X-Terra Resources Completes a High Resolution Helicopter-Borne Magnetic Survey on its 100% Owned Troilus-East Property
ROUYN-NORANDA, QC, Jan. 23, 2019 /CNW Telbec/ - X-Terra Resources Inc. (TSXV: XTT) (FRANKFURT: XTR) ("X-Terra") is pleased to announce the completion of a High Resolution Helicopter-Borne Magnetic Survey on its wholly-owned Troilus-East project. The Troilus-East property is comprised of 92 mining claims covering a surface area of more than 50 km2 (see attached figure) located approximately 135 kilometres from the town of Chibougamau in the Province of Québec.
The Troilus-East property is located less than 2 kilometres from the former Troilus mine (2M oz Au + 70,000 tons of Cu) Québec, now owned by Troilus Gold Corp. where after a 36,000 metres drilling program (91 drill holes) from February 2018 to August 2018 they increased the total estimated indicated resources to 3.92 M oz AuEq and the estimated inferred resource to 1.17M oz AuEq (see Troilus Gold Corp press release dated November 19, 2018 and the NI 43-101 Technical Report dated January 1, 2019 of Troilus Gold Corp titled, "Technical Report on the Troilus Gold-Copper Mine Mineral Resource Estimate, Quebec, Canada" prepared by Mr. Luke Evans, M.Sc., P.Eng., Executive Vice President, Geology and Resource Estimation, Principal Geological Engineer at Roscoe Postle Associates Inc.).
Following the High Resolution Helicopter-Borne Magnetic Survey, X-Terra will use the magnetic signatures to perform follow-up work, in an effort to identify geological contexts with similar characteristics to that of the Troilus Gold-Copper mineral deposit.
In other news, X-Terra also announces that due to some unsatisfied conditions, X-Terra is renegotiating the terms outlined in the proposed option agreement to acquire four mining properties located in the province of New Brunswick (see X-Terra press release dated November 19, 2018). The proposed transaction (as previously-announced) was highly dilutive for X-Terra's shareholders, however by renegotiating new terms for this option, X-Terra hopes to realize this transaction to create additional shareholder value while limiting the dilution of its capital structure. X-Terra also entered into an amending agreement with the vendors of the Veronneau property in order to extend to January 31, 2019 the ultimate date to complete the acquisition of a 100% interest in the Veronneau property. X-Terra will inform shareholder on any new development relating to a transaction for the acquisition of an interest in the four mining properties located in New Brunswick.
Qualified person
Mr. Jeannot Théberge, P. Geo, a consultant to X-Terra Resources, is the qualified person for the Troilus-East 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.
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.
Website: www.xterraresources.com
SOURCE X-Terra Resources Inc.
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