Xmet’s Blackflake Update: Ground Magnetics Concluded
August 14, 2014 (Source: Marketwired) — Xmet Inc. (“Xmet” or the “Company“) (TSX VENTURE:XME) is pleased to announce that it has completed the first phase of its ground geophysics work on its Blackflake West project, being the ground magnetic survey. The ground magnetic program was designed to give the company a higher definition of the sub soil structures and to assist in spotting the pending drill holes on the ‘All Channel’ electromagnetic response target.
The image below is from the final report received from Abitibi Geophysics which Xmet commissioned to complete the 41 line km magnetic survey. The image depicts the magnetic surveys with the B-Field electromagnetic ‘All Channel’ response overlain.
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The Company also announces that it has granted 200,000 options to one of its Directors. The options have a strike price of 6 cents and are valid until August 12, 2016
About Xmet’s Blackflake Project
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.
To view the image associated with this press release, please visit the following link: http://media3.marketwire.com/docs/962740-map.pdf
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>