TerraX Minerals (TXR.V) has released more drill results from its substantial 27,000 meter drill program at the Yellowknife City Gold project in Canada’s Northwest Territories. Earlier in November, TerraX released the assay results from eight holes drilled at the Mispickel target, and all of them contain excellent grades.
Visible gold was detected in some zones, and with drill results of 8 meters at 6.45 g/t gold, 7.4 meters at 10.17 g/t gold (although this was predominantly caused by a 1 meter interval containing 68.5 g/t gold –very likely uncapped, indicating the remaining 6.4 meters contained just 1.06 g/t gold).
According to CEO Campbell, these new drill results at Mispickel confirm the continuity of the mineralization at depth and along strike, and ‘the persistence of mineralizing structures throughout the hole continues to indicate a large mineralizing system’. TerraX still hasn’t released a maiden resource estimate on the Yellowknife City project, but this very likely is a strategic decision as it’s better to surprise the market with a substantial gold resource rather than publishing something which won’t attract too much attention.
With the majority of the drill results from the summer phase of the large 27,000 meter drill program now in hand, we think TerraX Minerals is now sitting on somewhere in between 1.5 and 2 million ounces of gold. As all signs are pointing in the direction of TerraX Minerals sitting on an entire district, the company could be an interesting addition to your portfolio on any dip in the share price. We currently have no position in TerraX Minerals, but do have indirect exposure as it’s one of the largest positions in the portfolio of Elysee Development (ELC.V), which went ex-dividend earlier this week as it will pay a special dividend of C$0.02 per share.