Rouyn-Noranda, Québec, March 2, 2020 –X-Terra Resources Inc. (TSXV: XTT) (FRANKFURT: XTR) is pleased to announce that its 2020drill exploration program onthe Grog and Northwest properties,located in Restigouche county, New Brunswick isnow complete. Atotal of 1,904 metres over 16 holeshas been drilled under this program.
The program has exceeded X-TerraResources’expectations, as all geologicaltargetshave revealed very encouraging visual indicators of significant alteration and mineralizationin different contexts related with the MacKenzie Gulch Fault.
The table below sets-out highlights on the 5 targets that have now been drilled. – See PDF
The three areas drilled are separated by 3.8kilometres following a north to north-east trend enclosed in a sequence of relatively coarse grain sediments (conglomerate and sandstone), locally inter layered or bounded by graphitic mudstone.
The cross section of the favorable corridor is still unknown. For this first pass of drilling, clusters of three to four holes were used on each target using a 50 to 100 metres spacing. Except for hole GRG-20-006, which is clearly outside alteration zones, quartz veining or sulfidation halos, all other holes have not closed targets and they remain open in all directions. Continuous sampling which will be performed should allow to trace the gold anomaly and help define the thickness and potential geometry of the favorable trend.
The three holes of 200 metres each that were drilled over the Grog Target anomaly also correspond to a significant IP chargeability anomaly (see X-Terra Resources’ press release dated July 24, 2019) which is extended on both sides (east-west) for at least 600 metresand 450 metres(north-south). This particular anomaly is consistent with known sulphide mineralization known as the Grog showing, a zone hosted by conglomerates and consists of quartzveining, as well as breccias, and is rich in pyrite and arsenopyrite, as well as gold. The best value obtained by X-Terra Resources in this (antiform) was 2.94 grams per tonne gold in a quartz breccia where cavities are rich in pyrite and some minor stibnite.
Michael Ferreira, President and Chief Executive Officer of X-Terra Resources states, “We are very pleased to report the successful completion of this drill program on the Grog andNorthwestproperties. Assays are now pending on all 13 drill holes from the Grog property and we are excited by all the markers observed in the drill core. We look forward to providing continuous news flow in the coming weeks and months”.
The corporate presentation available on X-Terra Resources’ website has been updated to highlight the location of the drill holes over the Grog property and the drill core presentation will be updated shortly with pictures of the additional holes.
In addition, X-Terra Resources would like to invite shareholders to visit us at booth 2406 at the PDAC Conference in Toronto from March 1 to 4, 2020, to discuss the recent drill program, where drill core will be on display.
Also,X-Terra Resourceswillmove its head office, on March 1, 2020,to 147 Quebec avenue. Rouyn-Noranda, Québec, J9X 6M8. The mailingaddress will be:C.P. 491, Rouyn-Noranda, Québec, J9X 5C4.
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 (“NI43-101”)has reviewed the technical contents of this news releaseand 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.
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 suchas “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, manyof 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.
For further information:
X-Terra Resources Inc.Michael Ferreira, President and Chief Executive Officer
Telephone: 819-762-4101 | Fax: 819-762-0097