ROUYN-NORANDA, QC, June 5, 2018 /CNW Telbec/ - X-Terra Resources Inc. (TSXV: XTT) (FRANKFURT: XTR) is pleased to announce that it has signed an exclusive right of first refusal agreement with Eagle Geosciences for its advanced geophysical tools and 3-D modelling initiatives for the entire province of Québec.
Eagle Geosciences works as a data mining and knowledge integration hub with the primary objective of defining new exploration approaches and targets that are adapted to varied exploration contexts and project development stages. The group develops methodologies to integrate geophysical, geological and exploration data into 2-D and 3-D earth modelling tools.
Eagle Geosciences also benefits from the advanced data acquisition from a customized airborne geophysical bird named White Eagle, owned by Eagle Geophysics. Additionally, the creation of new software is allowing earth image inversions of the magnetic field, Very Low Frequency (VLF) responses and Audio Frequency Magnetics (AFMAG). Airborne AFMAG is a unique airborne deep resistivity mapping tool capable of exceeding the depth penetration limits typically expected from traditional airborne EM technologies, thus allowing the company to obtain information at depth to support the exploration potential.
Eagle Geosciences' operation is based on collaborations between managers, researchers, geophysicists and experienced geologists. The research team is led by geophysicist Dr. Li Zhen Cheng, PhD. based at the Université du Québec en Abitibi-Témiscamingue (UQAT) and the geological front is led by Martin Demers, P. Geo, whom has been closely involved with numerous gold discoveries that allowed among others, the restart of the Casa Berardi Mine in northern Québec.
Michael Ferreira, President and Chief Executive Officer of X-Terra Resources states, "we are excited to sign this exclusive right as it will allow us to identify new targets and potential acquisitions to add to our property portfolio. We believe that innovations like that of Eagle Geosciences is the beginning of potential solutions that address the complex challenges mineral exploration companies face".
Pursuant to the exclusive right of first refusal agreement with Eagle Geosciences, Eagle Geosciences will offer information and data on all new targets it will identify to X-Terra Resources. If X-Terra, stakes or acquires a target identified by Eagle Geosciences pursuant to the agreement, it will, subject to regulatory approval, including that of the TSX Venture Exchange, issue 250,000 bonus warrants to Eagle Geosciences for each such target acquired. If a target is acquired by way of map staking, Eagle Geosciences will have a 10% ownership interest while X-Terra will have 90% ownership interest. If the acquisition of a target is to be completed by any other was than by map staking, the Eagle Geosciences and X-Terra, will negotiate in good faith the terms of acquisition and the respective percentage interest of each party in property on which such target is located.
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About X-Terra Resources Inc.
X-Terra Resources is a resource company focused on acquiring and exploring precious metals and energy properties in Canada.
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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 acquisition or development of any identified new targets presented by Eagle Geosciences, 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, 2017, 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., 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]