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X-Terra Resources Signs an Option Agreement to Acquire a 50% Interest in the Storm Lake Gold Property
X-Terra Resources Signs an Option Agreement to Acquire a 50% Interest in the Storm Lake Go...
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[{"type":"text","content":"\n\n\n\nX-Terra Resources Signs an Option Agreement to Acquire a 50% Interest in the Storm Lake Gold Property\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nROUYN-NORANDA, QC, May 28, 2018\n\n\n\nROUYN-NORANDA, QC, May 28, 2018 /CNW Telbec/ - X-Terra Resources Inc. (TSXV: XTT) (FRANKFURT: XTR) is pleased to announce that it has entered into an option agreement with Greg Exploration Inc. to acquire a 50% ownership interest in the Storm Lake gold property located in the Eeyou Istchee/Baie-James territory, 150 kilometres north east of the town of Matagami in the province of Québec. The Storm Lake property is comprised of 47 mining claims covering an area of approximately 2,556 hectares (25 km2).\n\nLocated in the centre of the Opatica geological subprovince, the Frotet-Evans volcano-sedimentary belt (FEVB) is primarily composed of tholeiitic and calc-alkaline volcanic formations. The Storm Lake Gold Property is situated in one of the four lithotectonic segments (Storm-Evans) that has seen little exploration work, while the majority of exploration projects were concentrated in the Frotet-Troilus segment.\n\nThe Storm Lake Gold Property has been subjected to sparce exploration programs over the years, however, a 3D Magnetization Vector Inversion (Geosoft VOXI) was completed using a recent high resolution magnetic survey (25 metres spaced lines) (Heliborne High Resolution Magnetic Survey, Storm property, Qc 2013, Dubé & Desaulniers Geoscience). Marc Boivin, P.Geo at MB Geosolutions acknowledges the results have outlined a highly magnetic feature that was previously concealed, interpreted as a deep-seated magnetic-rich intrusion into the fault plan.\n\nA similar 3D Magnetization Vector Inversion over the Chimo Mine (currently owned by Cartier Resources and located at the southern extremity of Val-d'Or on the Cadillac Fault) highlights a similar 3D magnetic model.\n\nSulphide-rich gold mineralization obtained from an historical drill hole (H-1429-67, geological report GM 47619) close to the interpreted intrusion on the Storm Lake ...