The style of the mineralization shows strong characteristics of an epithermal gold system, according to the company.
One hole showed gold mineralization of 0.4 grams per ton (g/t) gold over 36 metres along the hole, including 0.5 g/t gold over 31 metres and 7.6 g/t over 0.6 metres, located at a vertical depth of 81 metres underneath the target.
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CEO Michael Ferreira told shareholders that the results were a “significant exploration breakthrough” at Grog, which has never been drilled before.
The showings reinforce the Quebec-based company’s belief that the property houses a large epithermal system, according to Ferreira. The firm told investors that while more drilling is needed, X-Terra’s management believes that the 11 holes, or nearly 1,500 metres drilled, only covered a “very small fraction” of the targeted environment.
“Reaching a significant mineralized interval this shallow (from 107 metres to 143 metres, in GRG-20-012) is a milestone we were relentlessly pursuing after completing the limited field exploration programs based predominately on roadside trenching,” Ferreira said in a statement.
“The information obtained in this program will allow the detailed follow up on the Grog target but also allow X-Terra to refine and generate more high priority targets carrying the same geological characteristics to that of the Grog target. This provides a monumental shift moving forward."
X-Terra said it will continue evaluating and understanding the geological sequence that is triggering the gold deposition process, the structural relations and controls within the Grog environment. The next phase of exploration will involve substantiating the key geological characteristics of the Grog target over the newly identified targets located within the interpreted hydrothermal epithermal system.
X-Terra has an option to acquire a 70% interest in the Grog property and Northwest property, both in northeastern New Brunswick.
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