X-Terra Resources Pleased with New Brunswick's Government Decision to Place All Mineral Claims Under Protection
X-Terra Resources Pleased with New
Brunswick's Government Decision to Place All
Mineral Claims Under Protection
ROUYN-NORANDA, QC
,
April 3, 2020
/CNW Telbec/ - X-Terra Resources Inc. (TSXV: XTT)
(FRANKFURT: XTR) is pleased with the decision that the
New Brunswick
government has decided to
place, effective immediately, all mineral claims under protection status, to ensure continuity of mineral
claims during this time of extreme uncertainty.
Michael Ferreira
, President and Chief Executive Officer of X-Terra Resources states, "This is a bold
step and demonstrates the outstanding leadership and support the government has taken to ensure
stability for individuals and companies like X-Terra Resources, that have been working and will continue
exploring in the province, once the Covid-19 pandemic situation begins to improve".
All detailed information regarding the protection status can be found at the following link, under notice: (
http://nbeclaims.gnb.ca/nbeclaims/page/login/login.jsf?syncToken=ee35c55e731543afe1548fb19bd64f59
)
In other news, X-Terra Resources has received the results from the first two holes of 13 holes drilled
over the Grog property. Anomalous gold and silver results including one value of 15.7 g/t Ag and 0.19
g/t Au over 1 metre were obtained from the first two targets. Results from the 11 remaining holes have
yet to be received. The delay in results is due to lab closure resulting from the ongoing COVID-19
pandemic and X-Terra Resources hopes to receive them as soon as the lab returns to normal
operations.
Meanwhile, results received to date provide a series of insights on how to refine the targets, identify the
right geological pathfinders and make necessary adjustments to the exploration approach. This initial
drill program was built to test six different targets spread over 30 kilometres along the McKenzie Gulch
regional fault.
Exploration Model Update
Dykes Swarm
Holes GRG-20-001 and GRG-20-002 were planned in the Grog Brook Group composed of thin bed
siltstone inside the McKenzie Gulch regional Fault environment. The favorable area related to strong
chargeability anomalies. A 100 metre wide arsenic anomaly was detected during the previous trenching
programs, which was closely related to variably argillized feldspathic dykes. The two holes were drilled
about 30 metres apart on an east-west line.
The first holes were collared in a complex assemblage of feldspathic dykes hosted in strongly
sericitized or argillized hydrothermal breccia cut over approximately 15 metres. Silver values highlighted
an enrichment from 0.3 to 1.9 g/t in this environment. The lower half section of both drill holes, which
are approximately 30 metres corresponding approximately to a depth of 50 metres, intersected calcic
silicate alteration, or skarns which are related in the area to the Matapedia Group rocks. In both holes,
feldspathic intrusions intersected over intervals between 5 to 10 metres are seemingly related
genetically to the skarn system. The best results received from hole GRG-20-002 was 0.19 g/t gold,
15.7 g/t silver over
1m
enclosed in a skarnified band.
Michael Ferreira
, President and Chief Executive Officer of X-Terra Resources, states, "
These first
results, while discreet, provided a serious insight about the Cu-Ag-(Au) skarn potential inside the
property outline. At this stage, these results also correspond to some modest copper values we
obtained from our previous exploration programs. We now believe the skarn environment within the
property is possibly related to the Legacy Skarn deposit which hosts 1.5 million tonnes @ 10.29 g/t Ag
and 0.87% Cu located 3 kilometres directly south of the Dyke Swarm target (Atlantic Geology, 2015,
Volume 51, Number 1, doi: 10.4138/atlgeol.2015.005). In addition, we can now confirm a possible
extension of the Matapedia Group inside the property in association with an extensive dykes swarm,
which we consider a breakthrough in our understanding of the overall property gold deposit model".
It is also important to note that the geological environment at Dyke Swarm is much different than that of
Grog which instills a lot of confidence moving forward
.
In further news, X-Terra Resources is excited to report a significant increase in staking activity in and
around its Troilus East project and the Frotet-Evans greenstone belt located in
James Bay
, Québec. It
is a true testament to the geological potential of the area, of which X-Terra Resources has yet to
uncover. Recent circumstances have allowed X-Terra Resources to accelerate and finalize its
exploration plan which will be carried out over its Troilus East property as soon as the overall climate
allows.
Qualified Person
Jeannot Théberge, P. Geo registered in the Provinces of Québec and
New-Brunswick
, a consultant to
X-Terra Resources, 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 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 exploration programs and development (including any
drilling programs) of the Grog and Northwest Properties, or if it does so, what benefits X-Terra
Resources 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 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.
View original content:
http://www.newswire.ca/en/releases/archive/April2020/03/c1637.html
%SEDAR: 00035962E
For further information:
X-Terra Resources Inc., Michael Ferreira, President and Chief Executive
Officer, Rouyn-Noranda, Québec, Telephone: 819-762-4101, Fax: 819-762-0097, E-mail:
CO: X-Terra Resources Inc.
CNW 16:57e 03-APR-20