ROUYN-NORANDA, QC, Jan. 20, 2021 /CNW Telbec/ - X-Terra Resources
Inc. (TSXV: XTT) (FRANKFURT: XTR) ("X-Terra") is
pleased to announce that it has contracted Vision 4K to perform a detailed airborne drone magnetic
survey over its Rim target on the Northwest property located in
Restigouche County, New Brunswick.
Vision 4k will be conducting an
82-line kilometre survey at 25 metre spacing covering an area of
about 2.1 square kilometres. The goal of the survey is to further
define drill targets by applying a detailed overprint of subtle
structures at Rim with the goal of precisely identifying the fold
hinge and potential associated faults and shear zones, which is
believed to be controlling the high grade gold mineralization of
the Rim veins.
About the Rim target
The Rim target is located approximately 13 kilometres northeast
of the town of Saint-Quentin, New
Brunswick. It has just recently undergone its first drill
campaign comprising of 4 holes that were completed in the fourth
quarter of 2020 which returned promising gold mineralization, see
X-Terra press release dated December 15,
2020. It is important to note that there has only been 4
holes completed at this target to date. Historical results from
this area have highlighted bonanza grade results ranging from 4.53
g/t up to 1,205.06 g/t (See X-Terra Press Release dated
Dec 5, 2018).
In addition, X-Terra has also signed an agreement with Rally
Drilling Services in order to carry out the second phase of
drilling at Rim, scheduled to begin as early as next week. X-Terra
is to carry out a minimum of 1,000 metres of drilling in this
second phase.
Michael Ferreira, President and
Chief Executive Officer of X-Terra states, "We are very pleased to
able to move forward with the second phase of drilling at the Rim
target. Unfortunately, we are still awaiting assays from the Grog
property which was drilled in the later part of 2020. It was
brought to our attention that many labs are currently suffering
longer than expected analytical delays due to the ongoing pandemic
situation. That said, once the balance of the Grog assays are
received, they will be published immediately".
X-Terra also wishes to inform its investors that it has engaged
Geosig Inc. based out of Quebec
City to carry a ground IP geophysical survey over its 100%
owned Troilus East property in James
Bay, Québec. The 25-line kilometre survey over three unique
grids will take place as soon as the contractors currently working
along the Frotet-Evans greenstone belt have completed their
program. Once these results are received, X-Terra can move forward
with its drilling plans at Troilus East.
Qualified Person
Jeannot Théberge, P. Geo registered in the Provinces of Québec
and New-Brunswick, a consultant to
X-Terra and 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 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 (including any drilling
programs) of the Grog, Northwest and Troilus East Properties, or if
it does so, what benefits X-Terra Resources will derive from the
Grog, Northwest and Troilus East 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, 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 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.
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.