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.
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Sectors of interest
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Observations
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Mineralization type
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NorthWest
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NWST-20-002, NWST-20-003
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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: 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.
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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, 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.
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Stockworks and replacement in sediments
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Bellevue South
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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.
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Stockworks and replacement in sediments
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Grog
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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.
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Epithermal veining and replacement in sediments.
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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.
View original content: http://www.newswire.ca/en/releases/archive/March2020/02/c4594.html
X-Terra Resources Inc., Michael Ferreira, President and Chief Executive Officer, Rouyn-Noranda, Québec, Telephone: 819-762-4101, Fax: 819-762-0097, E-mail: info@xterraresources.comCopyright CNW Group 2020