ROUYN-NORANDA, QC, Feb. 15, 2017 /CNW Telbec/ - X-Terra Resources Inc. (TSXV: XTT) (FRANKFURT: XTR) is pleased to announce it has completed a 1,226 line-kilometre SkyTEM312 TDEM airborne geophysical survey over the Veronneau property.
Marc Boivin from MB Geosolutions is currently completing a specialized geophysical processing and interpretation on the Electromagnetic Magnetic data to identify major structures in the Veronneau property area as well as conductors. This data will help X-Terra Resources to develop the best exploration plan for the Veronneau property, including ground geophysics, mapping, and sampling, followed by target delineation and drilling if deemed necessary.
The magnetic survey shows possible structural corridors striking NE-SW associated with significant magnetic disturbances. The electromagnetic survey also shows a complex distribution of conductive geological horizons and will strongly support the structural interpretation. Advanced data processing of the geophysical surveys will add a significant value in support to geology and geochemistry.
"The team is highly encouraged by the results of the airborne survey", said Michael Ferreira, President and Chief Executive Officer of X-Terra Resources. "Early availability of regional magnetic and electromagnetic data has proven to be the key to the success of resource projects".
In other news, Martin Dallaire, has resigned, effective on February 14, 2017, as director and Chairman of the Board of Directors of X-Terra Resources. X-Terra Resources wishes to thank Mr. Dallaire for his valued contribution over the past few years and wish him the very best in his future endeavours.
Mr. Jeannot Théberge, PGeo, a consultant to X-Terra Resources, is the qualified person for the Veronneau property under National Instrument 43‑101 Standards of Disclosure for Mineral Projects responsible for 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. X-Terra Resources currently has 15,236,123 common shares issued and outstanding.
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 development of the Property, 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, 2015, 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.
For further information: X-Terra Resources Inc., Michael Ferreira, President and Chief Executive Officer, 139 Québec Avenue, Suite 202, Rouyn-Noranda, Québec, J9X 6M8, Telephone: 819-762-4101, Fax: 819-762-0097, E-mail: firstname.lastname@example.org, Website: www.xterraresources.com