Phoenix, Arizona–(Newsfile Corp. – October 21, 2020) – The Stock Day Podcast welcomed Teras Resources Inc. (TSXV: TRA) (“the Company”), a company focused on developing its Cahuilla project located in Imperial County, California. CEO of the Company, Joseph Carrabba, joined Stock Day host Everett Jolly.
Jolly began the interview by asking Carrabba about the current gold market. Carrabba explained that for nearly a decade the value of gold remained between $900 to $1,100 per ounce, but over the past year has been on the rise. “If you look at a chart, you’ll see the steady climb of gold. We have hit $2,000 this year,” said Carrabba, noting that the increasing value of gold can be attributed to the political and civil unrest occurring around the world. “The most determining factor for the value of gold is certainly the debt that all of these countries are building right now.”
“There’s a lot of gold being purchased right now from central banks around the world to shore-up their currencies,” continued Carrabba. “There’s a lot of personal purchasing of gold as well,” he added. “I think the horizon is very good for gold.”
“Where is Teras Resources located?”, asked Jolly. Carrabba shared that the Company’s flagship project is located in Imperial County, California. “This project dates back into the 90s,” explained Carrabba. “It was gathered-up by Teras a few years ago,” he added. “There is a 43-101 on it right now with one million ounces of gold in the inferred category and 11.9 million ounces of silver,” said Carrabba. “It’s strategically in a very good location in Imperial County, which has a number of heap leach mines in it,” he continued. “It is a mining county even though it is in California.”
“How did you get involved with the project?”, asked Jolly. Carrabba elaborated on his relationship with the former CEO of Teras, Peter Leger. “We visited Peter on-site at the project, spent a few days there, and really liked what we saw,” said Carrabba. “The project is going to be a very large project, and Peter asked if I would take it over. So, this January I agreed to that,” said Carrabba, noting that the former CEO is still on the board and remains an asset to their team.
“We had to restart and just rebuild the database,” explained Carrabba. “We cannot put any numbers out on the finds, although they were positive,” said Carrabba, noting that the Company needs to redo their 43-101 first. “We just engaged the resource modeler and the qualified person to rewrite the 43-101, which should take probably until December to complete,” he shared. “I think that will be some exciting news for us and the market.”
“I’ve also started to engage engineering firms to look at going into a pre-feasibility study as well. I think that’s the next step to really move this project forward,” said Carrabba. “Also, we would look at some drill holes up one of the major sites that we have and look at areas where we can get some good tonnage on oxide ore and start looking at developing the test heap leach project,” he added. “This is a big project. It may take more than a small junior company to participate in this to really get it off the ground, but it certainly has fantastic bones, if you will, from a geological standpoint.”
“How far are you drilling down?”, asked Jolly. “We’re going down about 250 meters right now. We’re trying to get some short holes in place to verify more of the vein structure and get the continuity across the veins,” said Carrabba.
To close the interview, Carrabba shared that the Company is excited to move forward with a new strategy and direction. “We’re moving forward at a rapid pace now, and are looking at how to develop this project in the most strategic and expeditious way that we possibly can,” closed Carrabba.
To hear Joseph Carrabba’s entire interview, follow the link to the podcast here: https://audioboom.com/posts/7710835-teras-resources-inc-discusses-development-strategy-of-cahuilla-gold-project-with-the-stock-day-p.
Teras 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 Teras believes that the Cahuilla project has the potential to develop into a mining operation consisting of altered and mineralized sedimentary host rocks with numerous sheeted high-grade sheeted quartz veins. Teras filed a NI 43-101 technical report with an indicated resource of 1.0 million ounces of gold and 11.9 million ounces of silver on its Cahuilla project (70 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) and inferred class of 10 million tons grading 0.011 opt gold and 0.10 opt silver. For further information on the Cahuilla project refer to the NI 43-101 technical report entitled “Cahuilla Property 43-101 Technical Report,” filed with Sedar on November 27, 2012.
Mr. Steven Craig, a Qualified Person under National Instrument 43-101 “Standards of Disclosure for Mineral Projects” and an Independent Consultant for 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. Craig has reviewed and verified the mining, scientific and technical information contained in this news release. Mr. Craig is a Qualified Person and registered geologist with the Association of Independent Professional Geologists (AIPG).
For further project and corporate information, contact:
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this news release.
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein may be forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, ” expects” or “does not expect”, “proposed”, “is expected”, “budgets”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. In particular, this press release contains forward-looking information regarding: the ability to raise the capital needed for the companies Cahuilla project, the development and advancement of the Cahuilla project, the development of the geologic model in respect of the Cahuilla project, the development of further drill plans in relation to the Cahuilla project and the potential of the Cahuilla project to develop into a mining operation. This forward-looking information reflects the Company’s current beliefs and is based on information currently available to the Company and on assumptions the Company believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports or prior exploration results, future costs and expenses being based on historical costs and expenses, adjusted for inflation, the ability of the Company to obtain acceptable financing, market acceptance of its exploration programs and projects; consistent and favorable commodity prices; and regulatory acceptance of the Company’s geologic models. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the early stage development of the Company and its projects; general business, economic, competitive, political and social uncertainties; commodity prices; the actual results of current exploration and development or operational activities; competition; changes in project parameters as plans continue to be refined; accidents and other risks inherent in the mining industry; lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting the Company; timing and availability of external financing on acceptable terms; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.