X-Terra Resources is set on
following the footsteps of their neighbors such as Troilus Gold
whose
exploration activity has
yielded them exceptional results. (Pictured: Troilus Gold Open Pit
Mine in Northern Quebec)
X-Terra Resources (TSX: XTT OTC: XTRRF) , a mineral exploration
company, is aiming on discovering new frontiers and following in
the footsteps of their neighbors. With three highly prospective
properties throughout Canada, strong management team and a
disciplined approach, the company is aiming to be the next junior
mining company to become a household name.
Quality Over Quantity
The company's philosophy of sticking to quality over quantity
has allowed it to focus its efforts on a limited number of high
quality properties, one of which has already been proven a success
by neighboring junior exploration companies such as Troilus Gold,
Kenorland & Urbangold. The management team, who has over 60
years of experience combined when it comes to mineral exploration,
advisory and financing, is aiming to follow the very same footsteps
when drilling commences in 2021.
X-Terra Resources philosophy
of quality over quantity has allowed it to focus on three highly
prospective properties. (Source: Investor
Deck)
Enormous Potential Of Troilus East Property
Troilus East, a property located in Northern Quebec within the
Frotet-Evans greenstone belt, has seen very limited exploration
unlike the Abitbi Greenstone belt, thus offering massive untapped
potential. This potential was already proven by Troilus Gold
(TLG:TSX; CHXMF:OTCQB) who delineated 8.11 million ounces of gold
equivalent (8.11 Moz Au eq). The Troilus East Property is located
adjacent to this Troilus Gold property. One thing to note is that
since 2016 when Troilus Gold acquired the parcel of land, the total
indicated resources has increased by
142% and total inferred resources by about 350%.
Most recently, Troilus Gold
acquired neighboring Urbangold for $19M in an all share
transactions. Urbangold Minerals as known by its full name, was a
Quebec focused gold exploration company who held key land positions
in the Troilus-Frotet belt, in addition to other non-core
properties throughout the province. Following the acquisition of
Urbangold, X-Terra Resources is now one of the three companies left
that hold unique key properties within the Troilus-Frotet belt,
thus making the company an acquisition target.
According to the Ministry of Energy and Resources of Quebec, the
property contains two zones of high favorability for orogenic gold,
VMS deposits and intrusion-related Au-Cu porphyry mineralization.
These are all highly favorable characteristics that an investor
would consider when researching junior exploration companies.
As of May 28th 2021, X-Terra has officially started drilling at
the Troilus East Property. The drilling will consist of 12 holes
ranging from 150-200 metres each that will test geochemical
anomalities that were most recently identified by the company in
December 2020. This is in addition to the IP geophysical anomaly
that is coincident with the principal geochemical anomaly, a very
promising sign. The drilling commenced two days after Kenorland's
drill results within the Frotet project where they
intersected 90.56 g/t AU over 5.72m.
"We have worked very diligently to prepare this important drill
program at Troilus East. Following the most recent news from
Kenorland and their fantastic drill results (see Kenorland Minerals
Ltd. (TSXV: KLD, FSE: 3WQ0), we are excited to be drilling in
such an active and prolific greenstone belt, let alone the fact
X-Terra is one of the few remaining companies actively exploring
this area in close proximity to Troilus Gold (TSX: TLG, OTCQB:
CHXMF) and Kenorland."
Michael Ferreira on the commencement of drilling of
Troilus East
X-Terra Resources is holding
key positions within the Frotet-Evans Greenstone
Belt. (Source: Investor Deck)
Gold System within Grog Property
Grog, a property located in northern-eastern New Brunswick that
covers more than 280km2 has excellent
potential to produce results. The exploration on this property is
mainly focused on gold, hosted within sedimentary rocks. There has
been very little recognition of porphyry and epithermal styles of
mineralization in New Brunswick, however, X-Terra is looking to
change that with the exploration and the recent gold discovery of
the Grog property.
The property which is composed of flyshic sediments and
epithermal characteristics has many similarities of the Appalachian
Belt between the Haile gold deposit in South Carolina. Discovered
in 1827, the Haile Gold Mine was one of the first and most
profitable operating gold mines in the United States. Now run by
Oceanagold, the mine's 2021 production guidance is 150,000 to
170,000 oz of gold. Early research of the property show a
history of sedimentary, magmatic, hydrothermal and tectonic events
that likely have fostered gold deposition.
Gold Bearing Veins in the Northwest Property
Northwest Property is located in a highly favourable geological
landscape, composed of flyshic sediments. This is based on a
discovery of visible gold in quartz veins by Tim Lavoie, a local
prospector in 2015. In addition, a 2018 large scale till
sampling found gold grains over a 5
KM2 area in which led to three short drill
holes to be completed in Winter 2020. The first result produced
a 6.9
g/t AU over a 0.6 metres alongside with sandstone and
siltstone contact. Further exploration in the fall of 2020 saw 4
holes drilled at its RIM vein target, successfully identifying
a 9.5 metre
cluster of gold bearing veins. As well, a large scale bulk
sample and metallurgical recovery test was completed on 129
kilograms of the vein material at surface which returned an average
grade of 79 g/t
AU. A a second drill program conducted in February 2021
discovered visible
gold and the interception of quartz veining zones
associated with disseminated sulfides.
"This program served to test the fold hinge at the Rim vein
target, which is believed to be controlling the high grade
mineralization that has yielded grades up to 1,205 g/t Au
at surface. To discover visible gold in the early stages of
this drill program validates our exploration methodology and is an
extremely exciting development, not only for X-Terra but also the
province of New Brunswick."
Michael Ferreira, President and Chief Executive
Officer of X-Terra on the discovery of visible
gold.
Most recently as of May 2021, the company announced that they
drilled gold in 5 of eight holes at the RIM target on the Northwest
property. Two holes intersected a wide gold bearing stockwork which
returned isolated grades between 1.0 and 3.2
g/t Au over core lengths varying between 0.4 and 1.3
metres.
X-Terra Resources has
identified various RIM showings AU values from 4.5 g/t Au to 1205.1
g/t Au (Source: Investor Deck)
Proven Results & Dedicated Management Team
X-Terra Resources and neighboring junior exploration companies
have proven that the company's portfolio of properties are of high
quality and worth exploring. With an attractive balance sheet,
tight share structure of 79 million & low market capitalization
of 7M, X-Terra Resources represents a strong risk/reward scenario
to go along with a dedicated management team who is committed to
achieving strong results for their shareholders.
X-Terra Resources boasts a
strong balance sheet along with limited
liabilities. (Source: SimplyWallSt)
In addition, properties such as Troilus East, Grog and Northwest
have propelled the company to the spotlight and make them a highly
desirable acquisition target, particularly due to activity
happening in Troilus East. With drilling having recently been
commenced in Troilus East, we can expect more eyes to be on the
company as demonstrated by their competitors, Troilus Gold and
Kenorland.
Disclosure: This article was written by
our staff and expresses our own opinion. We are receiving
compensation to cover X-Terra Resources. In
analyzing historical public data, we have relied on the information
provided from such disclosure sites to be accurate and complete.
The materials we have generated based on this information are
replicable from this data, assuming the proper settings and filters
are being applied. For more information, please contact us at support@wealthhub.ca
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