TORONTO, ONTARIO--(Marketwired - June 4, 2014) - Xmet Inc. ("Xmet" or the "Corporation") (TSX VENTURE:XME) is pleased to provide its shareholders with an update Blackflake West and its pending work program. The 'All-Channel' EM response target was discovered close to the western boundary of Zenyatta's Albany graphite diatreme. Geotech, who flew the VTEM survey in March 2014, concluded in their final report that the anomaly appears to be 'a steeply dipping conductor'. This priority target contains the following interesting features:
| 1. |
An "All Channel" Electromagnetic (EM) response |
| 2. |
A magnetic low in association to the EM response |
| 3. |
A strike length structure greater than1 km |
| 4. |
A similarity in conductive EM profiles and magnetic low intensity to Zenyatta's Graphite diatreme pipes |
| 5. |
High correlation EM response with that of a graphite source. |
An electromagnetic - EM - "All Channel" response is a conductivity response of early, mid and late channel profiles of a multi-depth continuous conductor. This type of response is significant as it indicates that the anomalous source is close to surface and continues at depth.
Xmet plans additional follow up work to better define the location and central core of the target. The ground work permits and drilling permits from Ontario's Ministry of Northern Development and Mines are expected in the near future. Work can start when water levels recede from the spring melt and ground conditions permit. The sequence of events are as follows:
- Fly a new tightly spaced Airborne Magnetic and EM Survey.
- Ground reconnaissance work to determine direct path entry to target.
- Ground geophysics in the form of magnetic and EM.
- Drill test target.
Xmet also announces that it has mailed the Notice of Meeting and Management Information Circular in connection with its Annual and Special Meeting of Shareholders scheduled for June 25, 2014 (the "Meeting"). In connection with the Meeting, the board of directors of Xmet (the "Board") has approved a new By-Law No. 2 relating generally to the conduct and affairs of the Corporation (the "New General By-Law") which will only become effective upon shareholder confirmation at the Meeting. It will replace the Corporation's current general By-Law No. 1 which was enacted in 2006. Among other things, the New General By-Law includes the addition of the advance notice provision for nominations of directors by shareholders of the Corporation in certain circumstances. The New By-Law also incorporates a number of non-substantive changes which are intended to conform the New General By-Law to the current corporate law requirements, as further described in the Management Information Circular, which includes the form of the New General By-Law, a copy of which has been filed on SEDAR in connection with the Meeting.
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.