Xmet's Preliminary VTEM Results Trigger Additional Staking Near Zenyatta's Albany Graphite Deposit
03 Dezember 2013 - 3:01PM
Marketwired
Xmet's Preliminary VTEM Results Trigger Additional Staking Near
Zenyatta's Albany Graphite Deposit
TORONTO, ONTARIO--(Marketwired - Dec 3, 2013) - Xmet Inc.
("Xmet" or the "Company") (TSX-VENTURE:XME)(OTCQX:XMTTF) is pleased
to report that it has staked an additional 44 claim units to expand
its 100% owned Blackflake Project. The Blackflake Project is
located approximately 60 kilometers northwest of Hearst, in
Northern Ontario and is adjacent to Zenyatta's Albany graphite
project. Xmet considers its initial geophysical work including
magnetics and VTEM survey to be very encouraging towards its
objective of discovering and defining a hydrothermal graphite
deposit on its Blackflake Project.
"As a result of
flying our VTEM survey which disclosed significant conductive
anomalies on our Blackflake project (see Xmet news release dated
November 27th, 2013) it became clear that anomalies of significant
size may also exist on adjoining properties. We therefor mobilized
our staking team to secure the additional claim units for Xmet.
This has now been completed" said Alexander Stewart, Chairman and
CEO of Xmet Inc. "Xmet now controls 225 claim units which comprise
9,000 acres as part of its Blackflake Project. The Blackflake claim
blocks share similar geological and structural features to
Zenyatta's Albany hydrothermal graphite discovery."
"The much
anticipated release of the Zenyatta 43-101 resource estimate for
their Albany graphite deposit indicates that Zenyatta has
discovered a significant, very rare (hydrothermal) graphite deposit
which does not require complex metallurgical processing for
upgrading to 99.99 per cent carbon said Bill Yeomans, Director for
Xmet. This new discovery has generated a lot of renewed exploration
activity in an under-explored region of northern Ontario. After
completing initial VTEM surveys on the original Blackflake claim
blocks, Xmet expanded their land package to 9,000 acres. Xmet is
one of the first companies to conduct airborne electromagnetic
surveys targeting graphite on their well-positioned land package
located within 6 kilometers of Zenyatta's discovery."
The outlook for the
global graphite market is growing rapidly from new applications and
is considered a strategic commodity by many industrial nations.
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.
For the latest updates, please contact: Xmet Inc.Alexander
StewartChief Executive Officer(416) 644-6588astewart@xmet.caXmet
Inc.Stephen StewartVP Corporate Development(416)
644-6588sstewart@xmet.ca
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