X-Terra Resources Announces Initiation of Detailed Drone Magnetic Survey at the Rim Target in New Brunswick
X-Terra Resources Announces Initiation of
Detailed Drone Magnetic Survey at the Rim
Target in New Brunswick
ROUYN-NORANDA, QC
,
Jan. 20, 2021
/CNW Telbec/ - X-Terra Resources Inc. (TSXV: XTT)
(FRANKFURT: XTR) ("
X-Terra
") is pleased to announce that it has contracted Vision
4K
to perform
a detailed airborne drone magnetic survey over its Rim target on the Northwest property located in
Restigouche County,
New Brunswick
. Vision
4k
will be conducting an 82-line kilometre survey at 25
metre spacing covering an area of about 2.1 square kilometres. The goal of the survey is to further
define drill targets by applying a detailed overprint of subtle structures at Rim with the goal of
precisely identifying the fold hinge and potential associated faults and shear zones, which is believed
to be controlling the high grade gold mineralization of the Rim veins.
Drone Magnetic Survey Coverage and Fold Hinge Interpretation (CNW Group/X-Terra Resources
Inc.)
About the Rim target
The Rim target is located approximately 13 kilometres northeast of the town of
Saint-Quentin, New
Brunswick
. It has just recently undergone its first drill campaign comprising of 4 holes that were
completed in the fourth quarter of 2020 which returned promising gold mineralization, see X-Terra
press release dated
December 15, 2020
. It is important to note that there has only been 4 holes
completed at this target to date. Historical results from this area have highlighted bonanza grade
results ranging from 4.53 g/t up to 1,205.06 g/t (See X-Terra Press Release dated
Dec 5, 2018
).
In addition, X-Terra has also signed an agreement with Rally Drilling Services in order to carry out
the second phase of drilling at Rim, scheduled to begin as early as next week. X-Terra is to carry
out a minimum of 1,000 metres of drilling in this second phase.
Michael Ferreira
, President and Chief Executive Officer of X-Terra states, "We are very pleased to
able to move forward with the second phase of drilling at the Rim target. Unfortunately, we are still
awaiting assays from the Grog property which was drilled in the later part of 2020. It was brought to
our attention that many labs are currently suffering longer than expected analytical delays due to the
ongoing pandemic situation. That said, once the balance of the Grog assays are received, they will
be published immediately".
X-Terra also wishes to inform its investors that it has engaged Geosig Inc. based out of
Quebec
City
to carry a ground IP geophysical survey over its 100% owned Troilus East property in
James
Bay
, Québec. The 25-line kilometre survey over three unique grids will take place as soon as the
contractors currently working along the Frotet-Evans greenstone belt have completed their program.
Once these results are received, X-Terra can move forward with its drilling plans at Troilus East.
Qualified Person
Jeannot Théberge, P. Geo registered in the Provinces of Québec and
New-Brunswick
, a consultant
to X-Terra and 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 is a resource company focused on acquiring and exploring precious 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 exploration programs and
development (including any drilling programs) of the Grog, Northwest and Troilus East Properties,
or if it does so, what benefits X-Terra Resources will derive from the Grog, Northwest and Troilus
East 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, 2019
, 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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For further information:
X-Terra Resources Inc., Michael Ferreira, President and Chief Executive
Officer, 147 Québec Avenue, Rouyn-Noranda, Québec, J9X 6M8, Telephone: 819-762-4101 | Fax:
819-762-0097, E-mail: [email protected], Website: www.xterraresources.com
CO: X-Terra Resources Inc.
CNW 08:30e 20-JAN-21