TORONTO, ONTARIO--(Marketwired - May 13, 2014) - Xmet Inc. ("Xmet" or the "Company") (TSX VENTURE:XME) is pleased to announce that it has completed its initial drill program on the Blackflake project.
The Initial Drilling Program completed over 1,100 metres of diamond drilling with 4 holes testing road accessible versatile time-domain electromagnetic ("VTEM"), gravity, ground magnetic and IP survey target areas. The initial drill program has been completed and drill core from the program has been sent to the assay lab and the Company is awaiting results. Further follow-up ground geophysical surveys will continue on the company's large 100% owned claim block as soon as late high spring melt-waters have lowered after the prolonged winter season in the Hearst region of northern Ontario.
Geophysical Data Interpretation Identifies Kimberlite Potential on Under-explored Land Package
In November 2013 and February 2014 Xmet commissioned Aeroquest Airborne to complete airborne geophysical surveys using VTEM and magnetic surveys. The airborne survey report and additional geophysical interpretations commissioned by Xmet identified multiple potential kimberlite targets of interest for being potentially diamond bearing. Xmet has hired a diamond exploration consultant who conducted further geophysical interpretations on the magnetic and electromagnetic survey data for the exploration of possible kimberlite pipes.
The strongest electromagnetic responses accessible are being evaluated for hydrothermal graphite potential. The geophysical interpretation report by Aeroquest recommends follow-up exploration programs on 8 potential pipe-like bodies with conductive shallow layers identified for the interpreted survey block.
Xmet will continue to test potential graphite targets and plans to evaluate potential kimberlite pipes using ground geophysical methods. Xmet is also pleased to announce that it has hired Justin Rocco as its Geology Manager. Mr. Rocco is a geological engineering graduate from the University of Toronto's Lassonde Institute and a diamond exploration and kimberlite specialist with 10 years of experience working on diamond exploration projects with SouthernEra Diamonds and Mantle Diamonds.
Below in this News Release is a geophysical image depicting the initial targets Total Magnetic Intensity and the four diamond drill holes completed by Xmet.
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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 Albany Project. Xmet has conducted three airborne electromagnetic surveys, VTEM and TDEM, and ground geophysics 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.
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.