|By Marketwired .||
|June 23, 2014 10:04 AM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 06/23/14 -- Xmet Inc. ("Xmet" or the "Corporation") (TSX VENTURE:XME) is pleased to update its shareholders on its plans for its 100% owned Grasset Property which forms the eastern extension of Balmoral Resource's Grasset Project along the Detour-Sunday Lake Deformation Zone. Xmet's Grasset Project covers the south part of Grasset Lake and is accessible from Matagami via the Phelps Dodge Deposit road across the Allard River bridge using a winter forestry road. The Grasset Property consists of 114 claims covering a total of 6,326 hectares.
"Our near term focus remains squarely on the Blackflake and graphite, however the results from Balmoral's Grasset and the potential of Xmet's Grasset Project needs to be followed up on. We have this highly prospective asset held within Xmet and we wanted to highlight its potential. With all of the success that Balmoral has achieved on their Grasset we have revived our plans to follow up on some of the drill targets Xmet delineated through its ground geophysics we completed on our own Grasset Property which is the eastern extension of Balmoral's project," said Alexander Stewart, Xmet's Chairman and CEO.
Two mineral occurrences have been identified on the property. The Ingamar occurrence consisting of 0.93 g/t Au over 1.83 metres and the Harricana-Turgeon occurrence of 0.50% Cu over 1.0 metres, both of which are located along the south shore of the lake. In addition, on the western shore of the lake, a few hundred metres from the property boundary is a showing reported to have assayed 5.5 g/t Au in a grab sample. Charles Beaudry, the QP for this news release, visited the property in the early 1980's and sampled the outcropping occurrences for another company, confirming the presence of elevated gold and copper values. However analytical results from this sampling were not submitted for assessment work and are not presently available for publication.
Ground Geophysics Completed to Date by Xmet
In March 2012 Xmet mobilized a geophysical crew / onto the property to carry out 28 line km of a gradient induced polarization survey over the interpreted trace of the Detour-Sunday Lake deformation zone. Results of the completed part of the survey were announced on 3 May, 2012. The survey clearly identified a favourable gold target in the survey.
Phase two of ground geophysics was completed in March 2013 totalling 68 line km of gradient IP with an additional 8 line km of a detailed pole-dipole survey also covering the SLDZ.
Proposed Work Program
Phase three, which is scheduled to begin in the winter of 2014/15, will consist of approximately 1,000 meters of diamond drilling to provide first-pass testing of the IP anomalies outlined in the detailed IP gradient survey.
See images below depicting Xmet's land position along with Detour Sunday Lake Deformation Zone.
To view the images associated with this press release, please visit the following link: http://media3.marketwire.com/docs/XMET-Images-June23.pdf.
The technical information contained in this news release has been approved by Charles Beaudry, 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.