ROUYN-NORANDA, QC, Jan. 23, 2019 /CNW Telbec/ - X-Terra
Resources Inc. (TSXV: XTT) (FRANKFURT: XTR) ("X-Terra") is
pleased to announce the completion of a High Resolution
Helicopter-Borne Magnetic Survey on its wholly-owned Troilus-East
project. The Troilus-East property is comprised of 92 mining claims
covering a surface area of more than 50 km2 (see
attached figure) located approximately 135 kilometres from the town
of Chibougamau in the Province of
Québec.
The Troilus-East property is located less than 2 kilometres
from the former Troilus mine (2M oz
Au + 70,000 tons of Cu) Québec, now owned by Troilus Gold Corp.
where after a 36,000 metres drilling program (91 drill holes) from
February 2018 to August 2018 they increased the total estimated
indicated resources to 3.92 M oz AuEq
and the estimated inferred resource to 1.17M oz AuEq (see Troilus Gold Corp press
release dated November 19, 2018 and the NI 43-101 Technical
Report dated January 1, 2019 of Troilus Gold Corp titled,
"Technical Report on the Troilus Gold-Copper Mine Mineral Resource
Estimate, Quebec, Canada" prepared
by Mr. Luke Evans, M.Sc., P.Eng.,
Executive Vice President, Geology and Resource Estimation,
Principal Geological Engineer at Roscoe Postle Associates
Inc.).
Following the High Resolution Helicopter-Borne Magnetic Survey,
X-Terra will use the magnetic signatures to perform follow-up work,
in an effort to identify geological contexts with similar
characteristics to that of the Troilus Gold-Copper mineral
deposit.
In other news, X-Terra also announces that due to some
unsatisfied conditions, X-Terra is renegotiating the terms outlined
in the proposed option agreement to acquire four mining properties
located in the province of New
Brunswick (see X-Terra press release dated November 19, 2018). The proposed transaction (as
previously-announced) was highly dilutive for X-Terra's
shareholders, however by renegotiating new terms for this option,
X-Terra hopes to realize this transaction to create additional
shareholder value while limiting the dilution of its capital
structure. X-Terra also entered into an amending agreement with the
vendors of the Veronneau property in order to extend to
January 31, 2019 the ultimate date to complete the acquisition
of a 100% interest in the Veronneau property. X-Terra will inform
shareholder on any new development relating to a transaction for
the acquisition of an interest in the four mining properties
located in New Brunswick.
Qualified person
Mr. Jeannot Théberge, P. Geo, a consultant to X-Terra Resources,
is the qualified person for the Troilus-East property under
National Instrument 43-101 - Standards of Disclosure for Mineral
Projects, responsible for 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.
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.