UPDATE: TerraX Minerals To Acquire Northbelt Gold Mining Leases in Yellowknife; Shrs Jump 66% From Near Yr Lows
TerraX Minerals Inc. (TXR.V), which has jumped 66% from near year lows, said it has won a competitive bid to acquire the Northbelt claims in the Yellowknife area of the Northwest Territories, Canada. The property consists of 121 leases totalling 8,802 acres (3,562 hectares) which cover approximately 13 km of strike along the prolific Yellowknife Belt, 15 km north of the city of Yellowknife.
It said the property abuts the Giant Mine property and is directly north of the mine along the known mineralized trend. Many of the geological characteristics of the property are reported to be similar to the Con Mine, which is the second largest gold producer on the belt. It contains several known occurrences, including the Crestaurum deposit, which has an historic resource of 290,000 tonnes of 7.52 g/t Au.
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