ROUYN-NORANDA, QC, Dec. 2, 2019 /CNW Telbec/ - X-Terra Resources Inc. (TSXV: XTT) and (FRANKFURT: XTR) is pleased to announce that it has commenced a high resolution heliborne geophysical magnetic survey over the eastern portion of the Grog property located in the Restigouche county of New Brunswick, (see figure 1 below).
The survey is being conducted by Prospectair Geosurveys using a heliborne strapped down non-oriented sensor. The high sensitivity of this equipment will allow to detect weak magnetic contrasts required to interpret geological structures.
The survey will consist of 700 line-kilometres that will be flown at 50-metre line spacing covering approximately 31.5 km2, which will be completed before December 7, 2019.
The survey will serve to draw a preliminary geological and structural map combining the information the ground crews have collected over the last two stripping and trenching programs. The knowledge gained to date with field works highlights strong evidence of a possible relation between a large-scale fold hinge and the concentration of gold bearing fracturing and alteration systems. Magnetic patterns and contrasts will also help to define the extension of prospective trends.
Michael Ferreira, President and CEO of X-Terra Resources states: "This is an important step for us, as we have already begun our targeting initiatives for the inaugural drill program. This quick follow up serves as an ongoing compilation and understanding in order to define high quality gold drill targets for near term drilling".
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.
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, including the results of high resolution heliborne geophysical magnetic survey described in this press release, and development of the Grog Property, or if it does so, what benefits X-Terra Resources will derive from the Grog 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 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's 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 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.
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., Mr. Michael Ferreira, President & Chief Executive Officer, 139 Québec Avenue, Suite 202, Rouyn-Noranda, Québec, J9X 6M8, Telephone: 819-762-4101 | Fax: 819-762-0097, E-mail: [email protected]