Teras Provides Drill Program Update for Its Cahuilla Gold/Silver Project
CALGARY, ALBERTA--(Marketwired - Nov 5, 2013) - Teras Resources Inc. ("Teras" or the "Company") (TSX VENTURE:TRA) (TRARF) (News): Teras is pleased to report that the Company has finished the first phase of its reverse circulation and deep core drill campaign at the Cahuilla project in Imperial County, California. A total of 1,348 m (4,422') of core and 2,932 m (9,620') of reverse circulation drilling have been completed during this initial phase, which is comprised of four deeper, pre-collared diamond drill and eleven reverse circulation holes.
Both the core and reverse circulation drill chips are currently at the lab being assayed. In our press release dated October 9th, 2013, we indicated that assay results would become available by the 23rd of October. However, due to unforeseen circumstances at the lab, the results have been delayed. We now anticipate the assay results from core hole CAH-303 to be received later this week and results from the remaining diamond drill holes CAH-304, CAH-305 and CAH-311 to follow in a timely fashion.
In order to ensure that our results are processed judiciously, Teras is now working very closely with the laboratory staff to expedite the assay process. This includes the implementation of double shifts for the exclusive purpose of preparing and analyzing Teras' core samples as promptly as possible while maintaining superior quality control. We wish to thank all of our shareholders for their patience and understanding during a period that has been trying and exasperating for everyone.
Mr. Paul Stubbe, Project Geologist and Manager, is currently conducting detailed geologic logging of the core and once all the assay results have been received, the Teras technical team will reconvene to analyze and evaluate all of the reverse circulation and most importantly, the deep core assay results along with our recently generated detailed geological and geophysical data. The primary focus of the comprehensive evaluation process is to fine-tune the selection of additional deeper high-grade targets for continued exploration of the feeder veins or source of this extensive gold/silver precious metal epithermal system.
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 technical information contained in this news release.
About Teras
The Company 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 demonstrates the potential for a large-scale, bulk-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 1.2 million plus ounces of gold and 11 million plus ounces of silver on its Cahuilla project (70.148 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). The Company has an aggressive plan to increase the grade and tonnage of the resource and develop the project for future mining operations.
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 potential of the Cahuilla Project; the potential of geophysical programs on the Cahuilla Project; the potential to expand the resource, to identify new targets and to identify high grade zones and structures; the timing of and potential of drilling and exploration programs, surveys, studies and developments; and the potential for finding high grade deposits.
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; continued success in drilling and exploration programs and geological and geophysical studies at the Cahuilla project; successful studies in mining techniques and metallurgy; commodity prices continuing at today's prices or rising; obtaining the necessary funding to carry out recommended work programs, exploration and studies; and continued success in obtaining permits. Additional assumptions can be found in the Company's disclosure documents on the SEDAR website. 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.
