CALGARY, AB / ACCESSWIRE / November 17, 2016 / Teras Resources Inc. (TSXV: TRA) ("Teras" or the "Company"): is pleased to report assay results from its recent detailed surface exploration program at the Cahuilla gold/silver project in Imperial County, California. This recent mapping and rock chip sampling program focused on the Company's southwest target area and the positive assay results from a total of 51 rock chip samples further enforce the potential expansion of the Cahuilla gold/silver deposit. This new area is relatively untested by past drilling.
Results from the mapping and sampling program continue to show that significant gold and silver surface anomalies occur throughout the entire southwest target area. These new results augment the positive geochemical sample assays collected from Central Canyon that were reported in the October 6, 2016 press release. Gold results from the western and southwestern expansion area including the new samples are illustrated on the following map:
Cahuilla Project: Sample Results 2013 & 2016
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A total of 51 rock chip samples were collected in the southwest expansion area with values ranging from 0.003 g/t gold and 0.5 g/t silver to 2.400 g/t gold and 36.8 g/t silver. This sampling campaign demonstrates that the precious metal-rich hydrothermal system extends to the boundaries of Teras' recent field exploration program and very likely extends to the southeast where outcrops are obscured by gravel cover. Samples collected along the Modoc Fault in the far western project area are also strongly anomalous in gold and silver. These areas will be included in the next drilling program.
Samples gathered along the West Ledges fault zone showed somewhat more subtle precious metal anomalies but are interpreted to be collected within a higher level of the epithermal system indicating that higher grade values may occur deeper than, for example, along the Modoc Fault. In addition, other elements associated with the Cahuilla hydrothermal system or "pathfinders" are anomalous throughout the far southern project area indicating that the mineralizing system likely remains strong. Very little drilling has been conducted along West Ledges fault zone.
The overall findings of the recent fieldwork have successfully expanded favorable target areas at Cahuilla far beyond the existing resource in multiple directions including northeast, southwest and into the gravel covered lowlands surrounding the project to the east and south as shown on the map below:
Cahuilla Project: Resource Expansion Areas
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It is noted that all of these target areas are relatively untested by drilling. Some of the wide-spaced historic reverse circulation holes that are present in these areas intersected significant mineralization (refer to press release dated October 6, 2016) further supporting the need for additional drilling to adequately test these targets. Given the extent of these newly identified areas, the Company is currently planning to conduct additional field work where favorable new structure, surface alteration and geochemical anomalies have been identified to delineate highly prospective drill targets for purposes of expanding the gold and silver mineralization at Cahuilla.
Peter Leger, President and CEO of Teras Resources commented, "I am very excited with the progress our technical team has made in delineating many new and substantial precious metal targets at the Cahuilla project. Our detailed field mapping and sampling program has undoubtedly confirmed the presence of many favorable geologic features that define these targets. I am anxiously looking forward to drilling these new high priority exploration areas, which we are confident will result in a significant increase in our precious metal resource."
Teras 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 Teras believes that the Cahuilla project has the potential to develop into a mining operation consisting of altered and mineralized sedimentary host rocks with numerous sheeted high-grade sheeted quartz veins. Teras filed a NI 43-101 technical report with an indicated resource of 1.0 million ounces of gold and 11.9 million ounces of silver on its Cahuilla project (70 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) and inferred class of 10 million tons grading 0.011 opt gold and 0.10 opt silver. Gold equivalent ounces are 1.2 million ounces in indicated class and 130,000 ounces in inferred class using a ratio of 55 silver ounces to 1 gold ounce. For further information on the Cahuilla project refer to the NI 43-101 technical report entitled "Cahuilla Property 43-101 Technical Report," filed with Sedar on November 27, 2012.
Dr. Dennis LaPoint, a qualified person under National Instrument 43-101 "Standards of Disclosure for Mineral Projects," 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. Dr. LaPoint has reviewed and verified the mining, scientific and technical information contained in this news release. Dr. LaPoint is a registered geologist with the Society of Mining Engineers.
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This press release contains "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 Cahuilla project, the development and advancement of the Cahuilla project, the development of the geologic model in respect of the Cahuilla project, the development of further drill plans in relation to the Cahuilla project and the potential of the Cahuilla project to develop into a mining operation; and the completed core drilling program including further analysis of the core drilling program, the evaluation of the core drilling program and its impact on the Company's existing NI 43-101 technical report. 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, the ability of the Company to obtain acceptable financing, market acceptance of its exploration programs and projects; consistent and favorable commodity prices; and regulatory acceptance of the Company's geologic models . 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.
SOURCE: Teras Resources Inc.