Rouyn-Noranda, QC, Sept. 14,
2022 /CNW Telbec/ - X-Terra Resources Inc.
(TSXV: XTT) (FRANKFURT: XTR) ("X-Terra") has initiated its
trenching program at the Grog and Northwest properties following
the positive geochemical results from a last phase of soil survey
executed earlier this year (see X-Terra press release dated
July 14, 2022). The two properties
are located in north-western New-Brunswick, Restigouche County. X-Terra has
been actively exploring these two properties since 2019, located
approximately 30 kilometres apart and located along the regional
McKenzie Gulch fault system.
Results received from 363 "B" horizon soil samples distributed
over six targets, which are, with one exception, untouched by any
historical exploration. Following the target analysis, a trenching
program was planned to obtain visual contact with the new gold
mineralization trends. The geological team has been mobilized and
trenching is now underway. Once trenching results are returned from
the lab, a follow up drilling program will be evaluated.
These geochemical results recently received confirm and expand
on the initial results generated by the last program executed in
the last quarter of 2021, with the identification of large
geochemical footprints along trends and are situated outside known
showings. X-Terra has recently shifted its strategy to employ a
systematic exploration approach utilizing the geochemical approach
and complementing this with geophysics and structural mapping to
refine targets in areas specifically covered by overburden. We
believe this change in strategy will lead to more encouraging
results.
"Its always exciting to see that the systematic approach we are
taking to explore these two properties is working. While we know it
can be a long process, we can now comfortably say that this
trenching program will allow us to better understand the
mineralized systems at both properties", stated Michael Ferreira, President and Chief Executive
Officer of X-Terra.
Grog
The survey was successful in highlighting a new area of interest
approximately 500 metres east of the Grog showing along a parallel
north-east magnetic trend. The density of information obtained
allowed to plan a series of trenches which cover an area of 300
metres by 200 metres.
Bellevue
A shot gun approach with an average spacing of 30 metres between
samples was utilized to cover the different possible structural
interpretations of the Bellevue Gold trends. At Bellevue North, two
gold anomalies were identified within an east-west magnetic
trend. Four short trenches are planned to validate the
anomalies and provide an orientation to the mineralized system. At
Bellevue centre, located
approximately 300 metres to the south-east, a continuous arsenic
anomaly was identified, which appears to be controlled by a
relatively strong north-east magnetic anomaly. Bedrock exposure in
the access road has indicated the strong presence of a carbonatized
and silicified conglomerate and breccia, annunciator of a
hydrothermal system presenting many similarities with Grog.
RIM South-East
The RIM South-East target highlighted a stacking of strong gold
anomalies in soil located approximately two kilometres south of the
main RIM gold showing. It is in this area that the highest
geochemical result of 0.15 g/t was obtained. The distribution of
gold anomalies above 10 ppb suggests the stacking of four
North-West (N300°) gold anomalies possibly connecting with the
Northwest Creek regional lineament.
Northwest Creek South
A total of three strong stacking gold anomalies were highlighted
over the five lines of geochemical sampling. The trenches planned
will serve to intersect these three strong geochemical gold trends
with a series of trenches, ranging from 50 to 100 metres in length.
Report from the 2022 Annual &
Special Meeting
In other news, X-Terra reports that all five nominees listed in
the management information circular dated August 1, 2022 (the
"2022 Circular") for the 2022 Annual and Special Meeting of
shareholders (the "Meeting") held on August 31, 2022, in Rouyn-Noranda, Québec, were re-elected as
directors of X‑Terra.
At the Meeting, shareholders voted in favour of all matters
brought before the Meeting, including re-appointing Raymond Chabot
Grant Thornton LLP, Chartered Professional Accountants, as auditors
of X-Terra, approving X-Terra's new Omnibus Equity Incentive
Plan (the "Omnibus Plan"), and approving a special
resolution authorizing, if deemed advisable by the Board of
Directors of X-Terra no later than August 31, 2023, an
amendment to the Articles of X-Terra so as to consolidate the
common shares of X-Terra on the basis of one share for a maximum of
ten common shares then issued and outstanding.
The Omnibus Plan provides X-Terra with a variety of
security-related mechanisms to attract, retain, and motivate
qualified directors, officers, employees, management company
employees (as such term is defined in the Omnibus Plan) and
consultants. The purpose of the Omnibus Plan is to align the
interests of directors, officers, employees, management company
employees, and consultants with the interests of shareholders and
the long-term goals and success of X-Terra, and to enable and
encourage such directors, officers, employees, management company
employees and consultants to acquire common shares as long-term
investments and proprietary interests in X-Terra. The Omnibus Plan
replaced X‑Terra's prior stock option plan and includes (i) a 10%
"rolling" option plan, permitting a maximum of 10% of the issued
and outstanding common shares of X-Terra as at the date of any
option grant to be reserved for option grants; and (ii) a fixed
plan permitting 9,945,171 common shares to be reserved for grants
of restricted share units, performance share units and deferred
share units. A summary of the Omnibus Plan can be found in the 2022
information Circular, filed under the X-Terra's profile on SEDAR at
www.sedar.com. The Omnibus Plan, in its entirety, is also attached
as Schedule "C" to the 2022 Circular.
Following the Meeting, the Board of Directors appointed
Michael Ferreira as Chairman of the
Board of Directors, President and Chief Executive Officer of
X-Terra and Sylvain Champagne as
Secretary and Chief Financial Officer of X-Terra.
Quality assurance/quality
control
363 samples of "B" horizon soil were collected X-Terra's
technical team. Samples recovered weighted between 300 and 500 gr.
During sampling, tags were randomized with blanks and field
duplicates inserted at regular intervals. Samples are being
processed at the Actlabs preparation facility in Fredericton, New-Brunswick, and directed to
Ancaster, Ontario for geochemical
analysis by INAA (Instrumental Neutron Activation Analysis). After
drying and sieving to -63 microns, samples will be irradiated and
subsequently measured for the emitted gamma ray.
Qualified Person
Martin Demers, P. Geo registered
in the Provinces of Québec and New-Brunswick (APEGNB #L5980), a consultant to
X-Terra, a qualified person under National Instrument
43‑101 Standards of Disclosure for Mineral
Projects ("NI 43-101"), has reviewed
the technical contents of this news release and has approved the
disclosure of the technical information contained herein.
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, 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 exploration
programs and development (including any drilling programs) of the
Grog and Northwest Properties, or if it does so, what benefits
X-Terra will derive from the Grog and Northwest Properties.
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's control. These risks, uncertainties and
assumptions include, but are not limited to, those described under
"Financial Instruments" and "Risk and Uncertainties in X-Terra's
Annual Report for the fiscal year ended December 31, 2021, 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 does not intend, nor does X-Terra 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.
About X-Terra Resources
Inc.
X-Terra is a resource company focused on acquiring and exploring
precious metals 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.
SOURCE X-Terra Resources Inc.