ROUYN-NORANDA, May 18, 2021 - X-Terra Resources Inc.
(TSXV: XTT) (FRANKFURT: XTR) ("X-Terra") is pleased to announce that it has received its drill permit for the inaugural drill program at the Troilus East property located in the James Bay region in the Province of Québec, and that it has engaged Forage Hébert of Amos, Québec to carry out a drill program.
The drill program will consist of 12 diamond drill holes over three unique targets which will include eight holes over the high priority anomaly recently identified by the ground IP geophysics (see X-Terra's press release dated April 27, 2021). The high chargeability - low resistivity anomaly highlights a complex shape with an apparent width varying between 50 and 400 metres, and length of over 800 metres. The anomaly indicates responsive sources located from the surface down to 200 metres in depth. The drill targets are designed to crosscut the entire width of the anomaly as well as test its extensions. Previous exploration programs returned gold and base metals soil anomalies as well as positive sporadic grab samples, all of which coincide with the high priority IP anomaly.
Due to the low density of outcrops, X-Terra transitioned toward indirect exploration methods such as soil geochemistry and ground geophysics. The geochemistry signature of the target area, like the extension and internal complexity of the IP anomaly is reminiscent of the Troilus deposit of Troilus Gold Corp., which is located about three kilometres north-north-west in a similar geological context.
Michael Ferreira, President and Chief Executive Officer of X-Terra, stated; "Commencing this inaugural drill program marks an important milestone for X-Terra and its exploration team. The recent geochemical results combined with our ground exploration and IP geophysics provides robust signatures, and a great opportunity for success for X-Terra."
Jeannot Théberge, P. Geo registered in the Provinces of Québec and New-Brunswick, 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.
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 Troilus East property, or if it does so, what benefits X-Terra will derive from the Troilus East property. 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, 2020, 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.
X-Terra Resources Inc., Michael Ferreira, President and Chief Executive Officer147 Québec Avenue, Rouyn-Noranda, Québec, J9X 6M8, Telephone: 819-762-4101 | Fax: 819-762-0097, E-mail: firstname.lastname@example.org, Website: www.xterraresources.com