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X-Terra gains on Grog find

Junior X-Terra Resources (TSXV: XTT) says it has made a new gold discovery through stripping and trenching, which expands the Grog mineralisation footprint at its property in New Brunswick.
X-Terra gains on Grog find X-Terra gains on Grog find X-Terra gains on Grog find X-Terra gains on Grog find X-Terra gains on Grog find

X-Terra’s recently-optioned Grog and Northwest properties in New Brunswick

Staff reporter

It said the Bellevue showing returned 2.24g/t gold from a 1m chip sample, about 1.3km southwest of Grog, where an IP survey mid-year had highlighted "multiple, high-priority chargeability anomalies".

"It is also important to highlight, given gold anomalies up to 0.3g/t gold further north, like on IP line L44, and 3.7km south of Grog on IP line L7, we now have a 6km strike length of confirmed gold mineralisation in three prospects including that of Grog," president and CEO Michael Ferreira said.

X-Terra has the option to acquire up to 70% of the neighbouring Grog and Northwest properties in New Brunswick under a deal, amended in February, with private company NBGold and a prospector.

The company had about C$218,000 (US$165,000) in working capital at the end of June.

It raised C$1.4 million (US$1 million) last week for exploration and working capital, at 11c per Quebec flow-through share, 10c per federal flow-through share and 8c per unit.

Given the positive results at Bellevue, X-Terra said it was planning additional stripping and trenching, along with a geochemical sampling programme and detailed airborne geophysical magnetic survey.

It also has the Troilus East, Ducran and Veronneau projects in Quebec.

Its shares closed up 7.7% or 1c to 14c on Friday, towards the upper end of its 52-week range of 6.5-17c, capitalising it at $6.5 million (US$5 million).