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TerraX secures land use permit for Southbelt property

TerraX Minerals Inc. on Jan. 24 said it received the land use permit for the Southbelt property within its Yellowknife City gold project in Canada's Northwest Territories.

The permit will allow the company to start drilling prospective targets that represent the continuation of gold structures south of the adjacent, past-producing Con mine, which produced over 6 million ounces of gold at an average grade of 16.1 g/t of gold over a 60-year mine life.

TerraX is planning to undertake 10,000 meters of drilling at the Southbelt property this year, with drilling expected to start around the end of February once access routes to the target areas are complete.

The miner has also budgeted for 17,000 meters of drilling at the Northbelt property within Yellowknife City, which covers 15 kilometers of strike immediately north of the historic Giant mine. According to TerraX, the Giant mine produced 8.1 million ounces of gold at an average grade of 16.1 g/t of gold.