Xmet Discovers Large New Conductive Target After Completing its Second EM Survey at Blackflake Project, Near Zenyatta
December 12, 2013 (Source: Marketwired) — 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.”
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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.
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>