08:53 AM EDT, 05/05/2020 (MT Newswires) -- X-Terra Resources Inc. (XTT.V) gained 11.1% to $0.10 yesterday and may further gain and get nearer 52 week high of $0.14 after announcing Tuesday it has drilled a new gold bearing structure at the Grog target on the Grog property in Restigouche county, New Brunswick, as one of the drill holes identified gold mineralization over a significant width.
Hole GRG-20-012 encountered one interval of 0.41 g/t Au over 36 meters along the hole, wihch includes 0.46 g/t Au over 31 meters and includes 7.59 g/t Au over 0.6 metres located at a vertical depth of 81 meters under the Grog showing.
Based on the discovery, the mineralization style of the property continues to demonstrate strong characteristics of an epithermal system, the company said.
"This is a significant exploration breakthrough on a property that's never been drilled and reinforces our expectations that a large epithermal system is present," said Michael Ferreira, president and CEO of X-Terra. "The information obtained in this program will allow the detailed follow up on the Grog target but also allow X-Terra to refine and generate more high priority targets carrying the same geological characteristics to that of the Grog target."