CALGARY, ALBERTA -- (Marketwired) -- 06/06/13 -- Teras Resources Inc. ("Teras" or the "Company") (TSX VENTURE: TRA)(OTCQX: TRARF): Teras is pleased to report the results of a magnetotelluric (MT) survey recently conducted at the Cahuilla gold/silver project in Imperial County, California. The MT survey, conducted by Zonge International, is remarkably positive and has identified multiple apparent new precious metal targets including the potential location of deep high grade feeder zones throughout the project area.
The following cross sectional illustration showing the MT resistivity image (looking toward the west) identifies high-resistivity (white to blue) silicified rocks associated with the existing near-surface NI 43-101 resource which is outlined by the blue line. In addition to delineating resistive rocks associated with the known mineralization, the MT survey has recognized a major structural feature, likely the mineralized Modoc Fault zone, which extends beneath the near-surface mineralization. Zones of high resistivity suggest that silicification extends to depth along this major structure and may represent the source or pathway for the shallow disseminated and high-grade vein precious metal mineralization that has been delineated in the gold/silver resource area.
This type of structural geometry is of extreme importance and expected for high-grade epithermal vein targets that have been encountered in numerous epithermal precious metal deposits throughout the world. Commonly in this type of epithermal or "shallowly emplaced" precious metal system, gold-and silver-rich hydrothermal fluids are focused in structural zones or faults below the more widespread disseminated mineralization within a feeder zone or "throat", which is interpreted as the primary target on the MT section above. The Cahuilla project has never been tested to depths where these feeders would be expected to occur and the main objective of Teras' next drill program is to explore many of these newly identified targets.
The extensive, buried resistive body to the south (left side of the diagram) was not recognized until Teras received the recent MT results from Zonge. This high-resistivity feature delineates a large, new target in an area that will be approved for drill testing in the next phase of permitting, which is currently in progress. This significant geological feature may represent intrusive and/or silicified rocks that are genetically related to the rhyolite intrusives and tuffs that are identified within the Cahuilla precious metal mineralizing system.
Peter Leger, President and CEO of Teras Resources, remarked "We are extremely pleased with the results of our geophysical surveys and have identified multiple high quality target areas while focusing on deeper high grade feeder zones that could significantly increase our gold/silver resources and enhance the overall grade of the deposit. The geophysical results along with additional technical data generated by our management team and highly qualified specialized consultants impart high confidence that the project has the capability to be world class and we are aggressively moving forward to achieve our goals."
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.
To view the figure associated with this press release, please visit the following link: http://media3.marketwire.com/docs/878863_fig.pdf.
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.
Peter Leger, President
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OCTOBER 31, 2014
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