Xmet Discovers Large New Conductive Target After Completing its Second EM Survey at Blackflake Project, Near Zenyatta
12 Dezember 2013 - 3:54PM
Marketwired
Xmet Discovers Large New Conductive Target After Completing its
Second EM Survey at Blackflake Project, Near Zenyatta
TORONTO, ONTARIO--(Marketwired - Dec 12, 2013) - Xmet Inc.
("Xmet" or the "Company") (TSX-VENTURE:XME)(OTCQX:XMTTF) is pleased
to report that it has flown a second EM survey over its newly
staked land position disclosed in the December 3rd, 2013 news
release and it has evaluated the preliminary results from the new
116 line kilometre MAG-TDEM survey.
Xmet's CEO, Alexander Stewart says, "As a result of this second
EM survey, Xmet has discovered a new strong conductive anomaly
measuring approximately 300 metres by 800 metres and has since
completed additional staking to cover the entire anomaly and
abutting lands to bring its project total to 237 claim units. This
anomaly is of particular interest as its size and strength of
response supersedes the previously discovered anomalies and will be
our immediate focus. Xmet now has three conductive anomalies of
significant size and considers these results to be very encouraging
towards its objective of discovering and defining a hydrothermal
graphite deposit on its Blackflake Project. Our next step is to
drill these targets and prove up what we have."
Bill Yeomans, P.Geo. states that "The preliminary data from our
new MAG-TDEM survey indicates a large north northeast trending
anomaly with a strong electromagnetic response measuring
approximately 300 metres by 800 metres situated within a magnetic
low flanking northwest trending magnetic diabase dikes.(see Figure
1). Xmet has since staked the eastern and northern parts of the
anomaly not shown in Figure 1. The anomaly was crossed by a tie
line which shows a well-developed conductor about 300 metres wide
that is responding on most channels (see Figure 2). This favorable
environment bears similarities to the setting in which the Zenyatta
hydrothermal graphite pipes were emplaced. The strong Zenyatta
conductors are circular in nature and are situated within a
magnetic low flanking the margin a northwest trending diabase
dike."
To view Figures 1 and 2 please click on the following link:
http://media3.marketwire.com/docs/XME1212a.pdf
The Blackflake Project consists of two separate blocks of claims
located proximal to the eastern and the northwestern margins of
Zenyatta's Albany project. A significant, potentially economic
hydrothermal graphite deposit was discovered on Zenyatta's Albany
project during a 2011 drilling program which tested a strong
electromagnetic conductor. The conductor was identified on the
Albany claims in 2010 by a Geotech VTEM airborne survey. The nearby
Blackflake claim blocks share similar geological and structural
features to Zenyatta's Albany hydrothermal graphite discovery.
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 StewartVP Corporate
Development(416) 644-6588sstewart@xmet.cawww.xmet.ca
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