X-Terra Resources Diversifies into Lithium Exploration
X-TERRA RESOURCES DIVERSIFIES INTO
LITHIUM EXPLORATION
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.
Claims
block
Area
(ha)
Geological environment
Preliminary evaluation
Lidos
2,390
Contact between two lobes of the Thédodat tonalitic complex marked by Nasacauso
ultramafic suite.
Mappable granitic pegmatite following the contact between the two
tonalite lobes.
Licorne
3,824
Voirdye Group gneissic belt of sedimentary origin.
Mappable granitic pegmatite following the north-east structural trend.
Linos
4,408
Area straddling poorly mapped and defined gneissic belt of sedimentary origin.
Locally injected by magnetite bearing granodiorite and tonalite.
Continuity to the north-east of the Voirdye pegmatite field.
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.
Q
u
alified 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, the
expected 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.
View original content:
http://www.newswire.ca/en/releases/archive/June2022/02/c2524.html
%SEDAR: 00035962E
For further information:
X-Terra Resources Inc. Michael Ferreira, President and Chief Executive
Officer, 147 Québec Avenue (back door), Rouyn-Noranda, Québec, J9X 6M8, E-mail:
[email protected], Website: www.xterraresources.com
CO: X-Terra Resources Inc.
CNW 08:00e 02-JUN-22