Teras Completes Its Drill Program at Cahuilla and Receives Expanded Drill Permit
CALGARY, AB / ACCESSWIRE / April 14, 2015 / Teras Resources Inc. (TSXV: TRA) ("Teras" or the "Company") announces that it has completed the current drill program on its Cahuilla gold-silver project in Imperial County, California. The company has also received a new permit to drill additional holes on Sovereign Lands at Cahuilla.
The Company completed its angled core drill program on April 8th, 2015. West Core Drilling of Elko, Nevada completed 7 holes with a total footage of 4224 feet of HQ diamond core. Excellent recoveries, even in zones of broken rock, were obtained. The program was scheduled for 8 holes in the target "Zone A", which was announced on March 12th, 2015. .However based on logging of the core, several of the holes were taken deeper than scheduled. The core is being prepared at the company's facility in Salton City, California and will be shipped to Inspectorate Lab in Reno, Nevada for fire assay analysis. The company will release the results of the drill program once received from the lab.
The Company has also received a new permit to drill an additional 1000 holes on the Sovereign Lands within the Cahuilla project. Historical drill results combined with geophysical survey information indicate multiple expansion targets as illustrated in the map below (and previously announced on March 28, 2013). This permit will allow the company to extend and explore beyond the current resource boundary.
To view an enhanced image of the Cahuilla Project - Gravity Geophysical Targets, please visit:
https://orders.newsfilecorp.com/files/2074/14863_teras1enhanced.jpg
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 compliant 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
Michael Padley, Director of Finance
(403) 689-2237
Email: mikepadley@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 may contain "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 reverse circulation drill program. 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 and future costs and expenses being based on historical costs and expenses, adjusted for inflation. 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.
