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Message: 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

posted on Apr 03, 2020 06:01PM


2020-04-03 04:57:00 PM ET (CNW Group)

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 (inc luding 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-loo king 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

SOURCE: X-Terra Resources Inc.

X-Terra Resources Inc., Michael Ferreira, President and Chief Executive Officer,
Rouyn-Noranda, Quebec, Telephone: 819-762-4101, Fax: 819-762-0097, E-mail:
[email protected]
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