Teras Resources' mission is to increase shareholder value by implementing sound scientific practices in exploring and developing high-quality gold and base metal properties in North America.
-Projects:
Cahuilla:
Cahuilla “Company’s Main Asset” – is located in mining friendly Imperial County, California. Mine Development Associates completed a NI 43-101 resource report; reporting an indicated resource of 1.0 Million ounces of gold and 11.9 Million ounces of silver. There was also an additional inferred resource of 110,000 ounces of gold and 954,000 ounces of silver. The report was filed on Sedar January 10, 2013.
-Teras owns or controls approximately 1800 acres of prospective land and the resource only occupies 143 acres leaving over 90% of the project available for growth (many historic drill holes that cover the remaining project area host strongly anomalous precious metal mineralization).
-New Gold’s Mesquite Mine is in full operation in the same county as Cahuilla approximately 50 miles to the southeast.
-Cahuilla is in an ideal location for mining year-round with excellent infrastructure including improved roads throughout the project, high voltage power lines directly adjacent to the project and an ample water supply.
-Cahuilla encompasses a series of high grade veins running the length of the project in which returned intercepts of up to 135 g/t gold and 1040 g/t silver.
-Teras completed detailed geophysical surveys in February 2013 and technical analysis of the results demonstrates significant anomalies below the resource and we feel this could represent the potential feeder system.
-Cahuilla received permits in November 2015 to drill 2000 new holes.
-Discovery of higher gold/silver grades in sub-vertical sheeted veins from angled diamond drill program in June 2014.
-Geophysics and detailed geologic investigations have defined multiple high grade shallower sheeted vein and deeper feeder vein targets throughout the project area.
-The existing NI 43-101 resource has restricted the higher-grade gold/silver values due to the lack of continuity resulting from predominantly vertical reverse circulation drilling.
-Only a small percentage of this extensive epithermal system has been properly tested by angled core drilling.
-Mineralization continues to significantly expand in all directions along strike and at depth; new extensive targets in the southwest and northeast project areas remain to be drill tested.
Gold has been produced from several mines located in the vicinity of Cahuilla beginning in 1897. Prospecting and mining activities are believed to have originated in the Cahuilla project area as early as 1912. These consist of five small prospect pits that were constructed in the project area; however no significant quantities of gold were produced from these workings. From the late 1980’s through 2010, an estimated $6 million had been spent on gold exploration in the Cahuilla area, with work performed by companies including Homestake, Newmont and Kennecott. A total of 112,168 feet of drilling in 214 RC and core holes have been completed on the Cahuilla property in four historic drill campaigns.
In 1990, the Torres Martinez Desert Cahuilla Indians obtained federal funding through the Bureau of Indian Affairs to undertake a gold mineral assessment. In 1991 and 1992, a total of 57 holes were drilled on Tribal lands, which resulted in a major gold discovery.
Drill hole TM-28, the discovery hole, intersected 240 feet of 0.112 ounce per ton gold from 85 to 325 feet (73.2m @ 3.84 g/t), including 45 feet of 0.359 ounces per ton gold from 160 to 205 feet (13.7m @ 12.30 g/t) and 15 feet of 0.315 ounces per ton gold from 230 to 245 feet (4.6m @ 10.79 g/t). In 1994 the Torres Martinez Tribe offered the property.
-Geology:
-Mineralization hosted in clastic sediments, fanglomerates and quartz monzonite
-Mineralization styles include multiple higher-grade, sheeted/banded veins within an extensive envelop of tabular disseminated gold-silver mineralization
-Paleo-geothermal or Low Sulfidation Epithermal Multi-Phase Precious Metal System
-Multiple shallow and deep high grade feeder and sheeted vein targets delineated
Both underground high grade and large open pit development potential
The Cahuilla Project is an epithermal, sediment-hosted, hot springs vein, stockwork and disseminated gold-silver system hosted along a major east-west striking structural zone. The majority of the deposit is hosted on the Torres Martinez Indian Reservation.
The Cahuilla project is localized along the western edge of the Salton Trough, which is characterized by active crustal extension and spreading center within the San AndresSan Jacinto fault system. The Modoc Fault, the most important geologic feature at Cahuilla, represents an antithetic, pull-a-part, fault zone within the regional San AndresSan Jacinto strike-slip structural zone. A Jurassic quartz monzonite stock comprises the footwall block to the Modoc Fault zone which strikes generally east-west to north 70⁰ east, dipping to the south in the project area. The hanging wall is composed of the Quaternary Palm Springs Formation, a succession of fine- to coarse-grained, rhyoliticclastic sediments, and siliceous sinter and fanglomerates adjacent to the Modoc Fault zone.
