CALGARY, ALBERTA--(Marketwire - April 10, 2012) - Teras Resources Inc. ("Teras" or the "Company") (TSX VENTURE:TRA): is pleased to announce assay results from its most recent reverse circulation drill campaign at the Cahuilla gold-silver project in Imperial County, California.
The significant intercepts listed below were encountered in the south-central mineralized area of the precious metal deposit within the general vicinity of where the very high grade gold and silver values (up to 135.36 g/t or 3.948 opt gold in CAH-139 and 983.00 g/t or 28.7 opt silver in CAH-142) were intersected in November and December of last year. Drilling was focused along the northern and eastern margins of this highly prospective area with the objective of extending historic gold and silver mineralization into relatively untested areas.
The Company is pleased to report the following results as they continue to significantly enhance precious metal mineralization at Cahuilla.
|Hole #||From||To||TD||Thickness - m (ft||)||Gold - g/t (oz/ton||)|
|CAH-169||33.5||88.4||91.4(i||)||54.9 (180||)||0.68 (0.020||)|
|CAH-170||29.0||71.6||201.2||42.7 (140||)||0.96 (0.028||)|
|Including||67.1||68.6||1.5 (5||)||9.55 (0.279||)|
|135.6||137.1||1.5 (5||)||1.40 (0.041||)|
|143.2||146.3||3.1 (10||)||5.00 (0.146||)|
|Including||143.2||144.7||1.5 (5||)||7.76 (0.226||)|
|150.9||152.4||1.5 (5||)||7.35 (0.214||)|
|164.6||166.1||1.5 (5||)||1.68 (0.049||)|
|173.7||189.0||15.3 (50||)||1.54 (0.045||)|
|Including||185.9||189.0||3.1 (10||)||4.35 (0.127||)|
|CAH-171||25.9||33.5||213.4||7.6 (25||)||0.58 (0.017||)|
|53.3||59.4||6.1 (20||)||0.41 (0.012||)|
|73.2||149.4||76.2 (250||)||0.55 (0.016||)|
|CAH-172||57.9||65.5||213.4||7.6 (25||)||0.41 (0.012||)|
|94.5||134.1||39.6 (130||)||0.45 (0.013||)|
|CAH-173||33.5||42.7||67.1(i||)||9.2 (30||)||2.19 (0.064||)|
|Including||36.6||38.1||1.5 (5||)||7.48 (0.233||)|
|CAH-175||21.3||25.9||182.9||4.6 (15||)||0.41 (0.012||)|
|36.6||64.0||27.4 (90||)||0.38 (0.011||)|
|76.2||99.1||22.9 (75||)||0.68 (0.020||)|
|117.4||118.9||1.5 (5||)||1.49 (0.043||)|
|141.7||144.8||3.1 (10||)||0.62 (0.018||)|
|CAH-176||19.8||62.5||182.9||42.7 (140||)||0.82 (0.024||)|
|76.2||97.5||21.3 (70||)||0.34 (0.010||)|
|132.6||140.2||7.6 (25||)||5.48 (0.160||)|
|Including||134.1||135.6||1.5 (5||)||15.01 (0.438||)|
(i) Holes CAH-169 and 173 were terminated before reaching their projected depths as a result of difficult ground conditions and poor sample recovery.
Results of this most recent round of drilling continue to be very encouraging as demonstrated by the discovery of many new higher grade gold veins throughout the north and northeastern portion of this area where few veins had been encountered in historic drilling. For example, drill holes CAH-170 and 173, which are located along the central-north boundary of this mineralized area, intersected a total of four veins that assayed more than 7 g/t gold over widths of 1.5m. CAH-176 was drilled more than 100 meters east of these newly discovered veins and encountered significant thicknesses of low to moderate grade gold in addition to a higher grade zone that assayed more than 15 g/t gold over 1.5m.
Assaying of the reverse circulation samples was conducted by Inspectorate Laboratory in Reno, Nevada. Drill samples were collected by Mr. Paul Stubble (project geologist), split on site, placed in sample bags and delivered to Inspectorate Laboratory in Reno, Nevada for analysis. In addition, blanks and certified standards have been inserted into the sample stream at random intervals for quality control purposes.
The Cahuilla Project is a large epithermal, paleo-hot springs system hosting multiple high grade veins that occur within an extensive body of disseminated gold-silver mineralization. For further information on the Cahuilla project refer to the NI 43-101 technical report entitled "Cahuilla Property 43-101 Technical Report," dated October 25, 2007 prepared by Todd Wakefield, MAusIMM of AMEC E&C Services filed on Sedar on November 15, 2007.
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 host rocks containing numerous sheeted high grade quartz veins. Grades of the host rock are equivalent to grades of gold reserves at New Gold's Mesquite Mine, also in Imperial County, California (0.56 g/t; Mineral Reserves and Resources Summary as of December 31, 2011 on the New Gold website). Teras will continue drilling at Cahuilla to define a gold resource complaint to the standards required for a new NI 43-101 resource report and continue developing a gold resource for future extraction.
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.