TORONTO, ONTARIO--(Marketwired - Nov. 27, 2015) - Xmet Inc. ("Xmet" or the "Corporation") (TSX VENTURE:XME) is pleased to provide a year end update on the status of the Company and its properties.
Blackflake. As disclosed in our News Release dated June 19th, 2015, the Blackflake West's drill program intersected a VMS system with anomalous zinc and copper values. The program was completed over only a small portion of the claim block which Xmet controls and the work completed has preserved the asset for future exploration and development when market conditions permit. Xmet has incurred sufficient work expenditures to maintain its option agreement in good standing through May of 2017 and filed assessment work covering obligations through to 2018. Two small claim blocks optioned from Alibaba Graphite have been dropped to save ongoing assessment costs since the Company's electromagnetic surveys disclosed no anomalous responses on the ground.
Grasset. The winter drill program disclosed anomalous gold, copper and zinc occurrences within semi to massive sulphides as stated in our June 19th, 2015 News Release. The Grasset project is located along the Detour Sunday Lake Deformation Zone which is up to a kilometer wide on Xmet's Grasset property. As a result only a small portion of the claims have been tested and many prospective targets remain. Xmet has completed and filed sufficient assessment work to keep its claims in good standing to hold the core claims for several two year renewal cycles.
Due to the current market conditions and the lack of capital available to early stage exploration and development projects, Xmet has dropped its option on the Win-Win property in Quebec in order to save further share issuances and carrying costs.
The Company continues to look for investment which will allow it to continue to develop either its Blackflake or Grasset projects, as well as any new resource opportunities which the Company may acquire.
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.