TORONTO, ONTARIO--(Marketwired - Jan. 30, 2014) - Xmet Inc. (TSX VENTURE:XME) ("Xmet") is pleased to announce that it has filed for Exploration and Drilling permits and expects to receive approval from Ontario's Ministry of Northern Development and Mines to begin further exploration work this February.
In addition to preparing for the upcoming exploration and drilling of Xmet's primary target, which it discovered and detailed in its December 12th, 2013 news release, Xmet has continued to expand its land position, by staking an additional 8,000 acres of 100% owned claims adjacent to the Zenyatta Albany graphite deposit. The claims have been staked, coincident with magnetic lows, within the border phase of the carbonatite/alkaline intrusion which hosts the Zenyatta graphite breccia pipes.
Alexander Stewart, Chairman and CEO of Xmet states, "Our focus remains on drilling and defining our prime target which bares remarkable geophysical similarity to the neighbouring Albany Project owned by Zenyatta. We now have a very substantial land package of over 29,000 acres which holds a number of additional EM targets. Our land package, which given Albany's discovery, hosts excellent graphite potential, also holds the potential for a massive sulphide discovery. It was the area's potential for a polymetallic discovery that initially drew Cliffs and Zenyatta to the region."
About the Blackflake Project: Xmet's Blackflake Project comprises over 29,000 acres of 100% owned claims approximately 60km to the northwest of Hearst, Ontario and is adjacent to Zenyatta's Hydrothermal Graphite Deposit. Xmet has conducted two 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 effective Jan 23, 2014.
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.