TerraX's Yellowknife City Gold property gets land use permit

TerraX Minerals (TSXV: TXR) announced that the Mackenzie Valley Land and Water Board in Yellowknife, Canada, issued a Land Use Permit that approves the company's exploration plan on all the land holdings of its Yellowknife City Gold property.

The new permit, effective until January 2024 and extendible to 2026, replaces two previous ones that covered a smaller area. It also provides for water usage required in exploration drilling.

"This new land use permit is much better than the two previous permits that TerraX has worked under as it allows the company to drill anywhere on its 783 square kilometer property," said David Suda, President and CEO of the Vancouver-based firm. "We are also looking forward to results from the historical core assays from five holes ahead of our refined 2019 drill targeting which we will complete and announce in the coming weeks."

Samples from the Yellowknife City Gold project. Photo by TerraX.

With the new permit, the miner says it can now plan its summer drilling campaign as it allows for 20,000 meters of core drilling during the summer/fall season.

The Yellowknife City Gold project's land package occupies terrains immediately north, south and east of the Yellowknife in the Northwest Territories. It lies on the prolific Yellowknife greenstone belt, covering 70 kilometers of strike length along the main mineralized break in the Yellowknife gold district, including the southern and northern extensions of the shear system that hosted the high-grade Con and Giant gold mines.