X-Terra sees potential for more gold discoveries at Troilus
The X-Terra Resources Troilus East property in the Chibougamau region of Quebec 1.5 km east of the former Troilus Mine site where Troilus Gold Corp. recently began a 30,000-metre drill program. The yellow triangles are soil sample locations. Source: X-Terra Resources Inc.
X-Terra Resources Inc. [XTT-TSXV, XTR-FSE] on Wednesday June 13 announced the results of a 2017 till program on its 100%-owned Troilus East property in the Chibougamau region of Quebec.
The property is located 1.5 km east of the former Troilus Mine site, where Troilus Gold Corp. [TLG-TSXV] recently initiated a 30,000-metre drill program to further expand underground mineral resources, highlight potential near surface mineralization and explore along a structure known as the Troilus diorite boundary.
In a press release on Tuesday, X-Terra said the company is pleased to see that Troilus Gold recently completed a $15.75 million financing that will be used to continue their exploration efforts to restart the former Troilus Mine.
While the till sampling results were anticipated to arrive at the beginning of 2018, delays forced the 78 till samples to be analyzed at a later date, X-Terra said.
All samples were submitted using ARTGold: Advanced Recovery Technology for Gold (an exclusive technology for the recovery of gold grains in till). A total of 72 of 78 have tested positive for gold grains, using both visual evaluation and the ARTGold recovery technology.
The gold grain count varied from one (1) gold grain to up to 13 gold grains per 10-kilogram sample for a total of 283 gold grains. The gold grains were extracted and their dimensions measured and classified as “pristine,” “modified,” or “reshaped” to estimate the distance the gold grains travelled from their potential bedrock source.
A total of 71 gold grains have been classified as pristine, meaning that the location of the till samples in which such gold grains have been recuperated are most likely located less than 500 metres from the source of the gold sample. Further, 181 gold grains have been classified as modified, indicating that the gold grain is slightly reshaped, indicating that they could be within 1,000 metres from their original source.
The remaining 31 gold grains have been classified as reshaped, meaning they are most likely to be more than 1,000 metres from the source of the gold sample.
X-Terra shares were unchanged at 14.5 cent on Wednesday. The 52-week range is 13 cents and 39 cents.
“We are extremely happy with the amount of pristine gold grains obtained,” said Ferreira. “It highlights that the ground in the Troilus mining camp is fertile with gold and the potential for additional discoveries remains positive.”
Aside from its 100% interest in the Troilus property, X-Terra also holds a 60% option on the new Veronneau gold property, which is located in the James Bay region of Quebec. The company holds an interest in a rare earth elements property located in the Temiscamingue region of Quebec.