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.
Qualified Person
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.
