Business
X-Terra provides update and outlines strategy
X-Terra provides update and outlines strategy
About this update from Olive Resource Capital Inc.
[{"type":"text","content":"\n\n\n\n Jul. 22, 2010 (Canada NewsWire Group) -- \n \n \n\n\n\n\n\n\n\n\n\n\n\nROUYN-NORANDA, QC, July 22 /CNW Telbec/ - X-Terra Resources Corporation (XT-TSXV) is pleased to provide shareholders with the following update.\n\nOil and Shale Gas Projects\n\nX-Terra in partnership with Brownstone Ventures owns more than 150,000 hectares of land spread over three different projects; Shawinigan, Rimouski and Rimouski North. In January 2010, X-Terra and Brownstone applied for an additional 150,000 hectares between Rimouski and Rivière-du-Loup. This project will be named Trois-Pistoles, as soon as X-Terra receives the licenses from the Natural Resources Ministry.\nA 5,543 km airborne magnetic survey on the Rimouski, Rimouski North and Shawinigan projects in the St. Lawrence Lowlands was completed in September - October 2009. A detailed geophysical re-interpretation of this magnetic survey is in progress and the reports are expected to be completed by the end of July 2010. Preliminary results from this last study suggest structural fabrics which could generate targets on the three projects. These structural fabrics will be investigated by a geological field survey in August - September 2010 in order to renew the licenses with good potential targets. The licenses with no targets will not be renewed.\n\nLindsay Property\n\nThe drilling campaign on the Lindsay property has been completed. A total of three diamond drill holes totalling 358 m were planned on the Lindsay property. More than 110 samples were sent to a lab for assaying; however, no economic results were obtained from this drilling campaign. Visit our website for the complete results at www.xterraresources.com.\nNo further work is planned on the Lindsay property in the coming months. The Lindsay property is located 150 km south of Rouyn-Noranda.\n\nCool Lake Property\n\nThe exploration program on the Cool Lake Property is now completed. No target that justifies a drilling program has been identified on this property. X-Terra will not renew the exploration license for the Cool Lake Property, which is located 100 km south of Rouyn-Noranda.\n\nUpcoming Project\n\nWith less than twelve million shares outstanding and a positive cash position, X-Terra's management is actively looking for an advanced project in the resource sector. Any material development will be communicated by...