Xmet Engages Aeroquest to Fly Tightly Spaced Dual Direction Airborne VTEM over Blackflake West
September 8, 2014 (Source: Marketwired) — Xmet Inc. (TSX VENTURE:XME) (“Xmet“) is pleased to announce that it has engaged Aeroquest International to complete a new round of Versatile Time Domain Electromagnetic (“VTEM”) and Magnetic Gradiometer Survey on its consolidated Blackflake West Project. The airborne survey will begin in the next few days and will cover the new ground acquired and optioned from Alibaba Graphite and Metals Creek Resources respectively.
The survey consists of 200 line km, (composed of 127 line km north-south and 73 km east-west) and will include a more tightly spaced grid over our All Channel EM anomaly on Blackflake West.
“This is a significant milestone, both technically and contractually, for Xmet to complete. Airborne electromagnetics is the best to way to understand the targets characteristics, especially using the VTEM technology as it penetrates over 500 metres below surface. We’ve been pleased with our ground geophysical program to date, and we are looking forward to further delineating this target with deep penetrating EM. The program also has the potential to discover new features as most of this land has never been flown,” said Alexander Stewart, Xmet CEO and Chairman.
This survey will increase Xmet’s ownership from 50% to 65% on the western extension of the ‘All Channel’ EM response that the company acquired from Alibaba Graphite (as announced in June 18th, 2014 news release) and is a requirement for Xmet to earn up to 60% of the Blackflake claims optioned from Metals Creek (as announced in May 22nd, 2014 news release).
To view the flight plan over Xmet’s Blackflake West Project, please click this link: http://media3.marketwire.com/docs/966721.pdf.
About Xmet’s Blackflake Project
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Xmet’s Blackflake Project comprises over 30,000 acres of 100% owned claims and over 8,000 acres of fifty percent owned or optioned claims located approximately 60km to the northwest of Hearst, Ontario and is adjacent to Zenyatta’s Hydrothermal Graphite Deposit. Xmet has now conducted three airborne electromagnetic surveys, VTEM and TDEM, 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. Xmet has received all necessary approvals from the Ministry of Northern Development and Mines to conduct ground geophysics on and to drill the ‘All Channel’ target.
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>