Xmet Commences Ground Geophysics on Its 100% Owned Blackflake Project and Expands Land Package as a Result of EM Survey
March 20 2014 - 8:17PM
Marketwired
Xmet Commences Ground Geophysics on Its 100% Owned Blackflake
Project and Expands Land Package as a Result of EM Survey
TORONTO, ONTARIO--(Marketwired - Mar 20, 2014) - Xmet Inc.
("Xmet" or the "Company") (TSX-VENTURE:XME) is pleased to announce
that it has engaged Abitibi Geophysics to commence the ground
geophysical program on the 100% Xmet owned Blackflake project. The
program will include Ground Magnetic and Induced Polarization
surveys and is aimed delineating Xmet's first target for the
upcoming drill program.
Over the past two weeks, Xmet has been completing its line
cutting program which is necessary to begin the ground geophysics.
The area's unusually deep snow cover made progress on the line
cutting slower than anticipated, but it is nearing completion.
Xmet would also like to announce that as a result of the VTEM
survey, announced February 24th, 2014, it has staked additional
lands that captures the full extent of the anomalies.
"Management is excited to be at the final stage before drilling.
The Blackflake project has evolved from a very interesting anomaly
to a broader exploration play with multiple targets having similar
characteristics. Our goal has been to begin our drill program prior
to the ice melting, and we are confident that drilling on the
Primary Target will begin as planned. Additional staking was
targeted as a result of the VTEM survey along the current boarder
of our claims and we will be planning programs to develop these
targets in the near term. The Blackflake project has developed into
an exciting exploration play with multiple targets beyond our Prime
target which share similar geophysical features," said Alexander
Stewart, Xmet's Chairman and CEO.
About Xmet's Blackflake
Project
Xmet's Blackflake Project comprises over 29,000 acres of 100%
owned claims 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 and is currently in the
process of line cutting and performing ground geophysics over the
Prime Target.
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.
Xmet Inc.Alexander StewartChief Executive Officer(416)
644-6588astewart@xmet.caXmet Inc.Stephen StewartVP Corporate
Development(416) 644-6588sstewart@xmet.cawww.xmet.ca