Terraco Gold Corp. (TSX VENTURE:TEN) ("Terraco" or the "Company")
is pleased to announce assay results from the next 6 diamond drill
core holes completed at its Almaden Project in Washington County,
Idaho. Drilling to date, using HQ3 core, has encountered
significant gold mineralization from surface to 91 metres ("m")
(300 feet ("ft")), with the majority of the holes showing
improvement over the current grade and thickness from those
historic proximal holes. Additionally, new zones of gold
mineralization have been discovered at depths beyond drilling by
previous operators.
Todd Hilditch, President and CEO of Terraco, said: "Terraco's
drilling program continues to be very encouraging. Announced assay
results show higher than expected grades in the near surface gold
resource. Our drilling indicates new, deeper zones of gold
mineralization and will provide our geologists with a better
geological understanding of the area. This important data will help
us develop better, deep feeder targets in areas previously
unexplored."
Highlights include:
-- Hole TAL-759C (located at Stinking Water) intersected 50.9 m averaging
1.09 grams per tonne ("gpt") gold from 10.7 m to 61.6 m (167 ft
averaging 0.032 Troy ounces per short ton ("opt") gold from 35 to 202.2
ft, including:
- 4.6 m averaging 1.824 gpt gold to 61.6 m (15 ft of 0.053 opt gold to
202.2 ft);
- 10.7 m averaging 1.163 gpt gold to 30.5 m (35 ft of 0.034 opt gold to
100 ft), with 4.6 m averaging 2.198 gpt gold to 30.5 m (15 ft of 0.064
opt gold to 100 ft);
- 13.7 m averaging 1.118 gpt gold to 50.3 m (45 ft of 0.033 opt gold to
165 ft);
- 8.3 m averaging 1.954 gpt gold to 61.6 m (27.2 ft of 0.057 opt gold to
202.2 ft), with 1.5 m averaging 5.27 gpt gold to 56.4 m (5 ft of .0154
opt gold to 185 ft).
-- Hole TAL-754C (in the Main Zone) intersected 67.1 m averaging 0.812 gpt
gold from 15.2 m to 82.3 m (220 ft of 0.024 opt gold from 50 ft to 270
ft), including:
- 25.9 m averaging 1.043 gpt gold to 54.9 m (85 ft of 0.031 opt gold to
180 ft);
- 15.2 m averaging 1.056 gpt gold to 79.2 m (50 ft of 0.031 opt gold to
260 ft).
-- Assays from the core have returned values of higher grade or better
mineralization than nearby holes, as indicated by grade times thickness
valuation ("GT").
-- Terraco plans to initiate a preliminary economic assessment ("PEA") of
Almaden in early 2012.
Drill and Program Summary
The current exploration program was designed to accomplish three
goals:
1. increase the grade of the deposit internally by obtaining better, more
representative samples through the use of core instead of reverse
circulation drilling;
2. increase the size of the deposit by drilling below the known resource in
areas of shallow drilling and in areas peripheral to the known resource;
and
3. explore for high grade feeder zones below and laterally away from the
known resource.
Terraco's core drilling, targeted at improving grade within the
resource, has been largely successful. Gold values in the holes
announced to date generally continue to show better gold
mineralization than the announced resource (either higher grade or
better mineralization as indicated by GT). Drilling below the known
resource has added additional intercepts of gold previously not
included in the resource, although in close proximity to it.
The core is also helping Terraco's geologists better understand
local faulting and alteration and how these important factors
impact potential precious metals mineralization at Almaden.
Drilling indicates that gold mineralization is open to the north
and to the south. Historic drilling encountered grade from 3 to 6
times that of the average for the deposit beyond the north and
south ends of the resource outline.
The National Instrument 43-101, Standards of Disclosure for
Mineral Projects ("NI 43-101"), compliant resource has an average
grade of 0.7 gpt in the near surface resource. Grade is often
variable within a resource area and, as such, core drilling is
being used in order to get the most representative samples compared
to those from conventional rotary drilling (RAB) and reverse
circulation drilling (which make up the vast majority of the
historic drilling at Almaden). The NI 43-101 compliant resource is
based on cut-off grades of 0.008 opt, 0.012 opt and 0.023 opt for
the oxide, mixed and sulfide mineralization, respectively:
-- measured resource of 239,000 ounces of gold (10,810,000 tons grading
0.022 opt);
-- indicated resource of 625,000 ounces of gold (32,240,000 tons grading
0.019 opt);
-- inferred resource of 84,000 ounces of gold (5,270,000 tons grading 0.016
opt); and
-- total gold resource of 948,000 ounces (48,320,000 tons grading 0.020
opt).
