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.'
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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.