Xmet’s Preliminary VTEM Results Trigger Additional Staking Near Zenyatta’s Albany Graphite Deposit
December 3, 2013 (Source: Marketwired) — Xmet Inc. (“Xmet” or the “Company“) (TSX VENTURE:XME)(OTCQX:XMTTF) is pleased to report that it has staked an additional 44 claim units to expand its 100% owned Blackflake Project. The Blackflake Project is located approximately 60 kilometers northwest of Hearst, in Northern Ontario and is adjacent to Zenyatta’s Albany graphite project. Xmet considers its initial geophysical work including magnetics and VTEM survey to be very encouraging towards its objective of discovering and defining a hydrothermal graphite deposit on its Blackflake Project.
“As a result of flying our VTEM survey which disclosed significant conductive anomalies on our Blackflake project (see Xmet news release dated November 27th, 2013) it became clear that anomalies of significant size may also exist on adjoining properties. We therefor mobilized our staking team to secure the additional claim units for Xmet. This has now been completed” said Alexander Stewart, Chairman and CEO of Xmet Inc. “Xmet now controls 225 claim units which comprise 9,000 acres as part of its Blackflake Project. The Blackflake claim blocks share similar geological and structural features to Zenyatta’s Albany hydrothermal graphite discovery.”
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“The much anticipated release of the Zenyatta 43-101 resource estimate for their Albany graphite deposit indicates that Zenyatta has discovered a significant, very rare (hydrothermal) graphite deposit which does not require complex metallurgical processing for upgrading to 99.99 per cent carbon said Bill Yeomans, Director for Xmet. This new discovery has generated a lot of renewed exploration activity in an under-explored region of northern Ontario. After completing initial VTEM surveys on the original Blackflake claim blocks, Xmet expanded their land package to 9,000 acres. Xmet is one of the first companies to conduct airborne electromagnetic surveys targeting graphite on their well-positioned land package located within 6 kilometers of Zenyatta’s discovery.”
The outlook for the global graphite market is growing rapidly from new applications and is considered a strategic commodity by many industrial nations.
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>