Rouyn-Noranda, Québec, January 25, 2021–X-Terra Resources Inc. (TSXV: XTT) (FRANKFURT: XTR)(“X-Terra”)is pleased to announce ithas officially started drilling the Rim vein target on the Northwest property located in Restigouche County, New Brunswick. The program will consist of a minimum of 1,000 metres with holes ranging from 100-200 metres in depth.
The recently received drone magnetic survey results (see image below) have highlighted with extreme detail numerous subtle structures that were non-existent when compared to the regional magnetic survey.
The goal of this drill program is to follow up on previous drill results and bulk sampling done on the RIM vein where a 5 to 10 metre cluster of gold bearing veins were intersected at approximately50 metres under the RIM vein surface showing. In addition, the bench scale bulk sample on 129kilogramsand metallurgical recovery test done on the vein material at surface returned an average grade of 79 g/t Au (see X-Terra press release, December15,2020). The first drill campaign which comprised of 4 holes was completed in the fourth quarter of 2020. It is important to note that there has only been 4 holes totalling440metrescompleted at this target.
The RIM high grade vein system is now strongly believed to be associated with a kilometric fold hinge developed along a regional north to north-east shear system which is developed in sediments. A previous till survey conducted by X-Terra in the fall of 2018 highlighted a series of positive results located approximately 1.0to 1.5 kilometres south of the RIM vein system. There is a strong belief that the vein pattern is controlled by lithological contrasts, folding and possible minor faults. The new detailed magnetic survey is an excellent illustration that provides X-Terra’s geological team the ability to detect and interpret the gold bearing structural pattern.
The current program will cover approximately600 metres of strike length inside a north to north-east kilometric fold hinge. Eight new holes are currently planned over high priority targets hosting magnetic contrasts and with trends highlighting similarities with the RIM high grade showing environment.
Michael Ferreira, President and Chief Executive Officer of X-Terra, stated; “X-Terra’s exploration team and drilling crews are excited to commence the second phase of drilling at the Rim vein target, but this time equipped with very precise magnetic data. Utilizing the detail from this magnetic survey, our geological team has been able to better pinpoint the fold hinge and potential associated faults and shear zones, which is believed to be controlling the high grade gold mineralization of the Rim veins.”
Jeannot Théberge, P. Geo registered in the Provinces of Québec and New-Brunswick, a consultant to X-Terra, a qualified person under National Instrument 43‑101 Standards of Disclosure for Mineral Projects (“NI43-101”),has reviewed the technical contents of this news release and has approved the disclosure of the technical information contained herein.
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 Northwest Property, or if it does so, what benefits X-Terra will derive from the Northwest Property. 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, 2019, 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.
For further information:
X-Terra Resources Inc.
Michael Ferreira, President and Chief Executive Officer
147 Québec Avenue
Rouyn-Noranda, Québec, J9X6M8
Telephone: 819-762-4101 | Fax: 819-762-0097