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Terra X strikes gold around Yellowknife

TerraX obtains new land use permit
Mineral company TerraX has obtained a new land use permit which will allow them to drill up to 20,000 metres of core during the 2019 season.

Mining company Terra X has found high-grade gold around Yellowknife.

Exploration north of Giant Mine, on the company's Northbelt property found approximately 28.0 g/t Au, and 19.05 g/t Au on the dubbed “Gull Lake Zone” as well as three additional stretches of land with high amounts of gold per tonne, stated a release from Terra X on Thursday.

The three searches near the old Ptarmigan Mine indicated there was a high amount of gold present. In the areas, Terra X found roughly 25 grams per tonne, four grams per tonne and five grams per tonne, respectively.

The company bought the old Ptarmigan property earlier this year.

“This is a very encouraging indicator that there is more gold where Giant Mine used to be,” said Terra X strategic and engagement advisor, David Connelly.

Connelly added the next step for Terra X is to start drilling around the Ptarmigan Mine and the Gull Lake Zone areas to determine whether there is enough gold to open a mine.

Terra X is preparing to obtain a permit from the GNWT in the next couple of months for the approval to start drilling.

These new findings coincide with the Yellowknife City Gold Project which encompasses  772-squared km of contiguous land immediately north, south and east of the City of Yellowknife in the Northwest Territories.

Connelly adds the decision to open a new mine remains 8-10 years away.