Xmet Outlines Plans for Its 100% Owned Grasset Property which forms the Eastern Extension of Balmoral Resources' Grasset
23 6월 2014 - 11:04PM
Marketwired
Xmet Outlines Plans for Its 100% Owned Grasset Property which forms
the Eastern Extension of Balmoral Resources' Grasset
TORONTO, ONTARIO--(Marketwired - Jun 23, 2014) - 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.
Xmet Inc.Alexander StewartChief Executive Officer(416)
644-6588astewart@xmet.caXmet Inc.Stephen StewartPresident(416)
644-6588sstewart@xmet.ca
Xmet Inc. (TSXV:XME)
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Xmet Inc. (TSXV:XME)
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