Calgary, Alberta--(Newsfile Corp. - November 5, 2015) - Teras Resources Inc. (TSXV: TRA) ("Teras" or the "Company" - News): Teras announces that the Company has recently obtained the approval of a Phase 3 Conditional Use Permit for conducting additional drilling at its Cahuilla gold-silver project in Imperial County, California. This new permit along with an environmental assessment received earlier this year allows the Company to drill up to 2000 new holes throughout the project area.
In the fall of 2013, Teras initiated the Phase 3 drill permit application process with Imperial County for the Cahuilla project that encompasses the entire project area. The Company engaged URS Corporation of La Jolla, California to conduct the field studies and surveys as well as prepare and submit the appropriate applications required by the different regulating bodies.
This has been a long process given the overall size of the Cahuilla project and the significant amount of holes included in the applications. Teras feels that the project is of merit and by permitting the larger number of drill sites now, delays will be avoided during future exploration and development phases. On October 28, 2015, a hearing was conducted for the Phase 3 permit applications which were approved by the Imperial County Planning Commission. Of the permitted drill hole sites, 1000 are located on private land and 1000 are situated on sovereign reservation land.
This Phase 3 permit is critical for the expansion of the gold/silver resource at Cahuilla as it allows Teras to drill exploratory and development holes in areas not permitted since the mid-1990’s when Kennecott held the project. Teras completed a variety of geophysical surveys that were performed by Zonge International in May 2013 that identified multiple high priority targets within many of the newly permitted areas.
Since 2010, Teras has also completed various surface geochemical sampling programs that exhibited exceptional results throughout the newly permitted areas, but these exciting targets could not be drilled at that time. The drilling conducted by Teras, historical drilling, geophysics and strong technical recommendations from independent geologists have guided the Company as to the importance of expanding the resource outside of the permitted boundaries in highly prospective areas.
The following map shows the entire project area and the multiple target areas outside of the current resource area that can now be drill tested:
To view an enhanced version of this image, please visit:
https://orders.newsfilecorp.com/files/2074/17917_map-large.jpg
https://orders.newsfilecorp.com/files/2074/17917_map-large.jpg
Dr. William Bagby, California PG 7396, AIPG CPG-11457, Senior Technical Advisor to Teras' Board of Directors comments; "The newly approved Conditional Use Permit for Teras Resources' Cahuilla gold-silver project provides the Company with several new exploration opportunities. These include drill-testing large silica veins anomalous in gold and silver west of the identified resource area and conceptual vein targets beneath intense clay alteration northeast of the identified resource area."
"Although the large silica veins in the western project area crop out in a canyon west of the resource area, they have never been satisfactorily drill-tested. Likewise, the large clay-altered area to the northeast has not been satisfactorily drill-tested largely due to access issues which are now remedied by the new permit. Should the new drilling prove successful, the current precious metal resource will be expanded."
Teras will update its shareholders in the near future as to its next steps in building value and advancing Cahuilla now that the Phase 3 permit has been approved.
