Xmet Acquires Western Extension of 'All Channel' Graphite Target on Blackflake West
18 Junho 2014 - 5:00PM
Marketwired
Xmet Acquires Western Extension of 'All Channel' Graphite Target on
Blackflake West
TORONTO, ONTARIO--(Marketwired - Jun 18, 2014) - Xmet Inc.
("Xmet" or the "Corporation") (TSX-VENTURE:XME) is pleased to
announce that it has acquired a 50% interest in 29 claim units in
four claims on the western boundary of the Blackflake West
property. These claims appear to host a possible western extension
of Blackflake West's 'All Channel' Electromagnetic graphite target.
Xmet also has the option to increase its interest to 65% in the
near term by flying EM over the new claims within the next four
months.
Xmet's interpretation of the VTEM survey flown over the
Blackflake West target is that the "All Channel" anomaly appears to
extend to, and possibly beyond, the western edge of the Company's
existing boundary. The acquisition of these new claims secures
Xmet's land position around the 'All Channel' target and ensures
that the Company is well positioned to capitalize on its
potential.
"This acquisition was key to Xmet gaining the appropriate land
position given what we interpret the "All Channel" target's
location and potential extension. Furthermore the terms of the
agreement are very favourable to our shareholders as the Company
will not be issuing any shares or cash for the initial 50% interest
in the new claims." The transaction was completed with a private
company with whom Xmet had previously agreed to sell unrelated
mining claims in return for shares in the private company, Alibaba
Graphite Corp. Under the current transaction, Xmet is cancelling
its right to receive those shares in the private company and
retaining the claims.
With the complete land package secured, Xmet will look to
proceed on the next phases of its geophysical program on Blackflake
West, including ground geophysics to better define the target for
drill positioning.
As set out in our News Release of June 4, 2014, our priority
target has the following features:
- An "All Channel" EM response, associated with a magnetic
low;
- A strike length structure greater than one km;
- A similarity in EM profile and mag low to Zenyatta's Graphite
diatreme pipes; and
- The "All Channel" EM response, indicates conductivity at depth
which correlates well with a 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.
Xmet Inc.Alexander StewartChief Executive Officer(416)
644-6588astewart@xmet.caXmet Inc.Stephen StewartPresident(416)
644-6588sstewart@xmet.ca
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