With the continued success of the program outlined above
relating to the improved GT and new intercepts proximal to the
known resource, Terraco is implementing a plan for an upgraded
resource calculation and a PEA around Almaden as a possible
production scenario.
Deeper Gold Mineralization
Terraco has now discovered gold mineralized zones deeper than
300 m. The deeper drilling has encountered mineralization at depths
below most historic drilling of 100 m and has penetrated to depths
in excess of 610 m.
Some core drill holes have intersected zones of deeper gold
mineralization with higher average gold grade than the currently
outlined gold resource. For example, TAL-753C intersected 7.6 m
averaging 0.984 gpt gold from 112.8 m to 120.4 m (25 ft averaging
0.029 opt gold to 395 ft), which is within 30 m of the known
deposit but not included in the resource calculation.
There are also gold mineralized zones occurring at greater
depth. This forms part of the information required to track the
potentially higher grade feeders. As outlined in the drill table
below, Terraco has identified deeper gold mineralization than
previously discovered which will help target follow-up drilling
aimed at potential feeders. Assays include encouraging results that
show mineralization in zones ranging from 0.425 gpt gold through
0.635 gpt gold and up to 0.984 gpt. The zones are up to 3 times
deeper than that previously discovered.
These deeper intercepts support the concept of mineralization
occurring at depth, distal to, though possibly associated with,
high grade feeder zones. While Terraco's goal is to find deeper
zones of high grade, possibly bonanza, gold in feeder structures,
incremental steps toward this goal include discovery of any
mineralization at depth to prove the concept. Having drilled the
Almaden system to depths as great as 610 m (2,000+ ft), the deep
drilling program is well underway. Deep drilling continues to help
decipher the lithology and structure of the area and test for
feeder zones.
"Terraco is accomplishing the goals set out prior to the Almaden
drilling program and is very happy with the gold results in the
first 9 core holes announced at Almaden. Not only are we seeing
better than average gold mineralization from the current NI 43-101
compliant resource, we are seeing deeper zones of anomalous gold
mineralization beneath the defined resource by drilling much
further than previous operators. Terraco is continuing to drill
using core in an effort to identify potential feeders, while
improving the grade of the known deposit," commented Todd
Hilditch.
To date, 13 core holes for 4,780 m have been drilled at Almaden
with, including this announcement, 9 holes (4,275 m of drilling)
released to date.
Click below for a map of drilling to date which is also
available at www.terracogold.com.
http://www.terracogold.com/i/pdf/AlmadendrillingOct52011.pdf
Assay results are summarized in the table below.
