X-Terra Resources Completes a High Resolution Helicopter-Borne Magnetic Survey on its 100% Owned Troilus-East Property
X-Terra Resources Completes a High
Resolution Helicopter-Borne Magnetic Survey
on its 100% Owned Troilus-East Property
ROUYN-NORANDA, QC
,
Jan. 23, 2019
/CNW Telbec/ - X-Terra Resources Inc. (TSXV: XTT)
(FRANKFURT: XTR) ("
X-Terra
") is pleased to announce the completion of a High Resolution
Helicopter-Borne Magnetic Survey on its wholly-owned Troilus-East project. The Troilus-East
property is comprised of 92 mining claims covering a surface area of more than 50 km
2
(see
attached figure) located approximately 135 kilometres from the town of
Chibougamau
in the Province
of Québec.
Troilus airborne magnetic survey (75 metre spacing) (CNW Group/X-Terra Resources Inc.)
The Troilus-East property is located less than 2 kilometres from the former Troilus mine (
2M
oz Au +
70,000 tons of Cu) Québec, now owned by Troilus Gold Corp. where after a 36,000 metres drilling
program (91 drill holes) from
February 2018
to
August 2018
they increased the total estimated
indicated resources to
3.92 M
oz AuEq and the estimated inferred resource to
1.17M
oz AuEq (see
Troilus Gold Corp press release dated November 19, 2018 and the NI 43-101 Technical Report
dated January 1, 2019 of Troilus Gold Corp titled, "Technical Report on the Troilus Gold-Copper
Mine Mineral Resource Estimate,
Quebec, Canada
" prepared by Mr.
Luke Evans
, M.Sc., P.Eng.,
Executive Vice President, Geology and Resource Estimation, Principal Geological Engineer at
Roscoe Postle Associates Inc.).
Following the High Resolution Helicopter-Borne Magnetic Survey, X-Terra will use the magnetic
signatures to perform follow-up work, in an effort to identify geological contexts with similar
characteristics to that of the Troilus Gold-Copper mineral deposit.
In other news, X-Terra also announces that due to some unsatisfied conditions, X-Terra is
renegotiating the terms outlined in the proposed option agreement to acquire four mining properties
located in the province of
New Brunswick
(see X-Terra press release dated
November 19, 2018
).
The proposed transaction (as previously-announced) was highly dilutive for X-Terra's shareholders,
however by renegotiating new terms for this option, X-Terra hopes to realize this transaction to
create additional shareholder value while limiting the dilution of its capital structure. X-Terra also
entered into an amending agreement with the vendors of the Veronneau property in order to extend
to January 31, 2019 the ultimate date to complete the acquisition of a 100% interest in the
Veronneau property. X-Terra will inform shareholder on any new development relating to a
transaction for the acquisition of an interest in the four mining properties located in
New Brunswick
.
Qualified person
Mr. Jeannot Théberge, P. Geo, a consultant to X-Terra Resources, is the qualified person for the
Troilus-East property under National Instrument 43-101 -
Standards of Disclosure for Mineral
Projects
, responsible for 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
.
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 to download multimedia:
http://www.newswire.ca/en/releases/archive/January2019/23/c0274.html
%SEDAR: 00035962E
For further information:
Mr. Michael Ferreira, President & Chief Executive Officer, 139 Québec
Avenue, Suite 202, Rouyn-Noranda, Québec, J9X 6M8, Telephone: 819-762-4101, Fax: 819-762-
0097, E-mail: [email protected]
CO: X-Terra Resources Inc.
CNW 08:30e 23-JAN-19