X-Terra Resources Receives Final Geophysical Results on Veronneau Property
May 01, 2017, 06:00 ET
ROUYN-NORANDA, QC, May 1, 2017 /CNW Telbec/ - X-Terra Resources Inc. (TSXV: XTT) (FRANKFURT: XTR) is pleased to announce it has received the final results and interpretation of an airborne geophysical survey on its Veronneau property from MB Geosolutions.
The survey conducted by SkyTEM is very positive and has identified multiple apparent new precious metal targets. More than 1,400 electromagnetic (EM) conductors have been characterized and traced as a multitude of conductive horizons. Advanced data processing of the magnetic data has also highlighted major and minor interpreted structures, potentially favorable for gold mineralization. A careful geophysical analysis of the known showings has been undertaken.
Additionally, the survey highlights that the magnetic signature as well as electromagnetic conductors, when compared with the stratiform trend of the magnetic survey is blurred in this particular area, which is one-half kilometre per two kilometres. The magnetic survey is blurred in this particular area due to the mineralization and local east-west striking primary stratigraphy observed on the Veronneau showing's outcrops being cross-cut by the main regional foliation, which is oriented north-east. The same correlation is associated with the samples collected during the fall of 2016: the majority of the mineralization appears to have occurred prior to the main deformation event. However, stratigraphy as well as a part of the alteration / mineralization may also be reoriented along the regional foliation pointing north-east. The understanding of this singular structural fabric has a major impact for the strategic exploration of the Veronneau property for a potential continuity of the mineralization.
Michael Ferreira, President and Chief Executive Officer of X-Terra Resources, states "We are extremely pleased with the results of our geophysical survey and have already identified numerous high-quality targets while also focusing on the Veronneau showing. The geophysical results along with the additional technical data generated by our management team and highly-specialized consultants provide high confidence that the project has the capability to increase shareholder value and achieve our overall goals."
X-Terra Resources has also received the results of its petrographic analysis on samples taken from the Veronneau showing, which was performed by IOS Geoservices. Michel Chapdelaine, a director of X-Terra Resources and a member of the Technical Committee of its Board of Directors, is pleased to see that the IOS Geoservices' report completed by Réjean Girard, President of IOS Geoservices outlined that collected samples are mafic gneiss rich in Ca, Fe, Mg and Ti. The photolith is either a metabasalt, a sheared gabbro or a mafic volcaniclastic. Multiple severe strain indicators were noted in petrography. Biotite replacement of hornblende is indicative of high temperature potassic metasomatism. Biotite abundance suggests that K-feldspar might be present, unnoticed among the un-twinned granular plagioclase. K-feldspar is known as being an indicator of gold deposits in the Archean rocks of the James Bay area. Gold is for the most part associated as inclusions in arsenopyrite and loellingite. Free gold in gangue mineral is far less abundant and no association is noted with pyrrhotite and chalcopyrite. The scanning electron microscopy observation analysis detected abundant gold grains (80) in one thin section including abundant free gold along fractures in silicates. Quartz is also present as veins and disseminated clots, associated with augite. The quartz veins were likely set prior to peak metamorphism and deformation, as indicated with the augite association. The quartz veins are impoverished in sulfides, but have a dozen free gold grains located in quartz fractures. In conclusion, gold can be either free in gangue or associated with arsenopyrite and loellingite. Mineralization is hosted in severely altered and strained mafic rocks, which are suitable metallotect for gold to accumulate.
"The lithology, alteration and style of mineralization in the suite of samples from the Veronneau showing show us that gold was introduced at an early stage in the system with a strong potassic alteration. These observations, combined with the structural trends observed on the field and outlined by the electromagnetic survey, will allow us to prioritize targets along structures that are different in orientation from the main foliation of the belt" commented Michel Chapdelaine, a director of X-Terra Resources and a member of the Technical Committee of its Board of Directors.
Qualified Person
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 17,836,123 common shares issued and outstanding.
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 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.
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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