Teras Resources (TRA-V) waits for Cahuilla RC, diamond core drill results approximately the next two weeks and will issue a news release announcing the results at such time.
Oct 9, 2013 - News Release
Core drilling highlights The first deep core hole, CAH-303, was completed on Sept. 21 to a depth of 536 metres (1,757 feet) as disclosed in the news announcement on Sept. 24, 2013. The second deep hole, CAH-304, was drilled to a depth of 400 metres (1,310 feet) upon completion of the first drill shift. The core drill is currently in altered and veined quartz monzonite and the degree of silicification appears to be increasing as the hole becomes deeper. Both the core and reverse drills are scheduled to resume tomorrow.
As indicated in last week's news release, CAH-304 intersected intensely silicified, brecciated and veined fanglomerate for 201 metres (660 feet) from 61.0 to 262 metres (200 to 860 feet). The drill then encountered variably altered quartz monzonite to a depth of 400 metres (1,310 feet) where the core has begun showing an increase in the intensity of silicification at depth. CAH-304 is scheduled to be drilled to depths of possibly 610 metres (2,000 feet) or more if the alteration and veining persist. CAH-305 was precollared and cased to 286 metres (940 feet) and core drilling will be initiated upon completion of CAH-304.
As shown on the map, the three core holes, CAH-303, CAH-304 and CAH-305 form a triangle near the centre of the resource. The purpose of these three deep holes is to test the pronounced geophysical anomaly at depth, which could potentially extend gold/silver mineralization below the existing National Instrument 43-101 resource. More importantly, the deep holes are focused on satisfying the company's primary objective, which involves the discovery of deeper high-grade feeder zones that represent the pathways or source of the shallower mineralization.
The depth of the new deep core holes in comparison with the National Instrument 43-101-compliant resource is shown on a cross-sectional illustration available on-line.
The deeper holes on this section indicate the relative degree of alteration that was encountered, which suggests that the hydrothermal system is much more intense and widespread than previously recognized. This is demonstrated by both the expansion of intense alteration directly below the existing resource and the much deeper zone of silicified, brecciated and veined fanglomerate in CAH-303 that was encountered from 390 metres (1,280 feet) to 427 metres (1,400 feet). CAH-304 has intersected increasingly silicified rock at the current depth of the hole and thus, diamond core drilling will continue to further delineate this deeper alteration zone.
The existence of hydrothermal alteration at these depths is quite encouraging because exploration drilling has never tested rocks below the 300-metre (980-foot) level. This new information clearly implies the epithermal system is far larger than previously known from geologic and drill data collected over the past 28 years since Cahuilla was discovered by Fischer-Watt Gold Company in 1985.
As well as the widespread precious metal mineralization, numerous high-priority geophysical targets have been delineated both within and far outside of the drill permitted area. As a result, the company strongly feels that the current National Instrument 43-101 resource only represents a small fraction of the actual quantity of gold and silver that is potentially present in the ground at Cahuilla.
Reverse drilling highlights
The reverse circulation rig will resume drilling tomorrow in the northeast target area as indicated by the orange triangles shown on the Cahuilla 2013 drill progress map with the objective of expanding the near-surface disseminated and high-grade vein precious metal resource as stated in the company's current National Instrument 43-101 report. CAH-306 was drilled at an angle due north and has been completed to a depth of 670 feet. The northeast reverse circulation drill holes have been planned in the area where the company received very positive surface geochemical sample assays as reported in the Feb. 19, 2013, press release.
Core and reverse circulation samples have been delivered to Inspectorate America, Reno, Nev., and sawing of the core is in progress. Chip samples from the reverse circulation drilling are being collected by Paul Stubbe, project geologist and manager, split on site, placed in sample bags and stored in a secure facility before delivery to Reno, Nev. The company also collects separate splits of each reverse circulation sample at the drill which are retained for future cross-check assays. Core samples from the diamond drilling are collected on site, placed in boxes, photographed, split in half by a rock saw and one-half is analyzed by Inspectorate. Sample blanks and certified standards are inserted into the sample stream at random intervals for quality control purposes.
Peter Leger, president and chief executive officer of Teras Resources, commented: "We are very pleased regarding the new and exciting geologic data that is being generated from the deeper core holes, which is especially positive for our current and future expansion/development programs. The company and technical team feel very confident that our chances of discovering the roots or source of our large, high-grade vein and shallow disseminated resource have drastically improved. We look forward to the continuance of our program with greater assurance that the Cahuilla epithermal system will ultimately develop into a larger mining operation than initially anticipated."
Dale A. Vitone, PEng, 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 technical information contained in this news release.
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