X-Terra Resources Reports Three Trends of 5 km Long (Open) in Tills at Northwest (NB-One) in the Area of Dome, Bonanza and Rim
X-Terra Resources Reports Three Trends of 5
km Long (Open) in Tills at Northwest (NB-One)
in the Area of Dome, Bonanza and Rim
ROUYN-NORANDA, QC
, Feb. 28, 2019 /CNW Telbec/ - X-Terra Resources Inc. (TSXV: XTT)
(FRANKFURT: XTR) ("
X-Terra
") is pleased to announce that it has received the final till sample
results stemming from its due diligence review in
October 2018
on the Northwest property in
New
Brunswick
from IOS Services Geoscientifiques. Three targeted areas were selected for follow up of
the New-Brunswick Government till sampling (
Parkhill
, M.A. 2005 Till Geochemistry of the
Kedgewick, Gounamitz River, States Brook and Menneval Map Areas,
Northwestern New
Brunswick
. New Brunswick Department of Natural Resources, Minerals, Policy and Planning Division,
Open File Report 2005-4) in an effort to link the existing gold bearing quartz veins
(Rim/Dome/Bonanza).
The results have highlighted a significant 65 gold grain anomaly 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. A third cluster of anomalous samples is located to
the south-east of the veins. While the gold grain counts are partially lower, they remain a sharp
contrast to the almost sterile background. Gold grains are overwhelmingly dominated by pristine
morphology, suggestive of a local origin. The Rim area of the Northwest property being located at
the eastern limit of the survey, it remains open to be tested. See map 1.
Map 1. Normalized gold grain count (CNW Group/X-Terra Resources Inc.)
The best exploration results obtained by X-Terra over the Northwest Property include
1,205.06 g/t
Au
at the Rim sector,
149.97 g/t Au
at the Bonanza sector and
47.88 g/t Au
at Dome sector. See
map 2.
Map 2. Corresponding till sample results with X-Terra samples (CNW Group/X-Terra Resources
Inc.)
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).
These results are very encouraging given that gold grain counts in dispersion trains are well
contrasted with background, enabling dependable detection of mineralized veins.
In other news, X-Terra announces that it will effect a non-brokered private placement in a maximum
amount of
$1,000,000
by issuing a maximum of 8,333,334 units at a price of
$0.12
per unit. Each of
the units will consist of one common share in the capital of X-Terra Resources and one common
share purchase warrant. Each warrant will entitle its holder to purchase one additional common
share of X-Terra Resources at an exercise price of
$0.20
for a period of 24 months from the closing
date of the private placement. The closing of the private placement is expected to take place on or
about March 15, 2019. X-Terra may pay finder's fees to registered persons in connection with the
private placement.
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,
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 closing of the private
placement, the acquisition of the Grog and Northwest Properties, the development of the Grog and
Northwest Properties, or if any of them do 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 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's Annual Report for the fiscal year ended
December 31, 2017
, 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.
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/February2019/28/c8298.html
%SEDAR: 00035962E
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 08:30e 28-FEB-19