Along the Modoc Fault zone, both the quartz monzonite and Palms Springs Formation host ore-grade mineralization. A recent 25-foot (7.6m) channel sample across the brecciated and banded vein exposed at the surface returned 29.1 g/t Au and 304.1 g/t Ag and selective sampling of a portion of the vein hosting copper mineralization assayed 193.5 g/t Au and 383.9 g/t Ag. In 1988, Homestake collected an 80-foot sample (24.4m) that assayed 10.6 g/t discovering the High Grade Hill vein mineralization along the Modoc Fault zone. Although the east-west trending Modoc Fault zones controls and hosts the majority of the high-grade veins and stockwork, mapping, sampling and drill hole intercepts indicate gold-silver mineralization is also hosted along north-south trending sub-vertical, poorly exposed faults. An extensive, disseminated lower-grade halo surrounds the higher-grade gold veins. Mineralization is known to extend over two miles along the strike of the Modoc Fault and more than one-half mile in width extending south under pediment cover and is open in all directions.
Two dominant styles of gold mineralization are recognized at Cahuilla and include:
1) Structurally-controlled, bonanza-grade, crustiform banded, sheeted and brecciated, gold-silver veins and stockwork zones cutting disseminated gold mineralized sediments; gold occurs as high-silver electrum and native gold.
2) Flat, tabular, extensive disseminated mineralization hosted in the Palm Springs sediments. Intense, widespread silicification commonly accompanies precious metal mineralization. Argillization occurs along the Modoc fault zone, which resulted from both vapor phase paleo-hot springs activity and younger supergene alteration of unsilicified material. Alteration consists of intense silicification replacing the Palm Springs sediments and weak to intense argillization adjacent to the veins and upper fanglomerates along the Modoc Fault zone.
Corral Canyon:
The Company owns a 100% interest in the Corral Canyon Gold Project located in Churchill County, Nevada. The Corral Canyon Mining District was originally discovered in 1861.
About this Project:
Gold and other precious and base metal exploration and production have occurred throughout the area. On the Corral Canyon claim block, mining was conducted for gold and titanium in the 1920’s and 1930’s, and again in the 1970’s. Gold values of greater than 0.50 ounces of gold per ton have been detected from surface samples collected on the claim block and impressive specimens of coarse visible gold were found in underground workings.
Major companies that held past land positions in the district include Newmont, Asarco, Utah International, Santa Fe, Duval Copper, Cordex and Anaconda. Cordex drilled 10 reverse circulation holes in the mid-1980’s and intersected anomalous gold in many of the holes with the best intercept containing 25 feet at 0.045 opt gold.
Golden Jubilee:
The Golden Jubilee property consists of 22 mineral lode claims (approximately 227 acres) located in Granite County, Montana. The property occurs at an elevation of approximately 7800 feet above sea level. In February of 2007, an additional 98 claims were filed with the County Clerk and Recorder office to cover the possible extensions of this gold vein prospect. Teras is waiting for final confirmation of the claim status.
About this Project:
The property was first discovered in the late 1880’s. Very little is known about the exploration history of the property prior to 1978. Between 1978 and 2000; mapping, prospecting, trenching, channel sampling, ground geophysical surveys, reverse circulation drilling, diamond drilling, underground exploration, and bulk sampling has been completed on the property. No exploration has been completed on the property since 2000.
Gold Point:
he Company holds a 100% interest in the unpatented claims of the Gold Point Property located in Sierra County, California. Prospecting began in the project area during the early 1900’s while ore production from the Gold Point vein reportedly began in 1918. According to the California State Mining Report of April 1923, “the mine was processing 60 to 75 tons per day with the ore averaging 0.5 opt gold.” It is estimated that approximately 100,000 tons of ore were mined through 1948 averaging about 0.30 opt gold.
About this Project:
From 1984 to 1990 over $1.5 million was spent on the Gold Point project on underground mine rehabilitation, more than 10,000 feet of diamond drilling and 500 feet of drifting. The majority of this work was conducted by Sierra Gold Development Inc., a subsidiary of Battle Mountain Gold Company. However, Battle Mountain relinquished the property as it no longer met the Company’s criteria.
