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xmet inc (XME) Details

Xmet Inc., an exploration stage company, engages in the exploration and development of mineral properties in Quebec and Ontario, Canada. It explores for gold, copper, and deposits. The company has interests in the Duquesne-Ottoman property that covers an area of 928.6 hectares and is located to the north of the Rouyn-Noranda city, Quebec; and the Grasset Property, which consists of 114 contiguous exploration licenses covering an area of 1,846 hectares and is located to the west of Matagami, Quebec. It also has interests in the Authier Property that comprises 135 claims covering 2,169 hectares and is located in the western Abitibi Region of Quebec. The company is headquartered in Toronto, Canada.

xmet inc (XME) Top Compensated Officers

Executive Chairman, Chief Executive Officer a...
Total Annual Compensation: C$90.0K
Chief Financial Officer, Corporate Secretary ...
Total Annual Compensation: C$36.0K
Compensation as of Fiscal Year 2013.

xmet inc (XME) Key Developments

Xmet Inc. Commences Drilling on its Grasset Project

Xmet Inc. announced that it has commenced drilling on its 100% owned Grasset project located along the Detour Sunday Lake Deformation Zone and adjacent to Balmoral Resources Grasset Project. Rouillier Drilling was engaged to complete the scheduled 2,200 metre program which includes ten diamond drill holes. The targets where delineated from the airborne VTEM recently completed by Xmet and previous ground IP work completed by Xmet. The drill program is expect to be complete towards the end of March 2015.

Xmet Inc. Provides Preliminary Results from its 1,200 Metre Diamond Drilling Program on Blackflake West Property

Xmet Inc. provided some preliminary results from its approximately 1,200 metre diamond drilling program on its Blackflake West property. A total of four holes were drilled during this program, three of which were drilled to test portions of a large airborne electromagnetic anomaly in the west and the fourth hole into a smaller, more conductive anomaly, approximately 1.5km to the east of El Gordo. Heavy and widespread sulphide mineralization was encountered over the majority of the lengths of all four holes, with sections of massive to semi-massive sulphide concentrations present along with stringer zones in intimate association with heavy amphibole alteration. From visual inspection it appears that the holes intersected the same mineralized system consisting of upper amphibolite-metamorphosed mafic and felsic gneiss that have suffered intense pre- metamorphic, volcanogenic massive sulphide style hydrothermal alteration which strongly metasomatized the rocks, in some cases transforming them locally to massive actinolite. The system is clearly large and anomalous with regard to the amount of sulphides present and in base metal and arsenic content. In the context of a VMS interpretation, El Gordo is quite a large target and only a small part has been tested to date. The holes drilled on El Gordo were purposely oriented in different directions to facilitate structural interpretation and it appears that the whole system begins at 40 metres below surface and is nearly flat-lying and accompanied by a ubiquitous, well-developed tectonic foliation that is also flat lying. A small batch of test assays consisting of ten 1 metre sections from holes 1 and 2 have been received from the laboratory. Samples from the first hole contain anomalous arsenic and up to 0.3% zinc over a sample interval of 1.0m. The copper value obtained is 500 ppm over a 1.0 m sample interval. No graphite was visually observed in any of the holes drilled to date. Petrographic work and whole-rock litho-geochemistry will be done once all assays are received, to better characterize the system. The large batch of assays from the entire length of mineralization has been sent to the laboratory, and the Company is currently awaiting results. Results of the large batch assays are anticipated within weeks and will be communicated in a timely fashion.

Xmet Updates on Grasset and Blackflake West Drill Programs

Xmet Inc. provided an update on the status of its Blackflake West and Grasset Projects. Grasset Update: The company has completed its airborne VTEM survey over its 100% owned Grasset Project and it has interpreted the results. The VTEM survey has confirmed its drill program targets which were identified by a previously completed Induced Polarization survey. The VTEM survey also identified new targets, some of which are planned to be included in the company's upcoming Grasset drill program. Xmet has engaged Rouillier Drilling to complete the diamond drilling program. Preparations for the Grasset drill program, including access and ice drill pad thickening, have been underway since early January, 2015. The drill is expected to be on site and operational by mid-February with the expectation of about 2,200 metres of diamond drilling being completed within a four to six week timeframe from commencement.


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