TerraX Minerals shares drilling plans with Yellowknifers

An exploration company looking for the next major gold discovery near Yellowknife shared its proposed drilling plans last night, and got a mainly positive response.

An exploration company looking for the next major gold discovery near Yellowknife shared its proposed drilling plans last night.

Close to 40 people attended the information session in the capital.

TerraX Minerals has rights to explore for minerals in the North Belt property, about 15 kilometres from the city, as part of their Yellowknife City Gold Project.

Last week it applied for permits needed to carry out a 6,000 meter drill program this March. 

Many Yellowknifers have cabins near the property on neighbouring Walsh Lake, including Bob Stephen.

“It's an extension of the Giant Mine geology,” says Stephen, who’s has his cabin there for about 30 years. “We are not naive to think that there wouldn't be exploration in that area. There has been exploration in the past right behind my cabin. We lived through it and we'll live through this... it's part of the economy so I think we try and keep an open mind.”

Joe Campbell is the President of TerraX.

He says the drill program is small scale and requires only a dozen workers.

“The historic work that was done in the past identified deposits of gold on the property and base metals that have a high probability that they may be economical,” he says, “so our first work on the property is going to be going after those targets to see if we can prove whether they are."

In total the company is looking to drill about 30 holes near Homer and Milner Lake, and the Crestaurum mine area.

It will access those sites via ice roads and roads built from previous mining projects.

The plan is to begin the work in March, but it depends on getting the necessary permits.   

Mike Byrne, a mineral development adviser with the federal government, attended the meeting out of interest.

“This is a quite encouraging and very interesting project in these times,” he says.

Burn says in an era when it’s hard for companies to raise money, he’s pleased to see a company investing into a property that could have potential.

Bruce Hewlko was also at the meeting.

He’s the president of the Great Slave Snowmobile Association, and has owned a cabin on Walsh Lake for 25 years.

He doesn’t foresee any long-lasting impact from the planned exploration project.

“This year’s disturbed trail to get their rig in is next year’s ski trail,” Hewlko says. “Probably the majority of trails that are there now are from past exploration projects. Mining has had a positive effect in that area.”