Xmet Completes 3rd Airborne EM Survey, Discovers Two New Large Conductive Anomalies and Further Delineates Its Prime Target
24 Febbraio 2014 - 1:32PM
Marketwired
Xmet Completes 3rd Airborne EM Survey, Discovers Two New Large
Conductive Anomalies and Further Delineates Its Prime Target
TORONTO, ONTARIO--(Marketwired - Feb 24, 2014) - Xmet Inc.
("Xmet" or the "Company") (TSX-VENTURE:XME) has successfully
completed a Versatile Time Domain Electromagnetic Surveying
("VTEM") survey, comprising 437 line kilometres, over 20,000 acres
of recently staked 100% owned Xmet claims on its Blackflake
project.
Three electromagnetic ("EM") bedrock targets were delineated
during the latest survey, including a more detailed survey over the
Prime Target discovered and announced in Xmet's December 12th, 2013
news release. Geotech, who flew the survey and assisted in
interpreting the results, have concluded that all three of the
anomalies extend into the bedrock beneath overburden and limestone
cover.
"A tightly spaced VTEM grid survey was flown over our Prime
Target in order to obtain higher resolution over the original TDEM
anomaly which was originally defined over a length of 1500 meters,"
said Alexander Stewart, Chairman and CEO of Xmet Inc. He continued
by saying, "VTEM technology provided much deeper penetration than
the TDEM survey flown over the Prime Target in late 2013. With this
latest round, the conductivity and the size of the Prime Target is
confirmed. The Prime Target is defined by an electromagnetic
anomaly in bedrock with an associated magnetic low. The target is
geologically constrained between two major diabase dykes. Two new
bedrock conductors were also discovered which have similar
geophysical characteristics. We are very excited about the
potential of these targets, and with our ground permits now in
place we are getting closer to drilling these targets.
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.
Bill Yeomans reports that "Xmet has received all necessary
approvals from the Ministry of Northern Development and Mines after
completing successful negotiations with the Constance Lake First
Nations band. Line cutting and ground geophysics over the Prime
Target will commence this week in preparation for drilling."
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.ca
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