ROUYN-NORANDA, QC, Aug. 13, 2020 /CNW Telbec/ - X-Terra
Resources Inc. (TSXV: XTT) (FRANKFURT: XTR) ("X-Terra")
is pleased to announce the identification of a new mineralized
system close to the Troilus Mine, in Northern Québec, from its
first ever prospecting campaign on the property (see X-Terra press
release dated July 2, 2020).
The newly identified "Smoke" showing is located in the southwest
portion of the property three kilometres directly south east of the
former Troilus open pit. The new system identified covers a strike
length of approximately 2.2 kilometres where polymetallic sulfides
were sampled. X-Terra noted that sporadic samples over this area
returned copper grades up to 0.25% Cu, silver grades up to
8.0 g/t Ag, zinc grades up to 0.7% Zn and 0.11 g/t
Au, or 0.42g/t AuEq*. See map.
*AuEq calculated using the spot price on August 13, 2020 (Au 1947.80 oz; Ag 26.73 oz; Cu
2.85lbs and Zn 1.06 lbs).
"Being able to define gold, silver and copper mineralization
with varied geological features consistent with the Troilus deposit
is a remarkable achievement from the first prospecting program.
Considering that the cut-off grade of the Troilus Gold resource
calculation is 0.30 g/t AuEq (see Troilus Gold Corp. ("TLG") press
release dated July 28, 2020). The
X-Terra exploration team considers these results more than
encouraging as we advance towards the next step of exploration. In
addition, the mineralized system identified correlates to a series
of historical electromagnetic anomalies which have never been drill
tested. The teams have already begun planning the next phase of
work which should commence shortly." stated Michael Ferreira, President and Chief Executive
Officer of X-Terra.
The mineralization is hosted in a folded sequence of mafic to
felsic flows injected by diorite intrusions. To the north-east, the
mineralized system is interwoven into the Parker intrusion, a large
poly phased felsic intrusion. In addition, diorite breccia with
sulfides stringers, fractures networks filled by sulfides
associated with quart veining, and disseminated sulfides in mafic
host rocks are common mineralized styles observed in and around the
smoke showing. Polymetallic sulfides observed to date are pyrite,
pyrrhotite, chalcopyrite and sphalerite. Furthermore, X-Terra's
qualified person's observations and field expertise over X-Terra's
ground and results support the comparison to that of the Troilus
Gold mine which is supported by Troilus Gold's Technical report
dated December 20, 2019, a copy of
which is available on SEDAR at www.sedar.com.
A series of important alteration minerals (biotite, tremolite,
sericite, garnet, aluminous silicate) observed alone, or in complex
assemblage form halos of which known extensions are still unknown
because of the limited amount of outcrops.
X-Terra wants to highlight that copper and silver grades from
drill results disclosed by Troilus Gold are in the same range as
these first surface results obtained from the smoke showing. Also,
host rocks description, alteration and mineralization style, are
considered similar. See TLG press release dated September 10, 2019.
Table 1 outlines the grade distribution from 179
rock samples split between 140 bedrock chip samples and 30 boulder
samples over an area of approximately 4.5 square kilometres
|
Ag
(g/t)
|
Cu
(%)
|
Zn
(%)
|
Au
(g/t)
|
Range
|
1.0 to 8.0
|
0.05 to
0.25
|
0.1 to 0.7
|
0.05 to
0.11
|
Number of
samples
|
6
|
23
|
10
|
7
|
Note: Grab samples are selective by nature and may not be
representative of average grades hosted on the property.
Quality assurance/quality control.
Bedrock and boulder samples were obtained by manually chipping
the bedrock and or erratic boulders. Samples positions were
measured by GPS and recorded for quality assurance. Samples were
sent to AGAT Laboratories where they were dried and crushed to 75%
passing 10 mesh (2mm) (Code 200001), split to 250g and pulverized
to 85% passing 200 mesh (75μm). Samples are then analyzed with
Sodium Peroxide Fusion method (Code 201 378) with ICP-OES and
ICP-MS Finish (per sample). They are also analyzed for Gold by Fire
Assay with ICP-OES (30g) (Code 202052).
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.
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.
About X-Terra Resources Inc.
X-Terra is a resource company focused on acquiring and exploring
precious metals properties in Canada.
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.