veining similar to alteration that occurs in the current resource area. One of the most significant findings was the recognition of the major east-northeast trending fault that bounds the southern portion of the project area, which is referred to as the West Ledges Fault. This large fault zone was mapped in multiple locations along strike in the field and has a similar trend as faults in the current resource area that host high grade precious metal mineralization.
A total of 90 geochemical samples were collected throughout the southwest target area. Sample results have been obtained for Central Canyon while the remaining are currently being assayed by ALS Chemex in Reno, Nevada. Samples collected within veins and altered rock in Central Canyon are for the most part moderately to highly anomalous in gold and silver and these same veins were mapped for significant distances to the west. The following map shows gold values in the Central Canyon area along with samples collected by the Company in 2013 in the southwest expansion area:
Cahuilla Project - Geochemical Program 2013 & 2016
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In Central Canyon, five samples assayed more than 2.0 g/t gold with values reaching as high as 3.8 g/t. These results, in conjunction with the samples collected in 2013, warrant a significant exploration program. Assay results for the samples collected to the far west and south project area will be reported once the analyses are obtained.
It should be noted that although the southwest target area is relatively untested by drilling, a number of the wide spaced reverse circulation holes intersected noteworthy mineralization as shown on the map above. CAH-65 was drilled by Kennecott Exploration in 1995 and intersected 9.2m @ 2.2 g/t from 33.5 to 42.7m (110 - 140' @ 0.064 oz/t). Kennecott also drilled CAH - 74 that same year which assayed 1.5 g/t over 3.1m from 57.9 to 61.0m (190 - 200' @ 0.044 oz/t). In 1987, Homestake drilled HR - 9 in the far northwest project area and intersected 6.1m @ 0.89 g/t from 0 to 6.1m (0 - 20' @ 0.026 oz/t) and 7.6m @ 1.15 g/t from 22.9 to 30.5m (75 - 100' @ 0.034 oz/t). TM - 16 was drilled by the Torres Martinez Tribe in 1993 and assayed 0.57 g/t over 24.3m from 22.9 to 47.2m (75 - 155' @ 0.017 oz/t).
Additional drill holes in the southwest target area host anomalous precious metal mineralization over significant distances both down hole and spatially on the surface. However, none of these holes tested any of the newly defined structural and geophysical targets delineated by Teras' technical team. The detailed geologic data is currently being compiled, interpreted and will be appended to the model to further refine drill hole targeting for future drilling campaigns.
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 sheeted quartz veins. Teras filed a NI 43-101 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.
Dr. Dennis LaPoint, a qualified person under National Instrument 43-101 "Standards of Disclosure for Mineral Projects," 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. Dr. LaPoint has reviewed and verified the mining, scientific and technical information contained in this news release. Dr. LaPoint is a registered geologist with the Society of Mining Engineers.
For further project and corporate information, contact:
Teras Resources Inc.
Peter Leger, President
(403) 262-8411
(403) 852-0644
Email: [email protected]
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 contains "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 Cahuilla project, the development and advancement of the Cahuilla project, the development of the geologic model in respect of the Cahuilla project, the development of further drill plans in relation to the Cahuilla project and the potential of the Cahuilla project to develop into a mining operation; and the completed core drilling program including further analysis of the core drilling program, the evaluation of the core drilling program and its impact on the Company's existing NI 43-101 technical report. 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, future costs and expenses being based on historical costs and expenses, adjusted for inflation, the ability of the Company to obtain acceptable financing, market acceptance of its exploration programs and projects; consistent and favorable commodity prices; and regulatory acceptance of the Company's geologic models . 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.