Xmet to Continue Aggressive Exploration Program on Blackflake and Provides Company Update
30 May 2014 - 1:01AM
Marketwired
Xmet to Continue Aggressive Exploration Program on Blackflake and
Provides Company Update
TORONTO, ONTARIO--(Marketwired - May 29, 2014) - Xmet Inc.
("Xmet" or the "Company") (TSX-VENTURE:XME) is pleased to provide a
comprehensive update on its Blackflake East and West projects and
other corporate items.
Q1 2014 Drill Program and Planned Exploration Program
Xmet has received the assay results from the lab on four drill
holes aimed at its first target. There was no economic graphite
mineralization reported. The drilling program was halted after
testing four preliminary holes due to spring runoff preventing
access to other drill targets on the Blackflake East property. The
first target had been selected due to its close accessibility to a
logging road. Once ground conditions permit and water levels
recede, Xmet will proceed to prioritize the remaining seven pipe
like targets on Blackflake East.
Shortly after the drilling was halted, a high priority graphite
target identified during a 2014 winter airborne electromagnetic
(VTEM) flown by Metals Creek (TSX-VENTURE:MEK) was optioned by Xmet
(see press release dated May 22, 2014 and below).
The initial four drill holes on target one tested a circular
magnetic low with coincident VTEM electromagnetic response. This
anomaly was explained by highly altered syenite basement beneath 40
meters of overburden cover, limestone and clay. The remaining seven
untested drill targets on the Blackflake East property include
potential kimberlite diatremes described in the 2014 Geotech VTEM
survey report. These targets will require additional ground
geophysical surveys and will be prioritized for drilling pending
the results of the upcoming surveys. A potential massive sulphide
target with excellent access will also be further ground tested on
the Blackflake East project. Graphite continues to be the highest
priority exploration target for Xmet on the Blackflake East and
West properties.
High Priority Graphite Target with 'All Channel' EM Response on
Blackflake West Claims
The recently optioned 'top priority' Blackflake West VTEM target
is considered to have excellent potential for a graphitic source.
An electromagnetic "All Channel" response is a multi-depth
continuous profile of a conductor with a response close to surface
and at depth. A graphitic source would produce this type of
response with an associated magnetic low intensity. This target is
easily accessible and is located 6 km due west of the Zenyatta
Albany pipe in an area where limestone cover is suspected to be
less than 10 meters thick. Xmet plans more detailed EM airborne
survey and ground geophysics surveys followed by continuation of
the drill program once low-lying areas inundated by spring runoff
become accessible.
To view the map "Xmet's Blackflake and Blackflake West
Projects", please visit the following link:
http://media3.marketwire.com/docs/xmet_pr_map01_may29.pdf
Xmet's New Corporate Presentation
Our up to date presentation which details Xmet's detailed plans
to drill test its subsequent prospective targets is now posted on
Xmet.ca and can be found at www.xmet.ca.
New Member of Xmet's Board of Directors
The Company is pleased to announce that Sam Garofalo has joined
Xmet's Board of Directors. Mr. Garofalo is a Chartered Accountant
and is based in Thunder Bay. Xmet is committed to developing its
projects in Northwestern Ontario and Mr. Garofalo's industry and
First Nation relationships in this region of the Province along
with his financial and accounting expertise make for an excellent
addition to our Board of Directors.
Options Granted
The Company announces it has granted a total 250,000 new stock
options to Mr. Garofalo in recognition of his seat on the Board,
and 50,000 options, each, to the two independent Directors on the
Company's Audit committee in recognition of their services. These
options are exercisable at $0.12 per share for a period of five
years from the date of issue and are subject to the provisions of
Xmet's Option Plan and the policies of the TSX Venture
Exchange.
About Xmet's Blackflake
Project
Xmet's Blackflake Project now comprises over 29,000 acres of
100% owned claims and 7,000 acres of optioned claims approximately
60km to the northwest of Hearst, Ontario and is adjacent to the
east and west of Zenyatta's Albany Project. Xmet has conducted
multiple airborne electromagnetic surveys, VTEM and TDEM, and
ground geophysics which discovered multiple electromagnetic
conductors making the targets highly prospective for further
exploration. Xmet has developed an excellent working relationship
with the Constance Lake First Nation, with whom the company signed
an ongoing Exploration Agreement.
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.cawww.xmet.ca
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