ROUYN-NORANDA, QC,
Dec. 5, 2018 /CNW Telbec/ - X-Terra Resources Inc.
(TSXV: XTT) (FRANKFURT: XTR) ("X-Terra Resources") is
pleased to announce the results of its due diligence exploration
program on the Grog Brook and Northwest properties located in the
province of New Brunswick (the
"Properties") that are subject to an exploration and option
agreement dated November 16, 2018 among X-Terra Resources,
NBGold Inc. and Tim Lavoie (the
"Option Agreement") pursuant to which X-Terra Resources may
acquire a 100% ownership interest in the Properties (see press
release of November 19, 2018). This due diligence
exploration program, carried out in October
2018, consisted of a reconnaissance program over the
Properties and was part of X-Terra Resources' due diligence on the
Properties.
The objective of this program was to confirm the gold setting
and to observe the geological characteristics of the rocks.
Additionally, it was to confirm the potential of a large
disseminated gold system at Grog Brook where 14 of 28 samples
returned anomalous gold values (0.1 g/t Au). Samples were collect
over a length of 390 non continuous metres. Results up to 2.94
g/t Au were obtained with the overall average being 0.45 g/t
Au. The top ten results averaged 1.14 g/t Au. The best
gold values were obtained over the Northwest property (comprised of
the former Dome, Bonanza and Rim properties) and include
1,205.06 g/t Au at the Rim sector of the Northwest property,
149.97 g/t Au at Bonanza and 47.88 g/t Au at the Dome
sector of the Northwest property.
HIGHLIGHTS
A total of 43 samples were collected during the two days of the
due diligence exploration program. Fifteen samples were collected
over the Northwest property and 28 over the Grog Brook
property.
- Northwest property (Dome, Bonanza and Rim
sectors)
The technical team spent the first part of the due
diligence exploration program focusing on the Northwest property.
The gold potential at Northwest is a known yet misunderstood
occurrence, first discovered in 2012 when a 16-tonne bulk sample of
the Bonanza vein returned 24.37 g/t Au (ref Assessment Report
November 2015). Gold appears to be
associated with the quartz vein. In addition, trace to near 1% of
chalcopyrite and pyrite are locally observed, as well as some
malachite. The Bonanza vein is located 127 meters NNE of Dome vein.
The vein is also boudinaged but not folded. From what the
geological team observed in the bulk pit, the vein is 20 to 40
centimetres in width and 2.5 metres in length.
The following table summarizes the results of the grab samples
collected on the Dome and Bonanza sectors of the Northwest
property.
Table 1: Dome and Bonanza sectors of the Northwest property gold
results and observations.
Sample
|
UTME
|
UTMN
|
Au
|
Au
|
Au
|
|
|
|
g/t
|
g/t
>5.0
|
g/t MS
|
|
|
|
SAA
|
Gravimetric
|
Gravimetric
|
|
|
|
TMT-G5B
|
TMT-G5C
|
TMT-G5C
|
2011
Bonanza
|
630 760
|
5 265 340
|
116.69
|
111.55
|
|
2012
Bonanza
|
630 760
|
5 265 340
|
124.17
|
155.34
|
|
2013
Bonanza
|
630 760
|
5 265 340
|
|
|
149.97
|
2014 Dome
|
630 703
|
5 265 226
|
|
|
32.88
|
2015 Dome
|
630 703
|
5 265 226
|
45.16
|
50.61
|
|
The Rim vein is located 4.5 kilometres to the NNE of the Dome
and Bonanza sectors of the Northwest property and seems to be
concordant to the main foliation (and beddings). It is slightly
boudinaged and not folded. The thickness of the vein ranges from 10
to 40 centimetres in width and is exposed for more than 200 metres.
The ''layered'' aspect of the veins appears to be a "crack and
fill'' setup with local open space zones in the central part of the
vein. Visible gold has been frequently observed along a specific
pulse (see image below).
Due to the poor quality of the trench at surface, the technical
team decided to sample the vein at regular intervals at the surface
over 19.9 metres to confirm if gold mineralization is continuous.
The average of the nine grab samples is 125.44 g/t Au over
the 19.9 metres. Table 2 below summarizes the intervals of grab
samples and associated values. In addition, located in a
"pinch out'' with a displacement of 20 centimetres along the quartz
vein, a sample returned 1,205.06 g/t Au.
