ROUYN-NORANDA, QC, Feb. 6, 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 ongoing.
The program is meeting its geological targets and continues to provide very encouraging visual indicators of significant alteration and mineralization in different contexts related with the MacKenzie Gulch Fault. The program initiated is at the reconnaissance stage and covers about 30 kilometres of prospective ground. Five targets are currently being tested using 2 to 4 holes and reaching depths of between 100 to 170 metres.
The table below is highlighting the observations of the core which is being completed in the field as the program advances. Thus far they highlight three main contexts.
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Sectors of interest
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Observations
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Mineralization type
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North-West
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NWST-20-002, 003
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Orogenic gold bearing quartz veins systems in sediments
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Dyke Swarm
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GRG-20-001, GRG-20-002
Close to feldspathic dykes contacts: re worked 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.
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Dykes related skarns and sediments hosted stockwork
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Bellevue North
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GRG-20-003, GRG-20-004, GRG-20-005
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.
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Stockworks and replacement in conglomerate
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Michael Ferreira, President and Chief Executive Officer of X-Terra Resources states, "to date, the strong presence of mineralization markers that correspond to known mineralization models over consistent drill intervals is another milestone reached. Since 2017 when the first discovery of gold at surface was made, X-Terra Resources has put in place an efficient targeting and ground truthing approach to reach results while investing its treasury wisely".
The remaining two drill targets, Bellevue South as well as Grog are expected to be completed by February 14, 2020. In addition, a drill core photo album will be uploaded to X-Terra Resources' website in the coming days and it invites shareholders to review them as well as its February 2020 presentation.
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.
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X-Terra Resources Inc., Michael Ferreira, President and Chief Executive Officer, 139 Québec Avenue, Suite 202, Rouyn-Noranda, Québec, J9X 6M8, Telephone: 819-762-4101, Fax: 819-762-0097, E-mail: info@xterraresources.comCopyright CNW Group 2020