ROUYN-NORANDA, QC, April 3, 2020 /CNW Telbec/ - X-Terra
Resources Inc. (TSXV: XTT) (FRANKFURT: XTR) is pleased with
the decision that the New
Brunswick government has decided to place, effective
immediately, all mineral claims under protection status, to ensure
continuity of mineral claims during this time of extreme
uncertainty.
Michael Ferreira, President and
Chief Executive Officer of X-Terra Resources states, "This is a
bold step and demonstrates the outstanding leadership and support
the government has taken to ensure stability for individuals and
companies like X-Terra Resources, that have been working and will
continue exploring in the province, once the Covid-19 pandemic
situation begins to improve".
All detailed information regarding the protection status can be
found at the following link, under notice:
(http://nbeclaims.gnb.ca/nbeclaims/page/login/login.jsf?syncToken=ee35c55e731543afe1548fb19bd64f59)
In other news, X-Terra Resources has received the results from
the first two holes of 13 holes drilled over the Grog property.
Anomalous gold and silver results including one value of 15.7 g/t
Ag and 0.19 g/t Au over 1 metre were obtained from the first two
targets. Results from the 11 remaining holes have yet to be
received. The delay in results is due to lab closure resulting from
the ongoing COVID-19 pandemic and X-Terra Resources hopes to
receive them as soon as the lab returns to normal operations.
Meanwhile, results received to date provide a series of insights
on how to refine the targets, identify the right geological
pathfinders and make necessary adjustments to the exploration
approach. This initial drill program was built to test six
different targets spread over 30 kilometres along the McKenzie
Gulch regional fault.
Exploration Model Update
Dykes Swarm
Holes GRG-20-001 and GRG-20-002 were planned in the Grog Brook
Group composed of thin bed siltstone inside the McKenzie Gulch
regional Fault environment. The favorable area related to strong
chargeability anomalies. A 100 metre wide arsenic anomaly was
detected during the previous trenching programs, which was closely
related to variably argillized feldspathic dykes. The two holes
were drilled about 30 metres apart on an east-west line.
The first holes were collared in a complex assemblage of
feldspathic dykes hosted in strongly sericitized or argillized
hydrothermal breccia cut over approximately 15 metres. Silver
values highlighted an enrichment from 0.3 to 1.9 g/t in this
environment. The lower half section of both drill holes, which are
approximately 30 metres corresponding approximately to a depth of
50 metres, intersected calcic silicate alteration, or skarns which
are related in the area to the Matapedia Group rocks. In both
holes, feldspathic intrusions intersected over intervals between 5
to 10 metres are seemingly related genetically to the skarn system.
The best results received from hole GRG-20-002 was 0.19 g/t gold,
15.7 g/t silver over 1m enclosed in a
skarnified band.
Michael Ferreira, President and
Chief Executive Officer of X-Terra Resources, states, "These
first results, while discreet, provided a serious insight about the
Cu-Ag-(Au) skarn potential inside the property outline. At this
stage, these results also correspond to some modest copper values
we obtained from our previous exploration programs. We now believe
the skarn environment within the property is possibly related to
the Legacy Skarn deposit which hosts 1.5 million tonnes @ 10.29 g/t
Ag and 0.87% Cu located 3 kilometres directly south of the Dyke
Swarm target (Atlantic Geology, 2015, Volume 51, Number 1, doi:
10.4138/atlgeol.2015.005). In addition, we can now confirm a
possible extension of the Matapedia Group inside the property in
association with an extensive dykes swarm, which we consider a
breakthrough in our understanding of the overall property gold
deposit model".
It is also important to note that the geological environment at
Dyke Swarm is much different than that of Grog which instills a lot
of confidence moving forward.
In further news, X-Terra Resources is excited to report a
significant increase in staking activity in and around its Troilus
East project and the Frotet-Evans greenstone belt located in
James Bay, Québec. It is a
true testament to the geological potential of the area, of which
X-Terra Resources has yet to uncover. Recent circumstances have
allowed X-Terra Resources to accelerate and finalize its
exploration plan which will be carried out over its Troilus East
property as soon as the overall climate allows.
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.