The Dome and Bonanza sectors of the Northwest property and the
RIM sector are separated by approximately 4.5 kilometres and showed
similar orientation. The area between them and surrounding
them have not been explored.
The following table summarizes the results of the grab samples
on the Rim sector of the Northwest property.
Table 2: Rim sector gold results and observations.
Sample
|
UTME
|
UTMN
|
Au
|
Au
|
Au
|
|
|
|
g/t
|
g/t
>5.0
|
g/t MS
|
|
|
|
SAA
|
Gravimetric
|
Gravimetric
|
|
|
|
TMT-G5B
|
TMT-G5C
|
TMT-G5C
|
2001
|
|
|
|
|
207.61
|
2002
|
|
|
12.88
|
13.18
|
|
2003
|
|
|
65.26
|
60.45
|
|
2004
|
|
|
|
|
149.03
|
2005
|
|
|
|
|
32.95
|
2006
|
|
|
|
|
378.22
|
2007
|
|
|
|
|
4.53
|
2008
|
|
|
|
|
247.15
|
2009
|
|
|
|
|
33.56
|
2010
|
|
|
|
|
1,205.06
|
- Grog Brook property
The Grog Brook area was and
remains exposed due to recent selective cutting, which originally
lead to the discovery. Trenches completed in 2016 and 2017 showed
from east to west a sedimentary sequence going from siltstone to
sandstone and fine to coarse grain conglomerates locally
interbedded with thinner siltstone and quartzite. The layers are
sub-vertical on the east (siltstone) and shift horizontally in the
conglomeratic sequence (antiform) to the west. The sedimentary
package is intruded by two (observed) felsic dykes. The first one
lies around the contact between the siltstone and the
sandstone/conglomerate package. This dyke is highly altered in
sericite and contains 1% to 15% pyrite and trace to 2% arsenopyrite
and possibly stibnite. Sediments immediately in contact highlighted
intense alteration and some mineralization. The dyke can be
followed over 430 meters (open on both sides) and contains gold (up
to 1.9 g/t Au). The best result was 1.84 g/t Au on the
margin between the dyke and fine grain conglomerates.
The other observed dyke is exposed only in one trench that goes
farther to the east and is entirely hosted by the siltstone.
Formally called the ''pink dyke'', it was sampled for the first
time and returned 0.39 g/t Au.
Finally, a third mineralized zone occurs about 150 metres west of
the main mineralized intrusive dyke. This zone is entirely hosted
by the conglomerates and consists of quartz veining, as well as
breccias and is rich in pyrite and arsenopyrite as well as gold.
Gold values of up to 3.7 g/t Au can be followed over 370 metres on
a strike of 310 degrees. The best value obtained in that location
was 2.94 g/t Au in a quartz breccia where cavities are rich
in pyrite and some minor ''stibnite''.
The following table summarizes the results of the grab samples
on the Grog Brook property.
Table 3: Grog Brook property gold results and observations.
Sample
|
UTME
|
UTMN
|
Au
g/t
|
|
|
|
SAA
TMT-G5B
|
2016
|
653430
|
5293071
|
1.41
|
2017
|
653451
|
5292990
|
0.39
|
2018
|
653426
|
5293069
|
1.47
|
2019
|
653426
|
5293070
|
0.07
|
2020
|
653408
|
5293351
|
0.05
|
2021
|
653409
|
5293362
|
0.05
|
2022
|
653405
|
5293359
|
0.04
|
2023
|
653403
|
5293358
|
0.02
|
2024
|
653412
|
5293354
|
1.84
|
2025
|
653413
|
5293353
|
0.51
|
2026
|
653399
|
5293151
|
0.35
|
2027
|
653400
|
5293151
|
0.01
|
2028
|
653251
|
5293143
|
0.01
|
2029
|
653253
|
5293144
|
0.01
|
2030
|
653255
|
5293145
|
0.05
|
2031
|
653255
|
5293139
|
0.02
|
2032
|
653256
|
5293140
|
0.02
|
2033
|
653264
|
5293137
|
0.91
|
2034
|
653268
|
5293134
|
0.48
|
2035
|
653270
|
5293135
|
0.08
|
2036
|
653267
|
5293140
|
0.03
|
2037
|
653265
|
5293143
|
0.15
|
2038
|
653271
|
5293151
|
1.12
|
2039
|
653275
|
5293142
|
2.94
|
2040
|
653254
|
5293350
|
0.16
|
2041
|
653419
|
5293337
|
0.11
|
2042
|
653416
|
5293371
|
0.05
|
2043
|
653421
|
5293366
|
0.20
|
Note that grab samples are selective by nature and unlikely
to represent average grades.
