Xmet Updates on Blackflake West Work Program; Mails Management Information Circular for June 25, 2014 Annual Meeting
05 Juni 2014 - 3:20AM
Marketwired
Xmet Updates on Blackflake West Work Program; Mails Management
Information Circular for June 25, 2014 Annual Meeting
TORONTO, ONTARIO--(Marketwired - Jun 4, 2014) - Xmet Inc.
("Xmet" or the "Corporation") (TSX-VENTURE:XME) is pleased to
provide its shareholders with an update Blackflake West and its
pending work program. The 'All-Channel' EM response target was
discovered close to the western boundary of Zenyatta's Albany
graphite diatreme. Geotech, who flew the VTEM survey in March 2014,
concluded in their final report that the anomaly appears to be 'a
steeply dipping conductor'. This priority target contains the
following interesting features:
1. |
An "All Channel" Electromagnetic (EM)
response |
2. |
A magnetic low in association to the EM
response |
3. |
A strike length structure greater than1
km |
4. |
A similarity in conductive EM profiles and
magnetic low intensity to Zenyatta's Graphite diatreme pipes |
5. |
High correlation EM response with that of a
graphite source. |
An electromagnetic - EM - "All Channel" response is a
conductivity response of early, mid and late channel profiles of a
multi-depth continuous conductor. This type of response is
significant as it indicates that the anomalous source is close to
surface and continues at depth.
Xmet plans additional follow up work to better define the
location and central core of the target. The ground work permits
and drilling permits from Ontario's Ministry of Northern
Development and Mines are expected in the near future. Work can
start when water levels recede from the spring melt and ground
conditions permit. The sequence of events are as follows:
- Fly a new tightly spaced Airborne Magnetic and EM Survey.
- Ground reconnaissance work to determine direct path entry to
target.
- Ground geophysics in the form of magnetic and EM.
- Drill test target.
Xmet also announces that it has mailed the Notice of Meeting and
Management Information Circular in connection with its Annual and
Special Meeting of Shareholders scheduled for June 25, 2014 (the
"Meeting"). In connection with the Meeting, the board of directors
of Xmet (the "Board") has approved a new By-Law No. 2 relating
generally to the conduct and affairs of the Corporation (the "New
General By-Law") which will only become effective upon shareholder
confirmation at the Meeting. It will replace the Corporation's
current general By-Law No. 1 which was enacted in 2006. Among other
things, the New General By-Law includes the addition of the advance
notice provision for nominations of directors by shareholders of
the Corporation in certain circumstances. The New By-Law also
incorporates a number of non-substantive changes which are intended
to conform the New General By-Law to the current corporate law
requirements, as further described in the Management Information
Circular, which includes the form of the New General By-Law, a copy
of which has been filed on SEDAR in connection with the
Meeting.
The technical information contained in this news release has
been approved by William Yeomans, a director of Xmet, who is a
qualified person as defined in "National Instrument 43-101,
Standards of Disclosure for Mineral projects.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Certain information in this press release may contain
forward-looking statements. This information is based on current
expectations that are subject to significant risks and
uncertainties that are difficult to predict. Actual results might
differ materially from results suggested in any forward-looking
statements. Xmet assumes no obligation to update the
forward-looking statements, or to update the reasons why actual
results could differ from those reflected in the forward
looking-statements unless and until required by securities laws
applicable to Xmet. Additional information identifying risks and
uncertainties is contained in filings by Xmet with Canadian
securities regulators, which filings are available under Xmet's
profile at www.sedar.com.
Xmet Inc.Alexander StewartChief Executive Officer(416)
644-6588astewart@xmet.caXmet Inc.Stephen StewartPresident(416)
644-6588sstewart@xmet.ca
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