CALGARY, AB / ACCESSWIRE / March 31, 2016 / Teras Resources Inc. (TSXV: TRA) (“Teras” or the “Company”): Teras is pleased to announce that the Company has made significant progress regarding its ongoing technical studies at its Cahuilla project located in Imperial County, California. The Cahuilla Project is a large epithermal, paleo-hot springs system hosting multiple bonanza-grade veins within an extensive body of disseminated gold/silver mineralization. For further information on the Cahuilla project refer to the NI 43-101 technical report entitled “Cahuilla Property 43-101 Technical Report,” filed on Sedar.
The primary objective of the technical studies program is to develop an improved and more comprehensive geologic model that will be used to more accurately locate diamond drill holes focused on targeting newly recognized high grade precious metal zones to increase the grade and tonnage of high grade mineralization. Teras has been working with Mine Development Associates of Reno, Nevada to create the new geologic model which now includes the following information:
– Kennecott detailed surface geology maps
– Kennecott magnetic and CSAMT geophysical data
– Historic reverse circulation and diamond drill hole geologic logs and assays generated by Newmont,
– Homestake, Torres Martinez Tribe and Kennecott
– Teras’ more recent reverse circulation and diamond drill hole geologic logs and assays
– Teras gravity, MT and IP geophysical data
– Teras surface geochemical sample locations and assay data
– Teras detailed cross sectional geologic interpretation
Teras has the capability to plan future drill holes, using a variety of three dimensional geologic features to more precisely target new and existing structures and/or veins that host higher grade gold and silver. For example, the following map was issued in a previous press release illustrating potential precious metal targets interpreted from the original, less comprehensive geologic model data:
Cahuilla Project – Gravity Geophysical Targets
To view an enhanced version of this image, please visit:
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In contrast, the illustration below is an example of a combination of model data that can now be used in the drill hole planning process illustrating significantly more detailed geology:
New High Grade Diamond Drill Targets
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This 3D illustration includes surface topography with detailed geophysical resistivity data, structural geology, gold-silver resource boundary and many newly defined high priority drill target areas. For geologic planning of drilling, any aspect of the technical data in the model can be observed in any direction three dimensionally, for example from the surface, underground, in cross sections or any way desirable to pinpoint priority high grade targets for future diamond drill campaigns.
A substantial increase in the frequency of faulting has been observed with the new modeling, for example in the northern half of the geophysical resistor within the resource area in the eastern portion of the project. This area portrays a plumbing system in which gold-silver rich fluids were localized resulting in the formation of high grade veins. The new model data has revealed that south of this area, little faulting is seen on the surface because sinter covers the area masking intense structural deformation noted within a concentration of high grade veins that were intersected by past drilling.
Faulting is also concentrated in Central Canyon and the Modoc Shaft areas which represent two new high grade vein drill targets. These prospective target areas have never been drill tested although Teras’ surface geochemical sampling returned highly anomalous gold and silver values. Teras can now drill test both of these high priority targets since permits have been approved.
Mr. Toby Mancuso, Geologic and Mining Consultant to Teras who has been involved with Cahuilla since 1992 when Kennecott acquired the project, remarked “Our technical team is extremely satisfied with the progress of the technical studies program thus far and excited to begin applying the highly advanced geologic model for targeting diamond drill holes aimed specifically at high grade mineralization.”
“The greatly improved geologic model along with the recently approved drill permits for 2,000 additional holes has evolved Cahuilla to a new level of technical understanding. This new model provides our team a much higher level of confidence in planning future drill programs focused exclusively on increasing the high grade gold-silver resource.”
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 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.
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
(403) 262-8411
(403) 852-0644
Email: pleger@teras.ca
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.
ReleaseID: 438322
