TerraX Minerals Inc. fell short of its $10 million exploration goal, but there are promising signs at the old Ptarmigan Mine site, recently purchased by the company.

SA国际影视传媒淭hrough ... sampling we've been able to determine a large amount of high-grade gold,SA国际影视传媒� said chairman Joe Campbell, of the site off Ingraham Trail.

SA国际影视传媒淭his is an excellent exploration target and we are moving into the second stage of exploration.SA国际影视传媒�

Although there is no set plan to reopen the mine, purchased in November, the company said these developments coincide with the Yellowknife City Gold Project.

The Yellowknife City gold project, which encompasses 440 square kilometres of land immediately north, south and east of the city of Yellowknife.

The Ptarmigan Mine produced gold from 1941 to 42, in 1983 and from 1985 to1997.

The Yellowknife City Gold project has grown 10 times its original size since TerraX acquired the Northbelt Property in a bankruptcy sale in 2013.

Campbell has said previously the company uses newer methods of exploration to find the gold that other people missed over the years.

Yellowknifer previously reported the entire exploration project around the city will continue for another eight to 10 years before any mining could get underway.

SA国际影视传媒淚f you invest in mining you know there are some projects worth $1 to 2 per share that don't deserve to be there,SA国际影视传媒� Campbell told an audience at the Yellowknife Ski Club earlier this month. SA国际影视传媒淲ell this project does.SA国际影视传媒�

SA国际影视传媒�(It's) highway robbery how we've been able to accumulate this land.SA国际影视传媒�

TerraX Minerals Inc. held their annual community discussion at the top floor of the ski club where community members listened to a presentation about the progress the company had made over the 2017 season.

NWT & Nunavut Chamber of Mines president Gary Vivian said he believes the purchase and exploration at Ptarmigan Mine is because of its lucrative historical past.

SA国际影视传媒淭he guys at TerraX are just doing their due-diligence for the history of mining in that area,SA国际影视传媒� said Vivian. SA国际影视传媒淭hey want to make sure nothing of value is left underground and I don't see a negative in that.SA国际影视传媒�

Campbell hinted of a new mine in the area given the information which he said was received only a week ago.

SA国际影视传媒淲e only showed what was the anomalous findings from our researchers,SA国际影视传媒� said Campbell. SA国际影视传媒淲e would look at a centre of operation about 10 kilometres north of the city. That's where most of our deposits are and those deposits have a chance of increasing in size.SA国际影视传媒�

Campbell admitted exploration is like rolling dice.

SA国际影视传媒淭he people who are on this project are the best at what they do,SA国际影视传媒� said Campbell during the discussion. SA国际影视传媒淲e're at the peak price of gold to move on to the next phase in this project.SA国际影视传媒�

During the operational period at Ptarmigan Mine crews were small, cost of production was high and the resources were lacking.

So much so that Treminco, the owners at the time, had to shut down to avoid serious repercussions of a market collapse.

SA国际影视传媒淭here was no serious economic impact,SA国际影视传媒� said Prince of Wales Northern Heritage Centre curatorial assistant, Ryan Silke.

SA国际影视传媒淗owever the companies who owned the properties are similar.SA国际影视传媒