Quality assurance/quality control.
X-Terra Resources adheres to a strict quality assurance and
quality control program with regard to core handling, sampling,
transportation of samples and lab analyses. Samples selected for
assay were shipped via secure transportation to the Techni-Lab
(S.G.B. Abitibi Inc.) preparation facility in Ste-Germaine Boulé,
QC. Rock samples were assayed for gold by standard fire assay on
30-gram fractions with atomic absorption (TMT-G5B) or gravimetric
finish (TMT-G5C) at Techni-Lab (S.G.B. Abitibi Inc.). Samples with
visible gold or above 5,000 ppb Au were further analyzed by
metallic screen with fire assay (TMT-G5C). The exploration program
is designed and the results are interpreted by qualified persons
using a quality assurance/quality control program based on industry
best practices, including the use of standards and blanks for every
24 samples.
Mr. Alex MacKay, P. Geo of AMK
Geoscience Ltd., who is acting as X-Terra Resources' qualified
person under National Instrument 43‑101 Standards
of Disclosure for Mineral Projects ("NI 43-101"),
is registered in the Provinces of Nova
Scotia and New Brunswick.
Consultant for X-Terra Resources, he is the qualified person for
the Properties under NI 43‑101 responsible for the technical
contents of this news release, and has approved the disclosure of
the technical information contained herein.
The transaction contemplated by the Option Agreement has been
conditionally approved by the TSX Venture Exchange and is subject
only to compliance with standard requirements of the TSX Venture
Exchange and upon the closing of an equity private placement by
X-Terra Resources in a minimum amount of $1.5 million (see press release of
November 19, 2018). Any failure by X-Terra Resources to
comply with the standard requirements of the TSX Venture Exchange
or to complete the foregoing equity financing would result in the
Option Agreement being terminated. The closing of the transaction
contemplated by the Option Agreement is expected to occur on or
about December 15, 2018.
About X-Terra Resources Inc.
X-Terra Resources is a resource company focused on acquiring and
exploring precious metals and energy properties in Canada.
Forward-Looking Statements
This news release contains statements that may constitute
"forward-looking information" within the meaning of applicable
Canadian securities legislation. Forward-looking information may
include, among others, statements regarding the future plans,
costs, objectives or performance of X-Terra Resources, or the
assumptions underlying any of the foregoing. In this news release,
words such as "may", "would", "could", "will", "likely", "believe",
"expect", "anticipate", "intend", "plan", "estimate" and similar
words and the negative form thereof are used to identify
forward-looking statements. Forward-looking statements should
not be read as guarantees of future performance or results, and
will not necessarily be accurate indications of whether, or the
times at or by which, such future performance will be achieved. No
assurance can be given that any events anticipated by the
forward-looking information will transpire or occur, including the
development of the Properties, or if any of them do so, what
benefits X-Terra Resources will derive from the Properties.
Forward-looking information is based on information available at
the time and/or management's good-faith belief with respect to
future events and are subject to known or unknown risks,
uncertainties, assumptions and other unpredictable factors, many of
which are beyond X-Terra Resources' control. These risks,
uncertainties and assumptions include, but are not limited to,
those described under "Financial Instruments" and "Risk and
Uncertainties in X-Terra Resources' Annual Report for the fiscal
year ended December 31, 2017, a copy of which is
available on SEDAR at www.sedar.com, and could cause actual events
or results to differ materially from those projected in any
forward-looking statements. X-Terra Resources does not intend, nor
does X-Terra Resources undertake any obligation, to update or
revise any forward-looking information contained in this news
release to reflect subsequent information, events or circumstances
or otherwise, except if required by applicable laws.
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Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of the release.
Website: www.xterraresources.com
SOURCE X-Terra Resources Inc.