Marketwire
TORONTO, ONTARIO--(Marketwired - Nov. 12, 2013) - Xmet Inc. ("Xmet" or the "Company") (TSX VENTURE:XME)(OTCQX:XMTTF) is pleased to announce it has contracted Aeroquest International (a division of Geotech Airborne Geophysical Surveys) ("Geotech") of Aurora Ontario to complete a helicopter airborne Versatile Time Domain Electromagnetic (VTEM Plus) and Horizontal Magnetic Gradiometer Geophysical Survey on its 100% owned Blackflake Project, located approximately 60 kilometers northwest of Hearst, in Northeastern Ontario. The Blackflake Project consists of two separate blocks of claims located proximal to the eastern and the northwestern margins of Zenyatta's Albany project. A significant, potentially economic hydrothermal graphite deposit was discovered on Zenyatta's Albany project during a 2011 drilling program which tested a strong electromagnetic conductor. The conductor was identified on the Albany claims in 2010 by a Geotech VTEM airborne survey. The nearby Blackflake claim blocks share similar geological and structural features to Zenyatta's Albany hydrothermal graphite discovery. The current VTEM Plus and magnetic surveys will provide complete coverage with 340 kilometres of lines flown at 100 meter line spacing over the 181 claim units on the two Blackflake claim blocks.
"With all the activity occurring in and around Zenyatta's Albany Project, Xmet is uniquely positioned as it is one of the few companies that have rapidly proceeded to acquire a significant land position land and perform airborne VTEM and magnetic surveys in the immediate vicinity of the Albany graphite discovery. We see this as an opportunity since the Blackflake properties have never been previously tested by EM surveys although the ground is favorably located close to the Albany graphite diatremes. The results of the upcoming VTEM survey when studied in conjunction with our already defined magnetic lows on Blackflake, will allow us to test our theory that graphitic diatremes may possibly occur in clusters. If the VTEM Plus survey on Blackflake identifies strong geophysical EM conductors similar to the electromagnetic conductors associated with the Zenyatta graphite discovery, we will quickly look to further test such anomalies through follow-up drilling. The timing of commencing and completing the VTEM survey will depend on current weather conditions in the Hearst region," said Alexander Stewart, Chairman and CEO of Xmet.
The Blackflake Project consists of two land packages, both abutting Zenyatta's Albany Project, for a total of 181 claim units. The first 111 claim unit block is located 7 kilometers due east of the Zenyatta's Albany "hydrothermal" graphite diatremes while the second 70 claim unit block ties onto the northwestern margin of Zenyatta's Albany project approximately 7.5 kilometers northwest of the Albany graphite deposit.
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.