Additional Staking Expands Xmet’s Blackflake Project East of Zenyatta’s Albany “Hydrothermal Graphite” Discovery
November 8, 2013 (Source: Marketwired) — Xmet Inc. (“Xmet” or the “Company“) (TSX VENTURE:XME)(OTCQX:XMTTF) reports that it has more than doubled its land position at the Blackflake project by staking a second large block of 111 claim units located 7 kilometers due east of the Zenyatta’s Albany “hydrothermal” graphite diatremes.
Xmet’s Chairman and CEO Alexander Stewart stated that “the additional staking is 100% owned and covers two significant magnetic lows located 7 kilometers due east of the Zenyatta Albany hydrothermal graphite discovery. Xmet now has two significant properties in the immediate vicinity of the Zenyatta Albany graphite discovery. Both properties have never been tested by electromagnetic surveys although they are located in close proximity to the Zenyatta graphite diatremes.”
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Xmet is funded for and plans to fly an electromagnetic (EM) survey over both properties in the near future. Xmet’s initial 70 claim unit block ties onto the northwestern margin of Zenyatta’s Albany project, previously announced in Xmet’s news release dated November 4th, 2013. Zenyatta discovered high quality vein-type hydrothermal graphite mineralization while conducting follow-up drilling on strong electromagnetic geophysical anomalies identified by an airborne geophysical survey conducted by Geotech in 2010. The world class Zenyatta magmatic, hydrothermal (vein type) graphite deposit is potentially economic and occurs within a graphite diatreme that was emplaced within the border phase of the Nagami River carbonatite / alkaline intrusion.
Bill Yeomans, P. Geo, states, “Xmet has now secured two significant land positions located within the border phase of the northwestern and southeastern margins of the Nagami River carbonatite/alkaline intrusion. The Zenyatta hydrothermal graphite pipes occur within a magnetic low embayment located along the southwestern border phase margin of the Nagami River carbonatite / alkaline intrusion. Several northwest and northeast trending dike swarms also occur proximal to the Zenyatta Albany hydrothermal graphite diatremes. Xmet’s Blackflake claim blocks are located within similar magnetic lows located within the border phase of the Nagami River carbonatite / alkaline intrusion graphite breccia pipes, and the same dike swarms bounding the Albany graphite diatremes trend across the Xmet Blackflake claims. The airborne electromagnetic survey will test for potential strong graphitic conductors within this favorable geological and structural setting on both properties.”
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.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>