ROUYN-NORANDA, QC, July 15, 2020 /CNW Telbec/ - X-Terra Resources
Inc. (TSXV: XTT) (FRANKFURT: XTR) ("X-Terra") is
pleased to announce it has received all the necessary work
authorization permits to continue with its exploration and drilling
over the Grog and Northwest properties located in Restigouche county, New Brunswick.
X-Terra has also been awarded a $35,000 grant under the New Brunswick Junior
Mining Assistance Program. Plans are being finalized to carry out a
detailed geochemical sampling survey over the Grog target in
addition to a detailed ground IP survey. The surveys are expected
to being shortly, which will be financed in part by the grant
recently awarded.
The objective of this program is complementary to the winter
drilling program which resulted in the new gold discovery of 0.46
g/t Au over 31 metres in hole GRG-20-012 (see X-Terra's press
release dated May 5, 2020). This
continuous gold interval was obtained at a vertical depth of 81
metres in an area where trenching had already delivered sporadic
results. This achievement for an inaugural program was convincing
enough to cover the area with additional preparatory works while
targeting specific objectives.
- Discern the deposit signature. The combination of IP
ground geophysics with soil geochemistry is expected to highlight
the correspondence between conductor zones associated with a higher
fraction of sulfides and known soil Au-As-Sb signatures.
- Extending the surface footprint of the Grog showing:
Current exploration, which includes a past soil survey, identified
a number of anomalies scattered over an area measuring
approximately 1 X 2 kilometres.
- Confirming parallel structures to Grog. Further
interpretation of the 2019 detailed magnetic survey identified
distinct parallel magnetic contrasts that followed a north-east
orientation. The Grog showing follows one of these trends and
corresponds to a soil anomaly. To date, no follow up has been done
on the other trends.
The IP survey planned will cover the defined area of two square
kilometres (2 km2) centered on the Grog showing
using an overlapping pattern of 1-kilometre long lines following an
average spacing of 200 metres. Approximately 5.5-line
kilometres will seek to expand and highlight more detail of the
mineralized structure already identified in addition to its NE-SW
extensions for follow up drilling.
The detailed geochemical sampling program will comprise of
approximately 108 samples collected at 25 metre spaced intervals
over 2.6 line kilometres on both sides of Grog showing, maintaining
a spacing of 200 metres This type of survey will seek to again
highlight and confirm parallel structures to Grog hosting a similar
Au-As-Sb signature.
Michael Ferreira, President and
CEO of X-Terra commented: "This is an exciting step for our team as
we will be able to move forward while we wait for our Troilus East
samples to come back from the lab. Receiving this grant will allow
us to improve our targeting ability along the newly identified gold
bearing structure and increase the assurance for the drill targets
carrying the same characteristics of Grog.
Qualified Person
Jeannot Théberge, P. Geo registered in the Provinces of Québec
and New-Brunswick, a consultant to
X-Terra, a qualified person under National Instrument
43–101 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 is a resource company focused on acquiring and exploring
precious metals 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, 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 (including any drilling programs) of the
Troilus East and/or the Grog and Northwest Properties, or if it
does so, what benefits X-Terra will derive from the Troilus East
and/or the Grog and Northwest 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's
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, 2019,
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.
SOURCE X-Terra Resources Inc.