X-Terra Resources Initiates Trenching Program at the Grog and Northwest Properties and Provides Report ON Its 2022 Annual and Special Meeting of Shareholders
X-TERRA RESOURCES INITIATES
TRENCHING PROGRAM AT THE GROG AND
NORTHWEST PROPERTIES AND PROVIDES
REPORT ON ITS 2022 ANNUAL AND SPECIAL
MEETING OF SHAREHOLDERS
Rouyn-Noranda, QC
,
Sept. 14, 2022
/CNW Telbec/ - X-Terra Resources Inc. (TSXV: XTT)
(FRANKFURT: XTR) ("
X-Terra
") has initiated its trenching program at the Grog and Northwest
properties following the positive geochemical results from a last phase of soil survey executed
earlier this year (see X-Terra press release dated
July 14, 2022
). The two properties are located in
north-western
New-Brunswick
, Restigouche County. X-Terra has been actively exploring these two
properties since 2019, located approximately 30 kilometres apart and located along the regional
McKenzie Gulch fault system.
Results received from 363 "B" horizon soil samples distributed over six targets, which are, with one
exception, untouched by any historical exploration. Following the target analysis, a trenching
program was planned to obtain visual contact with the new gold mineralization trends. The geological
team has been mobilized and trenching is now underway. Once trenching results are returned from
the lab, a follow up drilling program will be evaluated.
These geochemical results recently received confirm and expand on the initial results generated by
the last program executed in the last quarter of 2021, with the identification of large geochemical
footprints along trends and are situated outside known showings. X-Terra has recently shifted its
strategy to employ a systematic exploration approach utilizing the geochemical approach and
complementing this with geophysics and structural mapping to refine targets in areas specifically
covered by overburden. We believe this change in strategy will lead to more encouraging results.
"Its always exciting to see that the systematic approach we are taking to explore these two
properties is working. While we know it can be a long process, we can now comfortably say that
this trenching program will allow us to better understand the mineralized systems at both properties",
stated
Michael Ferreira
, President and Chief Executive Officer of X-Terra.
Grog
The survey was successful in highlighting a new area of interest approximately 500 metres east of
the Grog showing along a parallel north-east magnetic trend. The density of information obtained
allowed to plan a series of trenches which cover an area of 300 metres by 200 metres.
Bellevue
A shot gun approach with an average spacing of 30 metres between samples was utilized to cover
the different possible structural interpretations of the Bellevue Gold trends. At Bellevue North, two
gold anomalies were identified within an east-west magnetic trend. Four short trenches are planned
to validate the anomalies and provide an orientation to the mineralized system. At
Bellevue
centre,
located approximately 300 metres to the south-east, a continuous arsenic anomaly was identified,
which appears to be controlled by a relatively strong north-east magnetic anomaly. Bedrock
exposure in the access road has indicated the strong presence of a carbonatized and silicified
conglomerate and breccia, annunciator of a hydrothermal system presenting many similarities with
Grog.
RIM South-East
The RIM South-East target highlighted a stacking of strong gold anomalies in soil located
approximately two kilometres south of the main RIM gold showing. It is in this area that the highest
geochemical result of 0.15 g/t was obtained. The distribution of gold anomalies above 10 ppb
suggests the stacking of four North-West (N300°) gold anomalies possibly connecting with the
Northwest Creek regional lineament.
Northwest Creek South
A total of three strong stacking gold anomalies were highlighted over the five lines of geochemical
sampling. The trenches planned will serve to intersect these three strong geochemical gold trends
with a series of trenches, ranging from 50 to 100 metres in length.
Report from the 2022 Annual & Special Meeting
In other news, X-Terra reports that all five nominees listed in the management information circular
dated August 1, 2022 (the "
2022 Circular
") for the 2022 Annual and Special Meeting of
shareholders (the "
Meeting
") held on
August 31, 2022
, in
Rouyn-Noranda
, Québec, were re-elected
as directors of X
Terra.
At the Meeting, shareholders voted in favour of all matters brought before the Meeting, including re-
appointing Raymond Chabot Grant Thornton LLP, Chartered Professional Accountants, as auditors
of X-Terra, approving X-Terra's new Omnibus Equity Incentive Plan (the "
Omnibus Plan
"), and
approving a special resolution authorizing, if deemed advisable by the Board of Directors of X-Terra
no later than August 31, 2023, an amendment to the Articles of X-Terra so as to consolidate the
common shares of X-Terra on the basis of one share for a maximum of ten common shares then
issued and outstanding.
The Omnibus Plan provides X-Terra with a variety of security-related mechanisms to attract, retain,
and motivate qualified directors, officers, employees, management company employees (as such
term is defined in the Omnibus Plan) and consultants. The purpose of the Omnibus Plan is to align
the interests of directors, officers, employees, management company employees, and consultants
with the interests of shareholders and the long-term goals and success of X-Terra, and to enable
and encourage such directors, officers, employees, management company employees and
consultants to acquire common shares as long-term investments and proprietary interests in X-
Terra. The Omnibus Plan replaced X
Terra's prior stock option plan and includes (i) a 10% "rolling"
option plan, permitting a maximum of 10% of the issued and outstanding common shares of X-Terra
as at the date of any option grant to be reserved for option grants; and (ii) a fixed plan permitting
9,945,171 common shares to be reserved for grants of restricted share units, performance share
units and deferred share units. A summary of the Omnibus Plan can be found in the 2022 information
Circular, filed under the X-Terra's profile on SEDAR at
www.sedar.com
. The Omnibus Plan, in its
entirety, is also attached as Schedule "C" to the 2022 Circular.
Following the Meeting, the Board of Directors appointed
Michael Ferreira
as Chairman of the Board
of Directors, President and Chief Executive Officer of X-Terra and
Sylvain Champagne
as Secretary
and Chief Financial Officer of X-Terra.
Quality assurance/quality control
363 samples of "B" horizon soil were collected X-Terra's technical team. Samples recovered
weighted between 300 and 500 gr. During sampling, tags were randomized with blanks and field
duplicates inserted at regular intervals. Samples are being processed at the Actlabs preparation
facility in
Fredericton, New-Brunswick
, and directed to
Ancaster, Ontario
for geochemical analysis
by INAA (Instrumental Neutron Activation Analysis). After drying and sieving to -63 microns, samples
will be irradiated and subsequently measured for the emitted gamma ray.
Qualified Person
Martin Demers
, P. Geo registered in the Provinces of Québec and
New-Brunswick
(APEGNB
#L5980), a consultant to X-Terra, 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.
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,
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 and Northwest Properties, or if it does so,
what benefits X-Terra will derive from the Grog and Northwest 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's control. These risks, uncertainties
and assumptions include, but are not limited to, those described under "Financial Instruments" and
"Risk and Uncertainties in X-Terra's 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 does not intend,
nor does X-Terra 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.
About X-Terra Resources Inc.
X-Terra is a resource company focused on acquiring and exploring precious metals 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.
SOURCE
X-Terra Resources Inc.
View original content:
http://www.newswire.ca/en/releases/archive/September2022/14/c5626.html
%SEDAR: 00035962E
For further information:
For further information: X-Terra Resources Inc, Michael Ferreira,
President and Chief Executive Officer,147 Québec Avenue (back door),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 08:00e 14-SEP-22