TerraX Presents Assay Results from 19 Hole Drill Program on Yellowknife City Gold Project

TerraX Minerals Inc. has received assay results from a 19 hole drill program totalling 784 meters at the Hebert-Brent Zone on the Yellowknife City Gold Project ("YCG"), immediately north of Yellowknife in the Northwest Territories. All holes were very shallow (average 41 meters depth) testing interpreted shallow dip, plunge, and strike extensions of the mineralized zones exposed on surface.

The Hebert-Brent Zone was originally discovered in the summer of 2015 and was channel sampled along exposed zones of mineralization (11.0 m @ 7.55 g/t Au, news release August 11, 2015), and was subsequently tested with 6 drill holes (10.26 m @ 3.61 g/t Au, news release November 18, 2015). The zone has particular interest to TerraX as it demonstrates that the YCG has sulphide replacement style mineralization with little or no quartz veining, a deposit type that can produce large deposits.

The drilling reported here tested several potential extensions to the surface mineralization. Six holes (TCG16-34, 040, 043, 044, 052 and 053) totalling 242 meters tested mineralization along strike and to the south of the surface mineralization. All these holes hit sulphide replacement gold zones over a strike length of 125 m. Highlights include:

• 8.00 m @ 3.21 g/t Au, including 3.00 m @ 7.09 g/t Au in hole TCG16-052
• 1.85 m @ 15.08 g/t Au in hole TCG16-040
• 7.10 m @ 3.61 g/t Au, including 1.04 m @ 12.75 g/t Au in hole TCG16-034

Based on this drilling, we believe that the main Hebert-Brent zone and the Hebert-Brent South Zone have potential along a projected southerly dip. Due to the limited meterage budgeted for this program and time constraints, drilling was terminated before the southern dip potential of both zones could be tested.

Of the remaining holes, eight holes (TCG16-35 to 038, 041, 049, 050, and 051) totalling 315 meters tested an interpreted northerly dipping quartz feldspar dyke (QFP) that hosts some of the mineralization exposed on surface. None of these holes intersected significant gold mineralization. Three holes (TCG16-54 to 056) totalling 151 meters tested a projected strike extension of the Hebert-Brent zone to the east, and a sulphide chert horizon beneath the projected zone. Drill hole TCG16-055 hit Hebert-Brent style mineralization (0.85 m @ 4.61 g/t Au). Two holes (TCG16-39 and 042) totalling 76 meters tested the northerly dipping QFP dyke associated with the surface exposure of the Hebert-Brent South Zone. Neither hole hit significant mineralization.

The Hebert-Brent deposit type remains a high priority target for TerraX as larger zones of similar alteration and mineralization have been located to the north, east, and south of Hebert-Brent. Using the knowledge gained from the Hebert-Brent Zone these new zones will be comprehensively mapped and sampled during the 2016 field season beginning in June.

A map showing the location of drill holes on the Hebert-Brent target area is available on our web site under "2016 Field Exploration".

Drill holes were drilled close to normal to the interpreted strike and dip of the zones. Current interpretations for dip, based on the surface trenching and the drill holes, indicate that the true width of the drill holes reported here are approximately 75-100% of drill intersection width.

The winter 2016 drilling was completed on March 30, 2016 with 7,310 meters drilled of which 3,825 meters have been reported to date. Logging and cutting of the core has been completed and results of the remaining zones that were tested, encompassing 3,485 meters of drilling on multiple zones, will be interpreted and released in the coming weeks.

TerraX collected 526 samples for assay from the drilling reported here. Results ranged from below detection to 26.30 g/t Au. Drill hole collar locations were surveyed to sub-meter accuracy. Down hole surveying (Easy Shot) was completed on all holes. TerraX inserts certified standards and blanks into the sample stream as a check on laboratory QC. Drill core samples are cut by diamond saw at TerraX's core facilities in Yellowknife. A halved core sample is left in the core box. The other half core is sampled and transported by TerraX personnel in securely sealed bags to ALS Chemex's (ALS) preparation laboratory in Yellowknife. After sample preparation, samples are shipped to ALS's Vancouver facility for gold and ICP analysis. Gold assays of >3 g/t are re-assayed on a 30 gm split by fire assay with a gravimetric finish. ALS is a certified and accredited laboratory service. ALS routinely inserts certified gold standards, blanks and pulp duplicates, and results of all QC samples are reported.

The technical information contained in this news release has been approved by Joseph Campbell, the President of TerraX, who is a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects."

About the Yellowknife City Gold Project

The Yellowknife City Gold ("YCG") encompasses 118 sq km of contiguous land immediately north and south of the City of Yellowknife in the Northwest Territories. Through a series of acquisitions, TerraX now controls one of the six major high-grade gold camps in Canada. Being within 15 km of the City of Yellowknife, the YCG is close to vital infrastructure, including transportation, service providers, hydro-electric power and skilled tradespeople.

The YCG lies on the prolific Yellowknife greenstone belt, covering 23 km of strike length on the southern and northern extensions of the shear system that hosted the high-grade Con and Giant gold mines. The project area contains multiple shears that are the recognized hosts for gold deposits in the Yellowknife gold district, with innumerable gold showings and recent high grade drill results that serve to indicate the project's potential as a world-class gold district.

For more information on the YCG project, please visit our web site at www.terraxminerals.com.

On behalf of the Board of Directors

Joe Campbell
President and CEO