X-Terra Resources Completes Initial Payments Pursuant to the Exploration and Option Agreements for the Grog And Northwest Properties in New Brunswick
X-Terra Resources Completes Initial
Payments Pursuant to the Exploration
and Option Agreements for the Grog
And Northwest Properties in New
Brunswick
ROUYN-NORANDA, QC, April 30, 2019 /CNW Telbec/ - X-Terra
Resources Inc. (TSXV: XTT) (FRANKFURT: XTR) is pleased to
announce the completion of the initial payments pursuant to its
previously-announced amended and restated exploration and option
agreements (the "Agreements") with NBGold Inc. ("NBGold") for the
acquisition of up to a 70% ownership interest in the Grog and
Northwest properties located in the province of New Brunswick (the
"Properties"). X-Terra Resources paid an amount of $50,000 to
NBGold and issued an aggregate of 2,000,000 common shares and
an aggregate 400,000 common share warrants (the "Warrants") to the
shareholders of NBGold as initial payment in order to obtain the right
to explore and option the Properties (see X-Terra Resources' press
release dated February 4, 2019 for more information on the amended
and restated exploration and option agreements and the transaction
with NBGold). Each warrant entitles its holder to acquire one
additional common share X-Terra Resources at a price of $0.15 until
October 30, 2020.
X-Terra completed its due diligence over the properties in October
2018 which confirmed the potential of a large disseminated gold
system at Grog Brook. Samples were collected over a length of 390
non-continuous metres where results up to 2.94 g/t Au were obtained.
The best gold values were obtained over the Northwest property
(comprising the former Dome, Bonanza and Rim properties) and
include 1,205.06 g/t Au at the Rim sector of the Northwest property,
149.97 g/t Au at Bonanza and 47.88 g/t Au at the Dome sector of the
Northwest property.
Additionally, X-Terra sampled the Rim vein at regular intervals at the
surface over 19.9 metres to confirm if gold mineralization is
continuous. The average of the nine (9) grab samples returned 125.44
g/t Au over the 19.9 metres (see X-Terra press release dated Dec. 5,
2018, for details).
Lastly, X-Terra also completed a till survey over Northwest and the
results highlighted significant gold grain anomalies in the vicinity of the
Dome and Bonanza veins, from which two dispersion trains are
stemming toward the East-north-east and North-east, related to two
distinct glacial events. These results are very encouraging given that
gold grain counts in dispersion trains are well contrasted with
background, enabling dependable detection of mineralized veins.
Qualified Person
Alex McKay, P. Geo of AMK Geoscience Ltd, registered in the
Provinces of Nova Scotia and New-Brunswick, a consultant to X-Terra
Resources, is the independent qualified person for the Grog Brook,
Rim, Dome and Bonanza properties under National Instrument 43-101
Standards of Disclosure for Mineral Projects ("NI 43-101") 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.
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 acquisition of an interest in the Properties
pursuant to the Agreements, the development of the Properties, or if
any of them do so, what benefits X-Terra Resources will
derive. 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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http://www.newswire.ca/en/releases/archive/April2019/30/c4860.html
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For further information: X-Terra Resources Inc., 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 17:11e 30-APR-19