ROUYN-NORANDA, QC,
Feb. 28, 2019 /CNW Telbec/ - X-Terra Resources Inc.
(TSXV: XTT) (FRANKFURT: XTR) ("X-Terra") is pleased to
announce that it has received the final till sample results
stemming from its due diligence review in October 2018 on the Northwest property in
New Brunswick from IOS Services
Geoscientifiques. Three targeted areas were selected for follow up
of the New-Brunswick Government till sampling (Parkhill, M.A. 2005 Till Geochemistry of the
Kedgewick, Gounamitz River, States Brook and Menneval Map Areas,
Northwestern New Brunswick. New
Brunswick Department of Natural Resources, Minerals, Policy and
Planning Division, Open File Report 2005-4) in an effort to link
the existing gold bearing quartz veins (Rim/Dome/Bonanza).
The results have highlighted a significant 65 gold grain anomaly
in the vicinity of the Dome and Bonanza veins, from which two
dispersion trains are stemming toward the East-north-east and
North-east, related to two distinct glacial events. A third cluster
of anomalous samples is located to the south-east of the veins.
While the gold grain counts are partially lower, they remain a
sharp contrast to the almost sterile background. Gold grains are
overwhelmingly dominated by pristine morphology, suggestive of a
local origin. The Rim area of the Northwest property being located
at the eastern limit of the survey, it remains open to be tested.
See map 1.
The best exploration results obtained by X-Terra over the
Northwest Property include 1,205.06 g/t Au at the Rim
sector, 149.97 g/t Au at the Bonanza sector and 47.88 g/t
Au at Dome sector. See map 2.
Additionally, X-Terra sampled the Rim vein at regular intervals
at the surface over 19.9 metres to confirm if gold
mineralization is continuous. The average of the nine (9) grab
samples returned 125.44 g/t Au over the 19.9 metres (see
X-Terra press release dated Dec. 5,
2018, for details).
These results are very encouraging given that gold grain counts
in dispersion trains are well contrasted with background, enabling
dependable detection of mineralized veins.
In other news, X-Terra announces that it will effect a
non-brokered private placement in a maximum amount of $1,000,000 by issuing a maximum of 8,333,334
units at a price of $0.12 per unit.
Each of the units will consist of one common share in the capital
of X-Terra Resources and one common share purchase
warrant. Each warrant will entitle its holder to purchase one
additional common share of X-Terra Resources at an exercise price
of $0.20 for a period of 24 months
from the closing date of the private placement. The closing of
the private placement is expected to take place on or about
March 15, 2019. X-Terra may pay finder's fees to
registered persons in connection with the private placement.
Qualified Person
Alex McKay, P. Geo of AMK
Geoscience Ltd, registered in the Provinces of Nova Scotia and New-Brunswick, a consultant to X-Terra
Resources, is the independent qualified person for the Grog Brook,
Rim, Dome and Bonanza properties under National Instrument
43‑101 Standards of Disclosure for Mineral Projects
("NI 43-101") 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.
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 closing of the
private placement, the acquisition of the Grog and Northwest
Properties, the development of the Grog and Northwest Properties,
or if any of them do so, what benefits X-Terra will derive from 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 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's Annual Report for the fiscal year ended
December 31, 2017, 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.
Website: www.xterraresources.com
SOURCE X-Terra Resources Inc.