Battle Mountain completed approximately 40 diamond drill holes from different “stations” to cross cut the vein at various locations for delineating mineral resources. Eight core holes were drilled from station #3 and seven encountered anomalous gold mineralization. Intercepts ranged from 8.48 feet of 0.081 opt gold to 5.39 feet of 1.212 opt gold. Exploration and development drilling indicated that the Gold Point vein is completely open down dip and that strike potential also remains.
Superstition:
The Superstition Mountain Gold Property is located in Imperial County, California approximately 20 miles northwest of the town of El Centro. The gold prospect is situated along the western flank of the Superstition Mountains and consists of six unpatented lode claims on Bureau of Land Management ground, which are accessible by dirt roads.
About this Project:
he property is situated along the Superstition Mountain fault, a major northwest-trending normal range front structure that marks the southwestern boundary of these low-lying mountains. Preliminary exploration conducted on the claims indicates that strongly anomalous gold occurs throughout a relatively large area within the claim block. Gold values from 53 to 746 ppb have been detected in strongly silicified sediments that occur along a parallel trend with the Superstition Mountain fault. One sample collected along a northeast-trending fault zone in altered granites assayed 0.821 opt gold. In addition, a significant pediment target exists along the range front fault adjacent to the gold-bearing outcrops.
Sunny Slope:
The Companies primary objective is to initiate mining operations at Sunny Slope as quickly as possible at minimal capital and operating costs. Operating permits for underground mine development and production are expected to be relatively simple to obtain. The project is fortuitous to have excellent infrastructure including maintained road access and nearby power lines.
About this Project:
The Sunny Slope gold mine is a remarkably high-grade, quartz-gold vein system hosted in metamorphosed sedimentary, volcanic and intrusive rocks. The property is located in Mineral County, Nevada and the Company owns a 100% in the unpatented claims which have no underlying royalties.
Numerous shafts, adits and prospects occur within the Sunny Slope project area. A well-preserved, historic stamp mill still remains in the main project area and suggests that initial mining activity may pre-date the 1900’s. This relatively large mill facility also demonstrates that the mine was of sufficient size and value to support a substantial mining operation.
The property consists of Tertiary and Mesozoic age igneous rocks that intrude metamorphosed sedimentary and volcanic rocks of the Excelsior Formation. At least two gold-bearing brecciated quartz veins have been identified along northwest trending fault zones. The veins, which are poorly exposed, appear to extend for many hundreds of feet in strike length. Channel samples collected from the vein returned values from 0.132 to 24.572 opt gold while limited drilling returned intercepts of 95 feet averaging 0.018 opt gold including 20 feet of 0.057 opt (highest value encountered 5 feet of 0.112 opt). Composite samples collected from the historic mill tailings adjacent to the stamp mill averaged 0.200 opt gold.
In addition to the high-grade quartz-gold veins that occur at Sunny Slope, a second target has been identified. The high-grade veins may actually represent the surface manifestation of a much larger gold porphyry system that is concealed at depth. Porphyry deposits are common in the area and include the Yerington, Pumpkin Hollow, and Northern Lights mines.
Watseka:
The Watseka Mill Site and Mine Site is located in the Rochester Mining District is located approximately nine miles northwest of Twin Bridges, Madison County, Montana, on the east slope of the continental divide. Primary access to the mine site is via county roads leading from State Highway 41 at Twin Bridges. The highways are maintained throughout the year by State and Federal funds.
About this Project:
The Rochester or Rabbit mining district was discovered in the 1860s when outcroppings of rich, oxidized gold ores were found on Watseca Hill on the south slopes of the Highland Mountains northwest of Twin Bridges. By 1869, eight hundred men lived in tents and log cabins on the surrounding hills. The Watseca lode, which was discovered in the 1860s, was the key to the region. The region was too dry for successful placer mining. A ten-stamp mill, built in 1868 at a cost of $34,000, cleaned up $15,286 in gold in nine weeks. By 1871 mining declined as the free-milling gold was nearly exhausted.
The passage of the 1872 mining laws gave lode mining a shot in the arm by revising antiquated claim laws based on placer mining. Lode mining was revived in the district in 1873 with the successful operation of the Day, Julia Homes, Pavcippa, and Watseca mines. By 1880, mining was back in full swing with many new claims operating. By 1896, F.R. Merk owned the Watseca mine, the largest property continuously operating within the district. Through lessees, free-milling gold averaging $30-75 at ton was recovered. The Buffalo mine, which adjoined the Watseca, was also extensively developed. Although gold was the prevailing deposit in the area, lead and small amounts of copper were also found. To treat these varied ores, concentrators and small lead smelters were built in or near the town (Swallow 1891; Sahinen.1935; Wolle 1963).
