Xmet (
TSX-V:XME,
StockForum), a Toronto-based firm engaged in the exploration and development of Canadian mineral properties, announced today that the company had contracted Asinii Drilling to commence the company’s drill program at its wholly-owned Blackflake Project.
According to the
news release, line cutting has finished and ground physics, as announced in Xmet’s March 20, 2014 press release, is on-going with the program expected to commence in the coming days in order to initially target the large electromagnetic anomaly defined in the company’s February 24
th release.
The program is anticipated to involve approximately 1500 metres of drilling which is expected to be complete by the winter ice break-up.
Xmet Chairman and CEO, Alexander Stewart, commented, “We are very excited about our progress to date and we happy to be at the stage where we can start to determine the nature of these anomalies.”
He went on to explain, “The Blackflake Project has evolved from a single target to a multiple target project, each of which we view as highly prospective.”
Then he concluded, “Given the number of bedrock anomalies identified to date, Xmet expects that the total drill program will extend over a number of months. Details on the next phase will be determined upon completion of this initial phase.”
Xmet was in the news recently when
the company commenced ground geophysics at Blackflake a week ago.
Shares rose 18.18% on the news to $0.13 per share.
Currently there are 72.1m outstanding shares with a market cap of $9.0 million.