Terrax Minerals (TXR-V) March 10, '14 has been issued a land use permit (No. MV2014C005) from the McKenzie Valley Land and Water Board (MVLWB) to conduct advanced exploration and drilling programs on its Yellowknife City gold project (YCGP). The permit has conditions applying to work activities typical for advanced exploration, and contains a condition for a security deposit of $70,000 to be deposited with the Minister of Aboriginal Affairs and Northern Development Canada. The permit is for a term of five years with the option of a two-year extension. The term and area of the permit will allow Terrax to efficiently explore the YCGP in the years ahead.
The permit applies to all Terrax's exploration landholdings immediately north of the city of Yellowknife, with the exception of the Goodwin claims which contain approximately 5 per cent of the YCGP area. At the request of the Yellowknife Dene First Nation (YKDFN), Terrax requested that the Goodwin claims not be included in the permit. This area is currently low priority for Terrax, and the YKDFN has advised that portions of the Goodwin claims border culturally and environmentally sensitive land. Terrax will conduct below-threshold prospecting activity on the Goodwin claims to ascertain their mineral potential and at that time will sit down with the YKDFN to advise them of findings prior to any future work on the Goodwin property.
Currently Terrax has detailed planning for initial target areas totalling approximately 6,000 metres of drilling on its Northbelt property. It is anticipated that these target areas will receive additional drilling to follow up on exploration success. The YCGP has indications of additional drill targets, and as these are better defined, Terrax will apply for amendments to the permit to drill these new areas. Terrax is committed to public disclosure of its future work plans and the results of work as they occur. This will allow stakeholders to be fully aware of project direction as the company moves forward into this exciting phase of advanced exploration.
The MVLWB received numerous letters of support from potentially impacted aboriginal communities, the City of Yellowknife and outdoor recreational groups which use the area, together with constructive comments from a number of government of the Northwest Territories (GNWT) and federal government reviewers. In preparation for the permit application, the company conducted over 400 community engagement activities since February, 2013.
Terrax's application had the potential to be complicated during the current implementation of legislation of devolution rights to manage lands and waters from the federal government to the government of the NWT. Terrax wants to thank the government of the NWT and the NWT Chamber of Mines for working together in the spirit of the NWT mineral strategy to co-ordinate and streamline the MVLWB permitting processes while respecting that the permitting process is focused on protecting the environment. The granting of this permit has confirmed Terrax's faith in the NWT permitting process. The expeditious manner in which it was granted is a tribute to the initial direction Terrax received from MVLWB for constructing a comprehensive application and to the robustness of the permitting process within the NWT.
Joe Campbell, president and chief executive officer of Terrax, said: "Terrax thanks the MVLWB for their timely, professional and balanced approach to reviewing our land use permit application. I personally want to thank all those who took the time during the last year to consult with us, and to submit your inquiries and letters to the MVLWB. Your participation in this process helped Terrax make a better, safer and more sustainable submission. Terrax is fully aware that making promises on paper is vastly easier than physically carrying out those promises on the land. It is now our job to meet our commitments and safely carry out the permitted activities in an environmentally responsible manner within the conditions established by the board and pertinent legislation. We look forward to continuing to develop our relationships within the local community as we define Terrax's future exploration plans."
Work upgrading the winter roads on Walsh and Banting Lakes, and plowing and grooming of the old Crestaurum mine road to access phase 1 work sites have begun. Drilling is expected to begin later this month. Care will be taken to ensure that the drilling activities do not interfere with traditional trapping or Frostbite 45 on March 29, 2014, or the NWTel Ski Loppet on April 6, 2014, events organized by recreational users on the land, the YK Multisport Association and Yellowknife Ski Club. Terrax has partnered with these organizations and provided monetary support for these events through the Great Slave Snowmobile Association Trail Riders and St. John Ambulance. All users of the trails, mining roads and ice roads are reminded to act safely and responsibly, and keep an eye out for other recreational, traditional and industrial users and hazards.
About the Yellowknife City gold project
The Yellowknife City gold project comprises approximately 7,000 hectares of contiguous land immediately north of the city of Yellowknife in the Northwest Territories and includes Terrax's wholly owned Northbelt property acquired in February, 2013.
The Northbelt gold property encompasses 3,562 hectares on the prolific Yellowknife belt, all within 15 kilometres of the city of Yellowknife, and covers 13 kilometres of strike on the northern extension of the geology that contained the Giant (7.8-million-ounce) and Con (5.5-million-ounce) gold mines. The Northbelt property is host to multiple shears that are the recognized hosts for gold deposits in the Yellowknife camp, and it contains innumerable gold showings.
In addition Terrax has carried out a strategy of acquiring prospective ground adjacent to Northbelt, and in October, 2013, Terrax entered into an option agreement whereby it can acquire a 100-per-cent interest in the Walsh Lake gold property, which is contiguous with, and immediately east of, Northbelt. The Walsh Lake property consists of seven leases and five claims totalling 6,659 acres (2,695 hectares). Terrax has also staked ground to the west of Northbelt to cover prospective geology that is on strike from Northbelt structures. |
