X-Terra Resources completes IP Survey at Grog; data highlights multiple priority anomalies relating to epithermal/porphyry ta...

Date : 07/24/2019 @ 12:43PM
Source : PR Newswire (Canada)
Stock : X Terra Resources Inc (XTT)
Quote : 0.1  0.0 (0.00%) @ 8:19PM

X-Terra Resources completes IP Survey at Grog; data highlights multiple priority anomalies relating to epithermal/porphyry ta...

X Terra Resources (TSXV:XTT)
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ROUYN-NORANDA, QC, July 24, 2019 /CNW Telbec/ - X-Terra Resources Inc. (TSXV: XTT) (FRANKFURT: XTR) is pleased to announce that on June 26, 2019 it completed 57 line-km 2D Induced Polarization (IP) survey over the Grog Property, located approximately 40 kilometres southwest of the city of Campbellton in the province of New Brunswick. The Corporation has received the interpretation of the survey data from MB Geosolutions and the survey identified multiple high priority chargeability anomalies associated with known gold mineralization and associated (epithermal/porphyry targets). In addition, preliminary observations over numerous samples have highlighted the predominance of feldspathic alterations and/or rich in alunite (potassium aluminum sulphate) developed in intermediate intrusions and clastic sediments. These main features are commonly associated with mineralized epithermal systems located at the top of porphyritic systems.

The IP data was acquired between June 5 and June 26, 2019 and consisted of 16 lines for a total of 57 line-kilometres of data (see figure 1). Two distinct and important trends are visible with the eastern trend of anomalies measuring 9.6 kilometres and the western trend measuring 9 kilometres.

Figure 1 (CNW Group/X-Terra Resources Inc.)

The IP data was acquired using 'dipole-dipole' configuration with dipole 'a' spacing of 25 metres. The main objectives of this program were to map chargeability and resistivity responses that coincide with known gold bearing mineralization and to delineate additional exploration targets highlighting the same characteristics.

Highlights of the IP Survey

The reconnaissance lines completed on the northern part of the Grog Property allowed X-Terra Resources to interpret a high density of IP anomalies, typically correlated with resistivity lows. As such, it represents an interesting outcome in a sedimentary environment. In addition, this result also enhances the interest in this area which is underlined by a large circular airborne radiometric potassic anomaly, located slightly east of the Grog gold showing.

Line L41 highlights a significant IP chargeability anomaly which is extended on both sides (East-West) for at least 600 metres and 450 metres (North-South). This particular anomaly is consistent with known sulphide mineralization known as the Grog showing, a zone hosted by conglomerates and consists of quarts veining, as well as breccias, and is rich in pyrite and arsenopyrite, as well as gold. The best value obtained by X-Terra in this (antiform) was 2.94 g/t Au in a quartz breccia where cavities are rich in pyrite and some minor stibnite. Furthermore, the Grog Property nor the Grog showing have ever been drilled. See figure 2.

Figure 2 (CNW Group/X-Terra Resources Inc.)

L43, located 250 metres north of the Grog showing highlights a continuation of a large and anomalous chargeability trend associated with gold values on surface See figure 3.

Figure 3 (CNW Group/X-Terra Resources Inc.)

Line 4, highlights another strong IP chargeability anomaly with low to moderate resistivity and is located 800 metres to the south west of the Grog showing. This may indicate that the mineralized system may extend to the south west by more than 800 metres.

Line 7, highlights once again a strong IP chargeability anomaly with low resistivity and this particular anomaly is located 3.7 kilometres to the south west of the Grog showing. Sample #785111 recently taken at surface in an attempt to explain and prioritize the anomaly returned 0.1g/t Au, 28.5 g/t Ag, 0.16% Cu. The sample itself was a grab sample of several small gossanous boulders in close vicinity to an outcrop of intrusives. The intrusives are very similar looking to the intrusives at the Grog Showing. Many other intrusive outcrops and boulders, as well as semi massive pyrite boulders and argillic alteration were identified along 1.2 kilometre's of roads in this new area.

X-Terra Resources is now in the final planning stages of the stripping, trenching and drilling program that it plans to undertake over the priority anomalies. The permit applications have been submitted and received by X-Terra Resources and the field crews will be mobilized shortly. The complete IP report and map highlighting the priority anomalies will be available on the X-Terra Resources' website shortly.

Qualified Person

Alex MacKay, P. Geo registered in the Provinces of Nova Scotia and New-Brunswick, a consultant to X-Terra Resources, a qualified person under National Instrument 43101 Standards of Disclosure for Mineral Projects ("NI 43-101") has reviewed the technical contents of this news release, and has approved the disclosure of the technical information contained herein.

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 exploration programs and development of the Grog Property, or if it does so, what benefits X-Terra Resources will derive from the Grog Property.  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's Annual Report for the fiscal year ended December 31, 2018, 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 does not intend, nor does X-Terra 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.

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 or accuracy of the release.

Website: www.xterraresources.com

 

SOURCE X-Terra Resources Inc.

Copyright 2019 Canada NewsWire

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