The period of greatest activity was from 1898 to 1905 when the Watseca was in full production. The district produced gold ore valued at several million dollars , as well as appreciable amounts of lead and silver. At this time the population of the town of Rochester reported rose to 5,000. Stamp mills, chlorination mills, and other types of concentrators, as well as lead smelters were built in the district. The increased cost of labor and materials cut production profits to such an extent that by 1906, only eight mines continued to operate. Owners began to sell off their properties or to abandon them. By 1907 the district was almost deserted and remained so until 1926. A brief three year boom resulted from production on the Emma, Colusa, and Jack Rabbit claims, as lead-silver properties. A mill, erected at the Emma mine by the Butte Madison Mines Corporation, ran until 1932. Since then the district has lain dormant (Winchell 1914; Sahinen 1935; Wolle 1963).
In 1902, the mine was described as having two shafts. The vertical shaft was 300 feet deep while the inclined shaft was 650 feet long. Steam hoists extracted the high grade gold ore from the shafts. Low grade ore was treated at the old Thistle mill while the high grade was transported directly to the smelter. The Thistle mill treated 50 tons per day while leased by the Watseca Mining Co. The pumps were used to drain the lower levels of the mine. (Byrne and Hunter 1898; Winchell 1914). The mine was ultimately developed by the Watseca vertical shaft which reached 600 feet and the Goodale inclined shaft which was 450 feet deep, but connected to the 600 foot level by a raise. There were four main levels at 185, 272, 402 and 600 feet. Other shafts on the Watseca vein including the Farlin, Tripod, Stacey, Climax extend for a distance of 2,400 feet. In addition to the Watseca vein the Alameda, the Gold Bug and the Van Dusen veins are also exposed in the mine (Sahinen 1939). In 1974 a modern custom plant was erected on the old Watseca mill site. This mill worked ore until 1980 (McClernan 1981).
Geology:
Geologically, the district is composed of fine grained gneisses and mica and hornblende schists of Archean age. Sills and dikes of aplitic granite have been intruded roughly parallel to the banding in the metamorphic rocks which in general trend northeast and dip 15-40 degrees to the northwest. Stocks of diorite and andesite flows are also present in the area east of Rochester. Basalt flows occur to the west. The main body of the Boulder batholith is exposed a few miles to the north and the igneous bodies of Rochester may be upward reaching fingers of the main bodies which may underlie the whole region (Winchell 1914; Sahinen 1935).
The ore deposits are in well defined veins which usually strike north or northeast and dip steeply to the west. The veins are associated with the granite dikes. They are commonly narrow but locally very rich. A few veins are wide and of low grade. Most veins are valued chiefly for their gold content but some are silver-lead veins. The ore minerals include: native gold, argentiferous galena, cerussite, malachite, chrysocolla, pyrite in a gangue of quartz. Vanadinite and exdemite have also been reported (Winchell 1914; Sahinen 1935).
Although statistics are not available for the early years, it has been estimated that the district produced $2 million from 1868 to 1903. From 1904 to 1912 the district produced 10,314 tons of ore that was reduced to 4,893.1 ounces of gold worth $101,149; 24,923 ounces of silver worth $15,496; 1,913 pounds of copper worth $321; and 382,086 pounds of lead worth $17,685. Total value of the ores during this period was $134,651. Prior to 1932 the district was credited with a total production of 2.5 million (Winchell 1914; McClernan 1981).
Forward Program
Plans for the Watseca mine and mill site will include an reclamation program, geological mapping, geochemical sampling, trenching as well as diamond drilling. Work is planned and subsequent to surface geological work, a diamond drilling program of approximately 4-6 drill holes is planned to test the vertical extent and gold values of the main vein zone below the 600ft level. If drilling is successful then a more extensive program will be carried out to test for possible vein strike extensions of the main mineralized vein structure to the Northeast and Southwest. This second phase of drilling is estimated to be about 4-8 drill holes.
Teras Resources Inc. is traded on the OTCQB under the ticker symbol TRARF. This is not investment advice. Please view the disclaimer found on this website.
