Xmet Contracts Geophysical Survey on Its Detour Belt Gold Property
02 März 2012 - 3:25PM
Marketwired
Xmet Inc. ("Xmet" or the "Company") (TSX VENTURE:XME)(OTCQX:XMTTF)
is pleased to announce the signing of a geophysical survey contract
on the Grasset Property, located along the Detour Belt in Quebec.
The Company has approved an Induced Polarization survey over the
interpreted trace of the Detour-Sunday Lake Deformation Zone in
order to identify anomalies that could be associated with gold
mineralization. The survey will be undertaken in the coming weeks
and results are expected shortly after the completion of the
survey.
Xmet has entered into a service contract with Abitibi
Geophysique Inc. to carry out a ground-based induced polarization
survey totalling nearly 133 kilometres of surveying on 150
metre-spaced lines using a gradient array configuration with 25
metre electrode spacing.
The Grasset Property is located at the end of recently
constructed forestry roads and logistics will be very
straightforward with the crew working out of Matagami. This survey,
which will be focussed on delineating gold targets associated with
the eastern extension of the Detour-Sunday Lake deformation zone
that is thought to cross the southern half of the Grasset Lake
property. The Detour-Sunday Lake deformation zone represents one of
the least explored major gold bearing structures in the Abitibi,
hosting the 16.4 million oz Detour Lake gold deposit, and including
eight new gold discoveries made to the east of this world class
deposit over the past 12 months by Balmoral Resources. Xmet's
Grasset Property is tied onto Balmoral claims immediately east of
Balmoral's Grasset discovery (www.balmoralresources.com) reportedly
hosting "Temiskaming-style" gold mineralization along the Detour
Lake trend.
Charles Beaudry, Xmet President and COO stated that "we hope to
identify high quality targets for follow up drilling. If
successful, we will be in a position to either drill the targets
ourselves or joint venture the project to a partner in return for a
commitment to drill and cash payments to cover Xmets costs incurred
to date".
About Xmet Inc.
Xmet is a gold exploration company focused on advanced projects
in existing mining camps in Canada where exploration and mining
costs are minimized and where previous and historic producing mines
make for much easier permitting and minimizes community and First
Nations social community risks. Xmet's flagship project, the
Duquesne-Ottoman property, which covers an area of 928.6 hectares,
is located approximately 30 kilometres north of the city of
Rouyn-Noranda and 10 kilometres east of the village of Duparquet
within the townships of Duparquet and Destor in the Province of
Quebec.
Mr. Charles Beaudry, P.Geo., Xmet's President, COO and Director,
is the designated Qualified Person responsible for this
release.
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.
Contacts: Xmet Inc. Charles Beaudry President and COO (416)
644-6588cbeaudry@xmet.ca Xmet Inc. Stephen Stewart VP Corporate
Development (416) 644-6588sstewart@xmet.ca
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