Drill Hole Table
----------------------------------------------------------------------------
Inter- Inter-
Drill val Gold From To val Gold From To
AREA Hole (m) (gpt) (m) (m) (ft) (opt) (ft) (ft)
----------------------------------------------------------------------------
SOUTH TAL-753C 41.1 0.549 32.0 73.2 135 0.016 105 240
including 16.8 0.714 42.7 59.4 55 0.021 140 195
including 4.6 0.828 65.5 70.1 15 0.024 215 230
29.0 0.567 93.0 121.9 95 0.017 305 400
including 7.6 0.984 112.8 120.4 25 0.029 370 395
----------------------------------------------------------------------------
MAIN TAL-754C 67.1 0.812 15.2 82.3 220 0.024 50 270
including 25.9 1.043 29.0 54.9 85 0.031 95 180
including 15.2 1.056 64.0 79.2 50 0.031 210 260
21.3 0.417 94.5 115.8 70 0.012 310 380
12.2 0.371 157.0 169.2 40 0.011 515 555
3.0 0.425 326.1 329.2 10 0.012 1070 1080
----------------------------------------------------------------------------
HILL TAL-755C 55.2 0.575 4.3 59.4 181 0.017 14 195
including 10.7 0.931 9.1 19.8 35 0.027 30 65
with 3.0 1.833 16.8 19.8 10 0.054 55 65
also
including 9.1 0.946 50.3 59.4 30 0.028 165 195
----------------------------------------------------------------------------
EAST TAL-757C 6.1 0.563 32.0 38.1 20 0.016 105 125
----------------------------------------------------------------------------
MAIN TAL-758C 6.1 0.627 15.2 21.3 20 0.018 50 70
3.0 0.344 24.4 27.4 10 0.010 80 90
2.5 0.635 157.5 160.0 8 0.019 517 525
----------------------------------------------------------------------------
STINK- TAL-759C 50.9 1.090 10.7 61.6 167 0.032 35 202
ING
WATER including 4.6 1.824 10.7 15.2 15 0.053 35 50
including 10.7 1.163 19.8 30.5 35 0.034 65 100
with 4.6 2.198 25.9 30.5 15 0.064 85 100
also
including 13.7 1.118 36.6 50.3 45 0.033 120 165
also
including 8.3 1.954 53.3 61.6 27 0.057 175 202
with 1.5 5.270 54.9 56.4 5 0.154 180 185
----------------------------------------------------------------------------
SOUTH- TAL-760C 1.5 0.504 7.6 9.1 5 0.015 25 30
WEST
----------------------------------------------------------------------------
Intersections were composited using a 0.34 gpt cut-off and may include
short intervals of values below the cut-off grade.
Assay determinations for gold were made by 50 gram fire assay,
using an AA finish. Analyses were performed by ALS Minerals USA,
Inc. (Chemex) in Reno, Nevada.
Drilling at Almaden is being conducted by Marcus and Marcus
Exploration in Coeur d'Alene, Idaho and Core One Drilling Inc. in
Montrose, Colorado.
The exploration and drill program for Almaden was designed by
Charles Sulfrian, CPG, Vice President, Exploration for Terraco. The
technical information in this release has been reviewed and
approved by Charles Sulfrian, C.P.G., Vice President, Exploration
of Terraco and a 'qualified person', as defined by NI 43-101,
unless otherwise noted.
Terraco is a mineral exploration company, listed on the TSX
Venture Exchange under the symbol "TEN". Please visit Terraco's
website at www.terracogold.com for additional information.
Forward-Looking Statements
Certain of the statements made and information contained herein
are "forward-looking statements" within the meaning of Canadian
securities legislation or "forward-looking information" within the
meaning of the Ontario Securities Act and the Alberta Securities
Act. This includes statements concerning the Company's plans at its
mineral properties, which involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company, or industry results, to
be materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements or forward-looking information. Forward-looking
statements and forward-looking information are subject to a variety
of risks and uncertainties which could cause actual events or
results to differ from those reflected in the forward-looking
statements or forward-looking information, including, without
limitation, the availability of financing for activities, risks and
uncertainties relating to the interpretation of drill results and
the estimation of mineral resources and reserves, the geology,
grade and continuity of mineral deposits, the possibility that
future exploration, development or mining results will not be
consistent with the Company's expectations, metal price
fluctuations, environmental and regulatory requirements,
availability of permits, escalating costs of remediation and
mitigation, risk of title loss, the effects of accidents, equipment
breakdowns, labour disputes or other unanticipated difficulties
with or interruptions in exploration or development, the potential
for delays in exploration or development activities, the inherent
uncertainty of production and cost estimates and the potential for
unexpected costs and expenses, commodity price fluctuations,
currency fluctuations, expectations and beliefs of management and
other risks and uncertainties. In addition, forward-looking
statements and forward-looking information is based on various
assumptions. Should one or more of these risks and uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those described in
forward-looking information or forward-looking statements.
Accordingly, readers are advised not to place undue reliance on
forward-looking statements or forward-looking information. Except
as required under applicable securities legislation, the Company
undertakes no obligation to publicly update or revise
forward-looking statements or forward-looking information, whether
as a result of new information, future events or otherwise.
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 or
accuracy of this release.
Contacts: Terraco Gold Corp. Todd Hilditch President and CEO
Toll Free: 1-877-792-6688 or (604) 443-3831 (604) 682-3860
(FAX)info@terracogold.comwww.terracogold.com
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