ROUYN-NORANDA, QC, Jan. 10, 2018 /CNW Telbec/ - X-Terra Resources Inc. (TSXV: XTT) (FRANKFURT: XTR) is pleased to announce it has received some preliminary results and preliminary interpretation of its airborne geophysical survey from Marc Boivin at MB Geosolutions.
The survey conducted by Geotech, has exceeded X-Terra Resources' expectations and even though they are only preliminary results, it has identified multiple apparent new precious and base metal targets.
Although it is preliminary, the most important result is certainly the presence of two electromagnetic conductor axis located at approximately one kilometre WSW of the LEJ showing (see X-Terra Resources' press release dated December 5, 2017, for more information). According to preliminary numerical modeling, these electromagnetic anomalies represent two conductive bodies (125 metres apart), approximately 200 metres in length and each at a depth of 60 to 70 metres from surface. "We strongly believe that these electromagnetic anomalies are not formational conductors, thus highlighting their importance" stated Michel Chapdelaine Vice-President of Exploration and Development of X-Terra Resources.
Michael Ferreira, President and Chief Executive Officer of X-Terra Resources, states: "We are excited by the presence of these anomalies and their close proximity to the LEJ showing. We believed that these anomalies could be the potential source of LEJ and we are excited to test them imminently".
X-Terra Resources intends to complete a non-brokered private placement to raise up to $1,000,000 through the issuance of up to 5,000,000 units at a price of $0.20 per unit. Each unit will be comprised of one common share in the capital of the X-Terra Resources and one-half of a common share purchase warrant. Each full warrant will entitle the holder thereof to purchase one additional common share of X-Terra Resources at a price of $0.30 per share for a period of 24 months from the closing date. The proceeds from the proposed private placement will be used to further explore X-Terra Resources' mineral properties and for working capital purposes.
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 25,648,389 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 Veronneau Property or completion of the proposed private placement, 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