Teras Resources Inc. ("Teras" or the
"Company") (TRA.V - News): announces that the Company has engaged National Drilling Company
to continue development of its Cahuilla project in Imperial County,
California. National will initiate mobilization of an Atlas-Capco
CS14 core drill this week to begin testing one of the linear
west-northwest trending, high grade precious metal zones as
reported in the January 14th, 2014 press release. Teras anticipates
that the diamond drill will begin operations this weekend once all
of the equipment has been mobilized to the project site.
The initial phase of
this upcoming core drilling program will consist of six to eight
angle holes totaling approximately 1100 meters. The goal of the
diamond drill program will focus on delineating the continuity of
known sub-vertical, near surface high grade gold and silver veins
that were intersected in previous Teras and historical reverse
circulation drilling. As a result of the near vertical vein
control, these new high priority targets will be tested by angled
core holes drilled in various directions through the high grade
sub-vertical veins at angles that fluctuate from
-65? to
-80?.
Teras' primary
objective for 2014 is to increase the grade of the precious metal
resource by further delineating high grade precious metal
mineralization, thus enhancing the total in ground gold and silver
ounces within the existing NI 43-101 resource. Teras will also
obtain more detailed information required to perform metallurgical,
mineralogical and geotechnical studies, along with the geologic
understanding of ore controls in preparation for a scoping study
based on current resources to rapidly advance the project to a
mining operation.
The following map
illustrates the location where the new angled core holes will be
collared to begin testing the high grade precious metal
zones:
To View Map Image,
please copy and paste URL below into a new browser:
http://thenewswire.ca/client_files/2014-02-13-0.pdf
Click Image To View Full Size
The angled core holes
will be targeting some of the highest grade reverse circulation
precious metal intercepts on the property including Teras drill
holes CAH-139 and CAH-142, which are approximately 150m apart and
situated within the current target area shown on the map above.
Significant high grade intercepts from these two drill holes are
shown in the table below:
----------------------------------------------------------
|Hole # |From |To |TD |Thickness– m|Gold– g/t ( |
| | | | |(ft) |oz/ton) |
|--------------------------------------------------------|
|CAH-139 |88.4 |99.1 |213.4|10.7 (35) |19.11 (0.558) |
|--------------------------------------------------------|
|Including|88.4 |91.5 | |3.1 (10) |*64.54 (1.880) |
|--------------------------------------------------------|
|Including|88.4 |89.9 | |1.5 (5) |*104.32 (3.046)|
|--------------------------------------------------------|
| |128.0|164.6| |36.6 (120) |2.77 (0.081) |
|--------------------------------------------------------|
|Including|135.6|144.8| |9.2 (30) |8.70 (0.254) |
|--------------------------------------------------------|
|CAH-142 |25.9 |82.3 |173.7|56.4 (185) |1.13 (0.033) |
|--------------------------------------------------------|
| |102.1|140.2| |38.1 (125) |1.61 (0.047) |
|--------------------------------------------------------|
|Including|103.6|112.8| |9.2 (30) |**3.80 (0.111) |
|--------------------------------------------------------|
|Including|128.0|137.2| |9.2 (30) |**1.92 (0.056) |
----------------------------------------------------------
*Fire assays of
duplicate samples from the very high grade gold values in CAH-139
encountered 3.1m of 80.79 g/t gold from 88.4 to 89.5m including
1.5m of 135.40 g/t (10' @ 2.359 oz/t including 5' @ 3.954
oz/t).
**The higher grade
gold intercepts in CAH-142 also contain significant silver values
including 213.6 grams (6.24 oz/t) from 103.6 to 112.8 meters (9.2m)
and 493.3 grams (14.40 oz/t) from 128.0 to 137.2
meters (9.2m) including 1.5 meters of 4.45 grams
gold (0.130 oz/t) and 983 grams silver (28.7 oz/t) from 135.6 to
137.1 meters.
Core samples will be
delivered to Inspectorate America in Reno, Nevada for analysis.
Core from the diamond drill shall be collected on site, placed in
boxes, and photographed. The core will then be split in half by a
rock saw at the Company's secured warehouse facility near the
project site and one half will be transported and analyzed for
precious metals by Inspectorate. Sample blanks and certified
standards shall be inserted into the sample stream at random
intervals for quality control purposes.
Teras is also pleased
to report that URS Corporation of La Jolla, California is achieving
excellent progress on the Company's phase three permitting program
that encompasses the entire Cahuilla project area, which is
comprised of nearly eight square kilometers. Biological and
archeological surveys are currently in progress and expected to be
complete in the early spring of this year. Final draft permit
documents will be submitted to the appropriate regulators sometime
in mid-2014, while final approvals are anticipated to be received
during the second half of the year.
Dale A Vitone P.
Eng., registered with the Association of Professional Engineers of
Ontario, Alberta and Northwest 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.
About Teras
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 cut-off of 0.008 ounces per ton
gold). The Company has an aggressive plan to increase the grade of
the resource and develop the project for future mining
operations.
For further
project and corporate information, contact:
--------------------------
|Teras Resources Inc. | |
|Peter Leger, President| |
|(403) 262-8411 | |
|(403) 852-0644 | |
|Email: pleger@teras.ca| |
|Website: www.teras.ca | |
| | |
--------------------------
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.
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.
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