X-Terra Resources (XTT.V) announced a line cutting and IP geophysics team have mobilized to their Troilus East property.
X-Terra wholly owns the 92 km² Troilus East project, which is located on the Frôtet-Evans Greenstone Belt, approximately 130 kilometres north of the town of Chibougamau, Québec. X-Terra’s site is only a few kilometres from Troilus Gold’s (TSX:TLG) mine, which from 1996 to 2010 produced 2,000,000 ounces of gold and nearly 70,000 tonnes of copper.
The team is targeting three high-priority areas outlined below.
Explaining their decision to examine these areas, X-Terra’s press release notes:
“The 2.2-kilometre-long target is based on the discovery by surface exploration of a polymetallic signature (Cu, Ag, Au, W). The mixed sequence of intermediate volcanic interlayered with dioritic intrusions identified in this area shares many similarities with Troilus gold’s deposit.”
XTT is exploring these areas in hopes of finding similar results to those found by Troilus Gold. Troilus reported the “highest insitu gold grades recovered to date within the Frôtet-Evans Greenstone Belt” on their property directly adjacent to X-Terra’s. While this is not a guarantee that X-Terra will find anything, it does create an auspicious circumstance for XTT.
X-Terra’s team will be ‘line cutting’, which involves cutting a main base line through the middle of the mining claim with a series of grid or wing lines running off of the base line at 90-degree angles. This technique is used to clear the way for the wires needed for an IP survey.
An IP (induced polarization) survey is a geophysical imaging technique that identifies the electrical chargeability of materials below the surface. This technique will provide the company with better information on where the best spots for further exploration and potential digging are.
“We have been looking forward to this next step since receiving the results of our geochemical sampling program. It now brings X-Terra one step closer to the inaugural drill program at Troilus East and with the recent exploration success of Kenorland Minerals and most recently of Troilus Gold, it keeps shedding light on the vast possibility of additional gold occurrences along the underexplored greenstone belt. This survey will enable X-Terra to add precision to the drill targets in the upcoming drill program,” stated Michael Ferreira, President and CEO of X-Terra Resources.
The news has not had a significant effect on the stock price.
Full disclosure: X-Terra Resources in an Equity.Guru marketing client.