ROUYN-NORANDA, QC, May 18, 2021 /CNW/ - X-Terra Resources Inc.
(TSXV: XTT) (FRANKFURT: XTR) ("X-Terra") is pleased to
announce that it has received its drill permit for the inaugural
drill program at the Troilus East property located in the
James Bay region in the Province
of Québec, and that it has engaged Forage Hébert of Amos, Québec to carry out a drill program.
The drill program will consist of 12 diamond drill holes over
three unique targets which will include eight holes over the
high priority anomaly recently identified by the ground IP
geophysics (see X-Terra's press release dated April 27, 2021). The high chargeability – low
resistivity anomaly highlights a complex shape with an apparent
width varying between 50 and 400 metres, and length of over 800
metres. The anomaly indicates responsive sources located from the
surface down to 200 metres in depth. The drill targets are designed
to crosscut the entire width of the anomaly as well as test its
extensions. Previous exploration programs returned gold and base
metals soil anomalies as well as positive sporadic grab samples,
all of which coincide with the high priority IP anomaly.
Due to the low density of outcrops, X-Terra transitioned toward
indirect exploration methods such as soil geochemistry and ground
geophysics. The geochemistry signature of the target area, like the
extension and internal complexity of the IP anomaly is reminiscent
of the Troilus deposit of Troilus Gold Corp., which is located
about three kilometres north-north-west in a similar geological
context.
Michael Ferreira, President and
Chief Executive Officer of X-Terra, stated; "Commencing this
inaugural drill program marks an important milestone for X-Terra
and its exploration team. The recent geochemical results combined
with our ground exploration and IP geophysics provides robust
signatures, and a great opportunity for success for X-Terra."
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 property, or if it does so, what benefits X-Terra will
derive from the Troilus East 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'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, 2020, 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.