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X-Terra Resources Completes Initial Payments Pursuant to the Exploration and Option Agreements for the Grog And Northwest Properties in New Brunswick
ROUYN-NORANDA, QC, April 30, 2019 /CNW Telbec/ - X-Terra Resources Inc. (TSXV: XTT) (FRANKFURT: XTR) is pleased to announce the completion of the initial paymen
About this update from Comet Lithium Corp
[{"type":"text","content":" ROUYN-NORANDA, QC, April 30, 2019 /CNW Telbec/ - X-Terra Resources Inc. (TSXV: XTT) (FRANKFURT: XTR) is pleased to announce the completion of the initial payments pursuant to its previously-announced amended and restated exploration and option agreements (the \"Agreements\") with NBGold Inc. (\"NBGold\") for the acquisition of up to a 70% ownership interest in the Grog and Northwest properties located in the province of New Brunswick (the \"Properties\"). X-Terra Resources paid an amount of $50,000 to NBGold and issued an aggregate of 2,000,000 common shares and an aggregate 400,000 common share warrants (the \"Warrants\") to the shareholders of NBGold as initial payment in order to obtain the right to explore and option the Properties (see X-Terra Resources' press release dated February 4, 2019 for more information on the amended and restated exploration and option agreements and the transaction with NBGold). Each warrant entitles its holder to acquire one additional common share X-Terra Resources at a price of $0.15 until October 30, 2020. X-Terra completed its due diligence over the properties in October 2018 which confirmed the potential of a large disseminated gold system at Grog Brook. Samples were collected over a length of 390 non-continuous metres where results up to 2.94 g/t Au were obtained. The best gold values were obtained over the Northwest property (comprising the former Dome, Bonanza and Rim properties) and include 1,205.06 g/t Au at the Rim sector of the Northwest property, 149.97 g/t Au at Bonanza and 47.88 g/t Au at the Dome sector of the Northwest property. Additionally, X-Terra sampled the Rim vein at regular intervals at the surface over 19.9 metres to confirm if gold mineralization is continuous. The average of the nine (9) grab samples returned 125.44 g/t Au over the 19.9 metres (see X-Terra press release dated Dec. 5, 2018, for details). Lastly, X-Terra also completed a till survey over Northwest and the results highlighted significant gold grain anomalies in the vicinity of the Dome and Bonanza veins, from which two dispersion trains are stemming toward the East-north-east and North-east, related to two distinct glacial events. These results are very encouraging given that gold grain counts in dispersion trains are well contrasted with background, enabling depe...