ROUYN-NORANDA, QC, March 2, 2020 /CNW Telbec/ - X-Terra Resources
Inc. (TSXV: XTT) (FRANKFURT: XTR) is pleased to announce that its
2020 drill exploration program on the Grog and Northwest
properties, located in Restigouche
county, New Brunswick is now
complete. A total of 1,904 metres over 16 holes has been drilled
under this program.
The program has exceeded X-Terra Resources' expectations, as all
geological targets have revealed very encouraging visual indicators
of significant alteration and mineralization in different contexts
related with the MacKenzie Gulch Fault.
The table below sets-out highlights on the 5 targets that have
now been drilled.
Sectors of
interest
|
Observations
|
Mineralization
type
|
NorthWest
|
NWST-20-002,
NWST-20-003
|
Orogenic gold bearing
quartz veins systems in sediments
|
Dyke
Swarm
|
GRG-20-001,
GRG-20-002
Close to feldspathic
dykes contacts: reworked hydrothermal breccia with pyrite stringers
over 2 to 5 metres intervals.
Hosted in a sequence
of fine grains sediments including limy graphitic shales and
sandstone.
|
Dykes related skarns
and sediments hosted stockwork
|
Bellevue
North
|
GRG-20-003,
GRG-20-004, GRG-20-005, GRG-20-010
Carbonate-quartz
stockwork associated with arsenopyrite-pyrite dissemination over 5
to 20 metres intervals. Strong, carbonate – micas
alteration.
Lamprophyres dykes
observed.
Hosted in fine grain
sandstone and conglomerate sequence, in contact with a limy
graphitic shale.
|
Stockworks and
replacement in sediments
|
Bellevue
South
|
GRG-20-006,
GRG-20-007, GRG-20-008, GRG-20-009
Carbonate-quartz
stockwork, sulfidized shear zones, siliceous replacement over
metric intervals associated with arsenopyrite-pyrite dissemination
over 5 to 20 metres intervals. Strong, carbonate
alteration.
Shear zones affecting
in conglomerate-sandstone-siltstone sequence. In contact with
distal skarns and hornfels.
|
Stockworks and
replacement in sediments
|
Grog
|
GRG-20-011,
GRG-20-012, GRG-20-013
Pluri-metric
pyritized intervals associated with geodic quartz veining. Centered
on clay rich alteration, surrounded by siliceous
halos.
Hosted in a
conglomerate-sandstone sequence interlayered with graphitic
mudstone.
|
Epithermal veining
and replacement in sediments.
|
Detailed Highlights:
The three areas drilled are separated by 3.8 kilometres
following a north to north-east trend enclosed in a sequence of
relatively coarse grain sediments (conglomerate and sandstone),
locally interlayered or bounded by graphitic mudstone.
The cross section of the favorable corridor is still unknown.
For this first pass of drilling, clusters of three to four holes
were used on each target using a 50 to 100 metres spacing. Except
for hole GRG-20-006, which is clearly outside alteration zones,
quartz veining or sulfidation halos, all other holes have not
closed targets and they remain open in all directions. Continuous
sampling which will be performed should allow to trace the gold
anomaly and help define the thickness and potential geometry of the
favorable trend.
The three holes of 200 metres each that were drilled over the
Grog Target anomaly also correspond to a significant IP
chargeability anomaly (see X-Terra Resources' press release dated
July 24, 2019) which is extended on
both sides (east-west) for at least 600 metres and 450 metres
(north-south). This particular anomaly is consistent with known
sulphide mineralization known as the Grog showing, a zone hosted by
conglomerates and consists of quartz veining, as well as breccias,
and is rich in pyrite and arsenopyrite, as well as gold. The best
value obtained by X-Terra Resources in this (antiform) was 2.94
grams per tonne gold in a quartz breccia where cavities are rich in
pyrite and some minor stibnite.
Michael Ferreira, President and
Chief Executive Officer of X-Terra Resources states, "We are very
pleased to report the successful completion of this drill program
on the Grog and Northwest properties. Assays are now pending on all
13 drill holes from the Grog property and we are excited by all the
markers observed in the drill core. We look forward to providing
continuous news flow in the coming weeks and months".
The corporate presentation available on X-Terra Resources'
website has been updated to highlight the location of the drill
holes over the Grog property and the drill core presentation will
be updated shortly with pictures of the additional holes.
In addition, X-Terra Resources would like to invite shareholders
to visit us at booth 2406 at the PDAC Conference in Toronto from March 1 to
4, 2020, to discuss the recent drill program, where drill
core will be on display.
Also, X-Terra Resources will move its head office, on
March 1, 2020, to 147 Quebec avenue.
Rouyn-Noranda, Québec, J9X 6M8.
The mailing address will be: C.P. 491, Rouyn-Noranda, Québec, J9X 5C4.
Qualified Person
Jeannot Théberge, P. Geo registered in the Provinces of Québec
and New-Brunswick, a consultant to
X-Terra Resources, 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 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
exploration programs and development (including any drilling
programs) of the Grog and Northwest Properties, or if it does so,
what benefits X-Terra Resources 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 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.