First 10 holes from Dorset are out -- it ain't bonanza grade but it's at surface. Market evidently expected more as we just printed 17
Terex Resources Inc.: Significant Gold Values Encountered in Wawa, Ontario
TORONTO, ONTARIO, Sep 27, 2006 (MARKET WIRE via COMTEX News Network) --
Terex Resources Inc. (TSX VENTURE: TRR) announces the initial drill results of a planned 5,000 metre drilling program on the Company's three contiguous Mishibishu properties located about 50 km west of Wawa, Ontario and about 80 km southeast of the Hemlo gold camp.
The initial drilling campaign is to determine the down plunge and on strike potential of the Dorset Zone (MetalCORP option MTC-TSXV) that returned intercepts grading up to 3.74 g/t Au over 22 metres. To date, 17 drill holes have been completed in the ongoing drilling program totaling approximately 2700 metres. Every drill hole, with the exception of two, intersected the mineralized Dorset Deformation Zone. The two holes which did not intersect the Dorset Zone intersected diabase dikes. Assay results have now been received from the first 10 holes, and further check assays are being performed. Significant gold values were encountered from every hole that intersected the Dorset Deformation Zone.
The first hole drilled on the Dorset Zone (MC-06-36) was located approximately 150 metres (492 feet) east of a MetalCORP drill hole (TSX VENTURE: MTC) intercept that assayed 3.74 g/t Au over 22 metres (72 feet). Hole MC-06-36 assayed 1.89 g/t gold over core length of 11.1 metres (36 feet) at a vertical depth of approximately 40 metres (131 feet) below surface. This infill drill hole confirms Terex's theory that the minimum strike length of the Dorset Zone now extends for over 700 metres and remains open in all directions. The drill results and the geometry of the zone also confirm the open pit potential of the Dorset Zone.
Full assay results for the first 10 holes (MC-06-36 to MC-06-45) on the westerly portion of the Dorset Zone are summarized in the below:
Hole # From (m) To (m) Grade g/t Au Core Length (m)------------------------------------------------------------------------MC-06-36 81.3 92.4 1.88 11.1- including 83 89 2.43 6.0- including 86 89 3.0 3.0------------------------------------------------------------------------MC-06-37 122 128 1.06 6.0- including 125.3 128 1.57 2.7------------------------------------------------------------------------MC-06-38 29.3 40.5 1.45 11.2- including 29.3 30.4 4.03 1.1------------------------------------------------------------------------MC-06-39 (i)------------------------------------------------------------------------MC-06-40 17.2 20.8 1.07 3.6 54 55 1.88 1.0------------------------------------------------------------------------MC-06-41 46.9 48.4 1.43 1.5 61.6 62.1 2.59 0.5------------------------------------------------------------------------MC-06-42 89 90.3 1.79 1.3 105.2 105.7 1.93 0.5 108.5 110.1 5.35 1.6------------------------------------------------------------------------MC-06-43 104.6 105.3 3.44 0.7 120.6 128 1.04 7.4 120.6 126 1.27 5.4 136 139 1.63 3.0------------------------------------------------------------------------MC-06-44 164.5 165.5 3.97 1.0------------------------------------------------------------------------MC-06-45 155 160 1.26 5.0- including 157.5 159.0 2.74 1.5(i) Note: Hole MC-06-39 intersected diabase dike, and did not intersect the Dorset Zone.
All split or sawn core samples were submitted to Accurassay Laboratories Ltd., Thunder Bay, Ontario. All gold assaying was performed using a 30g standard fire assay with an AA finish and / or gravimetric finish.
A detailed structural study carried out on the property for Battle Mountain Canada Ltd. concluded that "the Dorset Zone is a primary, hydrothermal, stratiform, gold system with a minimum strike length of 1 kilometre which exhibits potential for significant areal extent" (Chris Beaumont - Smith, 1998). Recent airborne geophysical work suggests the Dorset Deformation Zone may have a potential strike length of about 6 kilometres.
The purpose of the drilling program is to provide sufficient drill information to outline an (NI 43 - 101 compliant) inferred mineral resource for the zone, and to further evaluate the open pit potential.
The drilling program will also test the Mishibishu Property starting later this week (Murgor option MUG-TSXV). The Mishibishu Property contains more than 30 known gold occurrences, the most important of which is the Martin Zone. The geology of the Martin Zone consists of pyrite and arsenopyrite mineralization in deformed, altered and quartz veined mafic metavolcanics. This zone has been traced for over a kilometre along strike in drill holes and trenches where assay results of 5.5 g/t Au over 5 metres were obtained from previous drilling. Ground and airborne geophysical surveys suggest that the zone may continue for more than 3 kilometres along strike. The Martin Zone appears to be similar in style and orientation to the Dorset Zone which is located about 400 metres to the north.
Terex is the largest mineral claim holder in the entire camp next to Wesdome Gold Mines Ltd. (TSX: WDO) with about 19,000 acres under its control. This is the largest land package assembled in this area since the Hemlo rush in the 1980's. The consolidated property contains over 48 known gold occurrences attesting to the potential of the Mishibishu greenstone belt.
Terex is fully financed to complete the drilling program and management is very excited about drill testing the potential of Terex's extensive land holdings in the Wawa-Hemlo area of northern Ontario. Please refer to www.terexresources.com for cross sections, longitudinal sections and past drill hole plans. This release has been reviewed and approved by George Cole, professional geologist, director and Qualified Person of the Company compliant with NI 43-101.
Shares issued: 57,331,479
Statements in this press release regarding the Company's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.
The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.
Contacts: Terex Resources Inc. Wayne J. O'Connor President and CEO (416) 364-6957 (416) 364-5400 (FAX) Email: wayne@terexresources.com Website: www.terexresources.com
SOURCE: Terex Resources Inc.
mailto:wayne@terexresources.com terexresources.com
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