As we expected in our previous report, X-Terra Resources (XTT.V) didn’t waste any time and has hit the ground running at its Veronneau property in St James Bay, Québec. The company has now announced it has already completed a 1226 kilometer airborne geophysical exploration program less than two weeks after initiating the survey.
The data is currently still being interpreted and analyzed, but the magnetic survey has already highlighted possible structural corridors and several conductive geological horizons. According to CEO Michael Ferreira, his team is ‘highly encouraged by the results of the airborne survey’, so it will be interesting to see which targets will be highlighted by the technical team.
X-Terra has also entered into an agreement to acquire the Cobalt Lake copper-cobalt property, a 21 square kilometer project with historic copper and cobalt values of up to 0.42% and 0.13 from a bottom lake sediment survey. This could indicate there potentially is a source for a copper-cobalt anomaly close by. As Cobalt is becoming one of the ‘hot commodities’ of 2017 (as we highlighted in our previous article on Clean Teq Solutions), it will be interesting to see X-Terra advancing Cobalt Lake as well. The acquisition of the tenements is quite cheap, as X-Terra paid just C$10,000 in cash and issued 1.1 million shares to the vendor.
The company’s share price has been holding up really well in the past few weeks and at C$0.37, X-Terra is trading more than 50% higher compared to the share price when our first report was released. You can re-read the report HERE.
Go to X-Terra’s website
The author has a long position in X-Terra Resources. The company isn’t a sponsor of the website, but we were compensated by a third party. Please read the disclaimer
