Xmet to Continue Aggressive Exploration Program on Blackflake and Provides Company Update
May 29, 2014 (Source: Marketwired) — 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
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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.
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.
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>