Xmet Inc.

Xmet Inc.

September 17, 2014 17:51 ET

Xmet Expands Blackflake West Land Package and Commences VTEM Survey

TORONTO, ONTARIO--(Marketwired - Sept. 17, 2014) - Xmet Inc. ("Xmet" or the "Corporation") (TSX VENTURE:XME) reports that the company has consolidated an additional 36 claim units covering 1,440 acres of ground west of Zenyatta's Albany graphite deposit through an option agreement with Alibaba Graphite Corp. These claims are located along trend from Xmet's optioned Blackflake West 'All Channel' EM anomaly. The new ground is located approximately 5 kms south of the Blackflake West property and 15 kms west of Zenyatta's Albany Hydrothermal Graphite property. Xmet can earn an initial 50% interest in these claims by conducting an airborne VTEM survey, which commenced on September 17th, 2014. Xmet also has the right to increase its interest up to 65% in the new claims by spending an additional $15,000 worth of work on the property.

Previous magnetic and electromagnetic surveys on the Alibaba claims identified electromagnetic anomalies coincident with magnetic lows which will now be tested with a deep penetrating VTEM survey. Xmet will make the additional earn-in decision after reviewing the results of the ongoing VTEM survey which is expected to be completed in less than one week. Additional infill VTEM flight lines will provide improved resolution over the Blackflake West 'All Channel' EM anomaly claim which identified two "all channel" electromagnetic anomalies on flight lines spaced 1.6 kilometers apart. The claims surrounding the All Channel EM targets as well as the Alibaba claims have never been flown previously by VTEM and are considered to be highly prospective for the discovery of new exploration targets.

"Xmet acquired a 50% interest in these claims at a very low cost base considering we were already committed to flying a VTEM survey in the area. This is a very timely and opportunistic acquisition for our shareholders. We are excited to see the results from the combined property surveys as well as detailed VTEM results surrounding the 'All Channel' EM target", said Alex Stewart, CEO for Xmet.

To view the map accompanying this press release, please visit the following link: http://media3.marketwire.com/docs/968593.pdf

In addition, the current VTEM survey will serve to increase Xmet's interest from 50% to 65% in the previous land package acquired as the western extension of the "All Channel" EM response, on Xmet's Blackflake West project, as described in our news release of June 18, 2014.

As set out in our News Release of June 18, 2014, our priority target 'All Channel' anomaly has the following features:

  1. An "All Channel" EM response, associated with a magnetic low;
  2. A strike length structure greater than one km;
  3. Multi-channel EM profiles associated with a magnetic low similar to Zenyatta's Graphite diatreme pipes; and
  4. The "All Channel" EM response, indicates good conductivity at depth which correlates well with a potential graphite source.

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.

Contact Information

  • For the latest updates please contact:
    Alexander Stewart, Chief Executive Officer
    Phone (416) 644-6588
    E-mail: astewart@xmet.ca

    Stephen Stewart, President
    Phone (416) 644-6588
    E-mail: sstewart@xmet.ca