X-Terra Resources signs an exclusive right of first refusal agreement with Eagle Geosciences
X-Terra Resources signs an exclusive right of first refusal agreement with Eagle
Geosciences
ROUYN-NORANDA, QC, June 5, 2018 /CNW Telbec/ - X-Terra Resources Inc. (TSXV: XTT)
(FRANKFURT: XTR) is pleased to announce that it has signed an exclusive right of first refusal
agreement with Eagle Geosciences for its advanced geophysical tools and 3-D modelling initiatives for
the entire province of Québec.
Eagle Geosciences works as a data mining and knowledge integration hub with the primary objective of
defining new exploration approaches and targets that are adapted to varied exploration contexts and
project development stages. The group develops methodologies to integrate geophysical, geological and
exploration data into 2-D and 3-D earth modelling tools.
Eagle Geosciences also benefits from the advanced data acquisition from a customized airborne
geophysical bird named White Eagle, owned by Eagle Geophysics. Additionally, the creation of new
software is allowing earth image inversions of the magnetic field, Very Low Frequency (VLF) responses
and Audio Frequency Magnetics (AFMAG). Airborne AFMAG is a unique airborne deep resistivity
mapping tool capable of exceeding the depth penetration limits typically expected from traditional airborne
EM technologies, thus allowing the company to obtain information at depth to support the exploration
potential.
Eagle Geosciences' operation is based on collaborations between managers, researchers, geophysicists
and experienced geologists. The research team is led by geophysicist Dr. Li Zhen Cheng, PhD. based at
the Université du Québec en Abitibi-Témiscamingue (UQAT) and the geological front is led by Martin
Demers, P. Geo, whom has been closely involved with numerous gold discoveries that allowed among
others, the restart of the Casa Berardi Mine in northern Québec.
Michael Ferreira, President and Chief Executive Officer of X-Terra Resources states, "we are excited to
sign this exclusive right as it will allow us to identify new targets and potential acquisitions to add to our
property portfolio. We believe that innovations like that of Eagle Geosciences is the beginning of potential
solutions that address the complex challenges mineral exploration companies face".
Pursuant to the exclusive right of first refusal agreement with Eagle Geosciences, Eagle Geosciences will
offer information and data on all new targets it will identify to X-Terra Resources. If X-Terra, stakes or
acquires a target identified by Eagle Geosciences pursuant to the agreement, it will, subject to regulatory
approval, including that of the TSX Venture Exchange, issue 250,000 bonus warrants to Eagle
Geosciences for each such target acquired. If a target is acquired by way of map staking, Eagle
Geosciences will have a 10% ownership interest while X-Terra will have 90% ownership interest. If the
acquisition of a target is to be completed by any other was than by map staking, the Eagle Geosciences
and X-Terra, will negotiate in good faith the terms of acquisition and the respective percentage interest of
each party in property on which such target is located.
See video link below.
https://vimeo.com/273395475
About X-Terra Resources Inc.
X-Terra Resources is a resource company focused on acquiring and exploring precious metals and
energy properties in Canada.
Website: www.xterraresources.com
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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 or development of any identified new targets presented by Eagle
Geosciences, 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, 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 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/June2018/05/c4434.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 10:08e 05-JUN-18