ROUYN-NORANDA, QC, June 2, 2022 /CNW Telbec/ - X-Terra Resources Inc. (TSXV: XTT) (FRANKFURT: XTR) ("X-Terra") is pleased to announce that it recently acquired by staking three claim blocks totalling over 10,000 hectares in northern Québec that are collectively known as the Triple Lithium Project. The regional project is located in the James Bay, Québec region in an area newly mapped by the Province of Québec in 2018-2019.
X-Terra is currently building an exploration program based on the compilation of available information. X-Terra plans to initiate the sampling of pegmatite intrusions already identified on the provincial geological map over the next few months. X-Terra also plans to use a combination of remote sensing, geological mapping and geochemistry to identify drill targets for the next phase of exploration on this project.
The Triple Lithium Project is located along the Rupert-Cabot structural corridor where a strong density of granitic pegmatite where previously mapped. This type of rock is targeted as the main host rock to spodumene and is located along strike with the Nemaska Lithium project, known as one of the significant spodumene deposits found in the James Bay region in the Province of Québec. At this stage, X-Terra firmly believes it has secured significant prospective ground to undertake the evaluation of spodumene related lithium targets.
The X-Terra's Triple Lithium Project is split in three blocks centered of the Ruper-Cabot structural corridor.
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Claims block
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Area (ha)
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Geological environment
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Preliminary evaluation
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Lidos
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2,390
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Contact between two lobes of the Thédodat tonalitic complex marked by Nasacauso ultramafic suite.
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Mappable granitic pegmatite following the contact between the two tonalite lobes.
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Licorne
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3,824
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Voirdye Group gneissic belt of sedimentary origin.
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Mappable granitic pegmatite following the north-east structural trend.
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Linos
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4,408
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Area straddling poorly mapped and defined gneissic belt of sedimentary origin.
Locally injected by magnetite bearing granodiorite and tonalite.
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Continuity to the north-east of the Voirdye pegmatite field.
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Michael Ferreira, President and Chief Executive Officer of X-Terra commented: "The lithium market as well as the global electrification movement is something we can't ignore. By applying our exploration acumen, diversifying our property portfolio and expanding into the lithium exploration space, we will provide additional opportunities for our shareholders. We believe James Bay continues to demonstrate excellent potential for discovery of new spodumene bearing pegmatites, most recently with Patriot Battery Metals new major lithium discovery. We have already begun to outline new, favourable lithium targets in James Bay, Québec."
It is becoming increasing clear that the mining industry is unable to meet not only the current demand but also the expected demand for lithium carbonate, as it is the most common lithium battery component. According to Benchmark Mineral Intelligence, the electric vehicle market could reach $34B by 2030.
Qualified Person
Jeannot Théberge, P. Geo registered in the Provinces of Québec, a consultant to X-Terra, a qualified person under National Instrument 43–101 Standards of Disclosure for Mineral Projects has reviewed the technical contents of this news release and has approved the disclosure of the technical information contained herein.
About X-Terra
X-Terra is a resource company focused on acquiring and exploring precious and strategic metals 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 anticipated exploration program on the Triple Lithium Project, the results of such exploration program, the development of the Triple Lithium Project and what benefits X-Terra Resources will derive from the Triple Lithium Project, theexpected demand for lithium carbonate. 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, 2021, 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
SOURCE X-Terra Resources Inc.
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