TORONTO, ONTARIO--(Marketwired - Oct. 21, 2014) - Xmet Inc. ("Xmet" or the "Company") (TSX VENTURE:XME) is pleased to announce that, having completed the necessary eight kilometres of line cutting, it has commenced the second phase of its ground geophysical program on its Blackflake West 'All Channel' Electromagnetic ("EM") targets. The program is expected to be completed within the next seven days.
Xmet has engaged Smart Geophysics to perform the survey using dipole-dipole induced polarization ("IP") technology. The original All-Channel response, referred to in our news release of May 22nd, 2014, was originally from a VTEM flown by Metals Creek Resources. Our recent VTEM survey, referred to in our news release of September 29th, 2014, disclosed that this anomaly originates from the bedrock and was part of a larger All-Channel group of responses just to the northeast of the original. The IP survey currently underway will cover all of these EM All-Channel responses and assist in determining their characteristics.
"This last phase, prior to drilling, consists of ground Induced Polarization which will better delineate the targets for drilling and will also give us a better understanding of the 'All Channel' anomaly's strike and size," said Alexander Stewart Xmet's Chairman and CEO.
About Xmet's Blackflake Project
Xmet's Blackflake Project comprises over 30,000 acres of 100% owned claims and over 8,000 acres of fifty percent owned or optioned claims located 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. Xmet has received all necessary approvals from the Ministry of Northern Development and Mines to conduct ground geophysics on and to drill the 'All Channel' target.
About Blackflake West
Xmet Inc. has the option to earn up to a 60% interest on a portion of the Blackflake West Graphite Project from Metals Creek Resources Corp. by incurring a series of work commitments on the property as well as cash payments and share issuances as detailed in our May 22nd, 2014 news release. Additional land claims contiguous to the optioned portion of the Blackflake West are either 100% or 50% owned by Xmet Inc.
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.