X-Terra Resources announces new discovery
by Michael Kryton, EQUITY IR contributing writer
X-Terra Resources Inc. (TSX-V:XTT; FRANKFURT:XTR) is proving to be one of the sector’s most persistent gold diggers. The Quebec-based junior gold exploration company just announced results from its stripping and trenching activities at the Grog and Northwest properties in the Restigouche County in New Brunswick.
The new discovery, referred to as the “Bellevue showing”, revealed a gold value of 2.24 g/t Au (grams per tonne). It was sampled from trenching 2 metres deep in weathered and oxidized bedrock.
Michael Ferreira, X-Terra’s President and CEO, says, “With these positive results, X-Terra will move forward with its second stripping and trenching program to evaluate the thickness, length and orientation of the mineralized structure found. The Bellevue discovery was an important step, as it demonstrates the probability of identifying the bedrock source of additional gold showings in the Grog property environment where the bedrock almost never outcrops. While the exact geometry and extension of the Bellevue gold showing remains unknown, the geological team took note of an important trend of arsenic and antimony towards Grog. An extensive follow up will be executed based on soil geochemistry and trenching to generate additional drill targets moving forward.”
[X-Terra stripping and trenching activities returned samples with gold values up to 2.87 g/t Au (grams per tonne) in New Brunswick.]
This Bellevue discovery comes on the heels of the work X-Terra has been doing on the Grog Property. And now withgold anomalies of up to 0.3 g/t Au further north, X-Terra Resources now has a six-kilometre strike length of confirmed gold mineralization in three prospects including that of Grog.
Leading up to the gold find, X-Terra had completed a 57 line kilometre IP survey (Induced Polarization, a geophysical method used extensively in mineral exploration and mine operations), whereas they completed eleven trenches ranging from 10 metres to 230 metres in length.
More results will be released as X-Terra continues with various studies and mineral identification.
[Ongoing studies will generate further results expected in the coming weeks.]
X-Terra, who now boasts 54.1 million shares outstanding, has three major assets including the Grog property in New Brunswick. The other two are performing robustly.
- Troilus East (north central Quebec), which is adjacent to the former Troilus Gold mine which has historically produced two million ounces of gold and 70,000 tonnes of copper and is now being further explored by Troilus Gold Corp. It boasts a current resource of 5.09 million ounces of gold equivalent (all categories);
- Ducran, the second Quebec property, with its two mining districts, Chapais and Chibougamau, has produced a combined 4 million ounces of gold and significant volumes of copper.
For a company that has been in the sector for just 5 years, X-Terra Resources has been consistently producing results and growth. For investors, these are the hallmarks of a good thing. Good as gold.