ROUYN-NORANDA, QC, June 30, 2017 /CNW Telbec/ - X-Terra Resources Inc. (TSXV: XTT) (FRANKFURT: XTR) is pleased to announce the beginning of a summer exploration program on its flagship Veronneau project following the closing of the $1.3 million financing in May 2017. The summer 2017 exploration program of approximately $500,000 should be completed by the end of the month of July 2017.
The exploration program led by Mr. Michel Chapdelaine will be performed by X-Terra Resources' consultant IOS Geoservices and will be comprised of exploration, stripping, channel sampling and detailed mapping of more than 30 priority targets on the Veronneau Project where management believes additional gold mineralization could be uncovered.
The Veronneau project hosts at least two gold settings; one where gold is associated to semi-massive pyrrhotite mineralization (the Marcaut showing), and a totally new setting located approximately 10 kilometres west where gold is associated with early stage quartz veins and some arsenopyrite (the Veronneau showing). X-Terra Resources intends on expanding on both of these settings.
"After months of waiting, X-Terra Resources will be able to expand on the Veronneau showing and test targets that were generated through last year's brief field observations in correlation with our very detailed geophysical and thin section results. Having access to a greenstone belt of this size which extends over 45.5 kilometres, and near infrastructure is a great opportunity in the James Bay area" stated Michel Chapdelaine.
Michael Ferreira, President and Chief Executive Officer of X-Terra Resources, states "We are extremely excited by this important work program on the Veronneau Project. With a consolidated land position over the entire Colomb-Chaboullié greenstone belt, X-Terra Resources is well positioned to capitalize on the numerous high priority unexplored targets".
Results from this summer exploration program will provide critical information that will be essential to ongoing exploration throughout the Veronneau project and provide vital targeting data for X-Terra Resources' first phase of exploration drilling. Results for this summer exploration program will be reported as they become available.
X-Terra Resources also announces that at its annual and special meeting of shareholders held on June 28, 2017 in Rouyn-Noranda, Québec, X-Terra Resources' six directors were re-elected, PricewaterhouseCoopers LLP, a partnership of Chartered Professional Accountants, were re-appointed as X-Terra Resources' auditor, and shareholders adopted a resolution ratifying and confirming X-Terra Resources' Stock Option Plan, as required by the TSX Venture Exchange.
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 24,123,389 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, 2016, 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: [email protected]; Website: www.xterraresources.com