CALGARY, ALBERTA--(Marketwired - Dec. 12, 2013) - Teras Resources Inc. ("Teras" or the "Company") (TSX VENTURE:TRA)(TRARF) announces the receipt of final assay results from its recent core and reverse circulation drill program at the Cahuilla gold-silver project in Imperial County, California. The results include the remaining two deep core holes situated in the main resource area and two reverse circulation drill holes located in the northeast project area outside of the existing resource. The most important findings from this drill program include the new geologic information derived from the four deeper core holes. This new data has advanced our understanding of the higher grade gold-silver veins, which we believe will lead to enhancing the grade and expanding the size of the precious metal resources at Cahuilla.
Results from the CAH-311 were successful in expanding the disseminated gold/silver resource at depth, along with the discovery of a new high grade vein in an area where little high grade gold had been encountered in past drilling. CAH-311 also intersected 0.9m @ 119.0 g/t silver from 258.8 to 259.7m and 0.9m @ 113.2 g/t silver from 281.0 to 281.9m (3.5 oz/t @ 849 - 852' and 3.3 oz/t @ 922 - 925'). As seen in the results from the first two deep core holes, anomalous deep precious metal mineralization was also encountered in both CAH-305 and 311 further demonstrating the considerable size of the Cahuilla epithermal precious metal system.
Core holes CAH-305 and 311 were pre-collared to 286.5m and 256.0m respectively and results for all remaining drill holes are reported in the table below:
|Hole #||From||To||TD||Thickness - |
|Gold - g/t |
|CAH-305||0.0||6.1||286.5||6.1 (20)||0.55 (0.016)||RC Pre-Collar|
|24.4||88.4||64.0 (210)||0.65 (0.019)|
|CAH-305||549.2||Diamond Drill Core|
|286.5||443.5||157.0 (515)||Anomalous||Low-level Gold and Silver|
|CAH-311||24.4||152.4||256.0||128.0 (420)||0.79 (0.023)||RC Pre-Collar|
|Including||128.0||131.1||3.1 (10)||12.76 (0.373)|
|198.1||205.7||7.6 (25)||0.55 (0.016)|
|251.4||256.0||4.6 (15)||0.62 (0.018)|
|CAH-311||551.1||Diamond Drill Core|
|256.0||346.0||90.0 (295)||Anomalous||Low-level Gold + Silver*|
|CAH-316||71.6||74.7||182.9||3.1 (10)||0.82 (0.024)||RC Northeast Exploration|
|CAH-317||15.2||16.7||213.4||1.5 (5)||0.62 (0.018)||RC Northeast Exploration|
|* CAH-311 intersected 0.9m @ 119.0 g/t silver from 258.8 to 259.7m and 0.9m @ 113.2 g/t silver from 281.0 to 281.9 (3.5 oz/t @ 849 - 852' and 3.3 oz/t @ 922 - 925').|
The new technical information obtained from this recent drill program is invaluable with respect to understanding the geology of the higher grade gold-silver veins; and therefore, extremely important for planning our next drill program and satisfying Teras' primary objective of increasing the grade of the precious metal resource. Detailed geology that has recently been assimilated from core logging indicates that the higher grade veins are dominantly sub-vertical while the extensive disseminated gold/silver mineralization is basically a tabular sub-horizontal, flat lying body.
The specific geometry of the high grade veins was not well understood in the past because the existing geologic model was interpreted based upon reverse circulation drill chip logs obtained from a majority of vertical drill holes. The new deep core holes clearly illustrate the sub-vertical nature of the veins suggesting that drilling angled core holes across known gold and silver veins may represent the key to delineating continuous zones of high grade precious metal mineralization and feeder veins. The results from the four deep core and eleven northeast exploration holes will play an integral part in our upcoming plan to further develop Cahuilla. This comprehensive plan is currently being formulated and details will be reported in a press release early next year.
Dr. William Bagby, technical advisor for Teras, remarked, "The discovery of this new geologic information regarding the orientation of the higher grade gold-silver veins is very significant; and therefore, essential for the planning and execution of future drill programs. I look forward to working diligently with Teras' technical team to continue improving our understanding of the detailed geology of Cahuilla and to satisfy our primary objective of increasing our gold-silver grades and size of the precious metal resource."
Core and reverse circulation samples have been delivered to Inspectorate America, Reno, Nevada and cutting of the core with a rock saw is complete. Chip samples from the reverse circulation drilling were collected by Mr. Paul Stubbe, Project Geologist and Manager, split on site, placed in sample bags and stored in a secure facility before delivery to Reno, Nevada. Separate splits of each reverse circulation sample are also collected at the drill, which are retained for future analyses. Core samples from the diamond drill are collected on site, placed in boxes, photographed, split in half by a rock saw and one half is assayed by the laboratory. Sample blanks and certified standards are inserted into the sample stream at random intervals for quality control purposes.
Dale A Vitone, P. Eng., registered with the Association of Professional Engineers of Ontario, Alberta and North West Territories and a Director for 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.
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.
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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.