CALGARY, ALBERTA -- (Marketwired) -- 04/23/13 -- Teras Resources Inc. ("Teras" or the "Company") (TSX VENTURE: TRA)(OTCQX: TRARF): Teras is very pleased to report results from its ongoing geochemical sampling program at the Cahuilla project in Imperial County, California. A total of 65 additional samples were collected west of the known gold/silver resource within a transtensional dilatant zone that has not been adequately tested by exploration drilling. The geochemical sample results are exceptional; and as a result, the Company continues to significantly enhance the exploration potential of Cahuilla in relatively untested areas well outside of the defined NI 43-101 resource. The Company previously reported results from the northeast target area in a press release dated February 19, 2013.
The plan map below illustrates the anomalous sample locations in the west project area and their proximity to the defined NI 43-101 precious metal resource. Surface geochemical samples were collected within a transtensional dilatant zone where the Modoc Fault turns from an east-west to southwest-trending strike. Samples were collected within this complex structural zone in strongly silicified sediments, volcanic breccia and massive chalcedony-carbonate veins that can measure more than 25 meters thick.
To view the map associated with this press release, please visit the following link: http://media3.marketwire.com/docs/868462Map.pdf.
Of the 65 surface geochemical samples collected, 13 assayed greater than 1.0 g/t gold with a high of 4.4 g/t. Many of the historic exploration holes (green) drilled in the west target were strongly anomalous in precious metal mineralization, however these reverse circulation angle holes were drilled to relatively shallow depths and tested only a very small portion of this highly complex and prospective structural target. The geochemical sample program is planned to continue in the far southwestern project area as shown above in the near future.
Peter Leger, President and CEO of Teras Resources commented, "We are very pleased with the continued success of our ongoing geochemical sampling program. The new samples collected in this western dilatant zone reported strongly anomalous to ore grade precious metal mineralization which defines yet another high priority exploration target and compliments our recently discovered, extensive northeast target. The potential for significantly increasing precious metal resources at Cahuilla continues to be considerably enhanced as we continue our development/exploration efforts for the purpose of creating value for our shareholders."
In other news, Teras is pleased to report that significant progress has been realized in compiling the technical data room for Cahuilla, which includes detailed geology, geophysics and geochemistry in addition to the NI43-101 complaint resource database. The Company will begin presenting Teras and Cahuilla to the markets and interested parties in the near future for the purpose of evaluating this superior project for potential transaction purposes or to develop a mutually beneficial working relationship.
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 cutoff of 0.008 ounces per ton gold). The Company has an aggressive plan to increase the resource and develop the project for future mining operations.
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.
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.
Teras Resources Inc.
(403) 262-8411 or (403) 852-0644
Most Popular Stories
- Bundy Ranch Standoff Has Spurred Radical Right
- Emmys: 'Orange' Marks Break From Sitcoms
- Thousands of Children Dragged Into U.S. Political Bickering
- Kerry in Afghanistan to Meet Candidates
- Fed Vice Chair Fischer: Care Needed to Avoid Crisis
- Portugal Bank Fears Spark Selloff
- Border Crisis Could Lead to Faster Deportations
- Repubs to Sue Obama for Delaying Obamacare
- Dems Float Long-Shot Effort to Curb Campaign Cash
- Union Pulls Support of UNCF Over Koch Gift