ROUYN-NORANDA, QC,
April 30, 2019 /CNW Telbec/ - X-Terra Resources Inc.
(TSXV: XTT) (FRANKFURT: XTR) is pleased to announce the completion
of the initial payments pursuant to its previously-announced
amended and restated exploration and option agreements (the
"Agreements") with NBGold Inc. ("NBGold") for the acquisition of up
to a 70% ownership interest in the Grog and Northwest properties
located in the province of New
Brunswick (the "Properties"). X-Terra Resources paid
an amount of $50,000 to NBGold and
issued an aggregate of 2,000,000 common shares and an aggregate
400,000 common share warrants (the "Warrants") to the shareholders
of NBGold as initial payment in order to obtain the right to
explore and option the Properties (see X-Terra Resources' press
release dated February 4, 2019 for more information on
the amended and restated exploration and option agreements and the
transaction with NBGold). Each warrant entitles its holder to
acquire one additional common share X-Terra Resources at a price of
$0.15 until October 30,
2020.
X-Terra completed its due diligence over the properties in
October 2018 which confirmed the
potential of a large disseminated gold system at Grog Brook.
Samples were collected over a length of 390 non-continuous metres
where results up to 2.94 g/t Au were obtained. The best gold values
were obtained over the Northwest property (comprising the former
Dome, Bonanza and Rim properties) and include 1,205.06 g/t Au at
the Rim sector of the Northwest property, 149.97 g/t Au at Bonanza
and 47.88 g/t Au at the Dome sector of the Northwest property.
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).
Lastly, X-Terra also completed a till survey over Northwest and
the results highlighted significant gold grain anomalies 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. These results are very
encouraging given that gold grain counts in dispersion trains are
well contrasted with background, enabling dependable detection of
mineralized veins.
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 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
acquisition of an interest in the Properties pursuant to the
Agreements, the development of the Properties, or if any of them do
so, what benefits X-Terra Resources will derive.
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, 2018, 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.
Website: www.xterraresources.com
SOURCE X-Terra Resources Inc.