Teras Resources Inc. ("Teras" or the "Company") (News): Teras is pleased to report that the Company has finished the first phase of its reverse circulation and deep core drill campaign at the Cahuilla project in Imperial County, California.
A total of 1,348 m (4,422') of core and 2,932 m (9,620') of reverse circulation drilling have been completed during this initial phase, which is comprised of four deeper, pre-collared diamond drill and eleven reverse circulation holes.
Both the core and reverse circulation drill chips are currently at the lab being assayed. In our press release dated October 9th, 2013, we indicated that assay results would become available by the 23rd of October. However, due to unforeseen circumstances at the lab, the results have been delayed. We now anticipate the assay results from core hole CAH-303 to be received later this week and results from the remaining diamond drill holes CAH-304, CAH-305 and CAH-311 to follow in a timely fashion.
In order to ensure that our results are processed judiciously, Teras is now working very closely with the laboratory staff to expedite the assay process. This includes the implementation of double shifts for the exclusive purpose of preparing and analyzing Teras' core samples as promptly as possible while maintaining superior quality control. We wish to thank all of our shareholders for their patience and understanding during a period that has been trying and exasperating for everyone.
Mr. Paul Stubbe, Project Geologist and Manager, is currently conducting detailed geologic logging of the core and once all the assay results have been received, the Teras technical team will reconvene to analyze and evaluate all of the reverse circulation and most importantly, the deep core assay results along with our recently generated detailed geological and geophysical data. The primary focus of the comprehensive evaluation process is to fine-tune the selection of additional deeper high-grade targets for continued exploration of the feeder veins or source of this extensive gold/silver precious metal epithermal system.
Dale A Vitone P. Eng., registered with the Association of Professional Engineers of Ontario, Alberta and Northwest Territories and a Director of Teras, is the Company's nominated qualified person responsible for monitoring the supervision and quality control of the programs completed on the Company's properties. Mr. Vitone has reviewed and verified the technical information contained in this news release.
About Teras
The Company is focused on developing its Cahuilla project located in Imperial County, California. The project encompasses an area of at least 3 km by 1.5 km and demonstrates the potential for a large-scale, bulk-mining operation consisting of altered and mineralized sedimentary and volcanic host rocks with numerous sheeted high-grade quartz veins. Teras filed a NI 43-101 compliant technical report with an indicated resource of 1.2 million plus ounces of gold and 11 million plus ounces of silver on its Cahuilla project (70.148 million tons at an average grade of 0.015 ounces per ton gold and 0.17 ounces per ton silver with a cut-off of 0.008 ounces per ton gold). The Company has an aggressive plan to increase the grade and tonnage of the resource and develop the project for future mining operations.