Xmet Inc. Reports 5.25 g/t Au over 16.5 Meters on Duquesne-Ottoman
TORONTO, Sept. 24 /CNW Telbec/ - Xmet Inc. (TSX-V: XME) ("Xmet") is pleased to provide a project update for the Duquesne-Ottoman property. Highlights include drill results from a 4,100 m drill program completed at Xmet's Nip Zone, located on the Duquesne-Ottoman property directly along the western strike extent from the Nipissing Zone that borders the Osisko - Clifton Star Duparquet joint venture project.
Nip Zone drilling highlights presented in Table 1 demonstrate excellent potential for delineating broad zones of mineralization that may be amenable to large scale, bulk tonnage open pit or underground mining. Highlights include drill hole DQ-09-09 that intersected 16.5 meters averaging 5.25 g/t Au, including 4.0 meters averaging 17.24 g/t (15.75 g/t cut). Hole DQ-10-17 intersected 17.0 meters averaging 2.95 g/t. True widths are estimated to be 85% of the reported Length (m).
Table 1. Nip Zone Drilling Highlights
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Hole No. Zone From (m) To (m) Length (m) Au g/t Au g/t (cut)
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DQ-09-09 Nip 304.5 321.0 16.5 5.25 5.00
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including 305.5 309.5 4.0 17.24 15.75
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DQ-10-14 Nip 148.5 150.0 1.5 8.97 8.97
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DQ-10-15 Nip 114.5 117.0 2.5 5.40 5.40
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DQ-10-17 Nip 101.0 118.0 17.0 2.95 2.95
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DQ-10-18 Nip 267.0 270.0 3.0 5.60 5.60
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DQ-10-20 Nip 241.5 244.0 2.5 3.53 3.53
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DQ-10-21 Nip 280.5 282.0 1.5 1.03 1.03
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* An upper cut of 30 g/t Au was used for calculating cut grades when
individual assay intervals exceeded 30 g/t Au.
Holes DQ-10-16, 19 and 23 did not return significant results. These latest drilling highlights confirm previous historical drill results from exploration drilling programs conducted during the period from 2002-2007 at the Nip Zone. Historical drill results reported in 2007 by Diadem Resources Ltd. and filed on SEDAR (www.sedar.com) are presented in Table 2.
Table 2. Nip Zone Historical Drilling Results
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Hole No. Zone From (m) To (m) Length (m) Au g/t Au g/t (cut)
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DQ-02-09 Nip 151.5 154.5 3.00 9.00 9.00
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DQ-06-16 Nip 263.0 264.0 1.0 2.60 2.60
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DQ-06-17 Nip 216.55 221.10 4.55 2.70 2.70
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DQ-06-18 Nip 407.5 408.4 0.90 143.35 30.00
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The Nip Zone is considered to be the western extension of the Nipissing Zone. Gold mineralization at the Nip Zone is structurally controlled by the east-west trending Duquesne Fault. The resource area which hosts Xmet's current NI-43-101 inferred mineral inventory of 525,000 ounces (see our press release dated Sept 21, 2010 at www.xmet.ca ) is located along this under-explored structure approximately 1 kilometre west of the Nip Zone, in the centre of the property.
These latest drill results from the Nip Zone have not been incorporated into the recent NI 43-101 resource estimate. However the Nip Zone represents a prospective exploration target with over 1 kilometre of under-explored structure that may require further drill testing between the Nip zone and the current resource area. Xmet has complete detailed induced polarization (I.P.), magnetic and geological coverage over this promising target area. Drilling is ongoing at this time and is currently targeting resource expansion as well as bulk tonnage targets on the property.
About Xmet Inc
Xmet Inc., through its wholly-owned subsidiary Duquesne-Ottoman Mines Inc. ("Duquesne-Ottoman Mines"), carries out gold and resource exploration and development. Pursuant to the terms of a mining option agreement between Duquesne-Ottoman Mines and Duparquet Assets Ltd., Duquesne-Ottoman Mines can earn an option to purchase 75% of the common shares in the capital of Duparquet Assets Ltd, which legally and beneficially owns 20 claims (commonly referred to as Duquesne West) and 40 claims (commonly referred to as Ottoman) covering an area of 928.6 hectares located approximately 30 kilometres north of the city of Rouyn-Noranda and 10 kilometres east of the village of Duparquet within the townships of Duparquet and Destor in the Province of Quebec. To obtain its 75% interest Xmet, the operator, must make property payments totalling CDN $7.76 million to Globex Mining Enterprises Inc. (TSX:GMX) and must make exploration expenditures totalling $10 million over four years.
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. Mr. Bill Yeomans, P.Geo., Xmet's V.P. Exploration, is the designated Qualified Person responsible for this release.
For further information: Xmet Inc.: Charles Beaudry, President and COO, Phone (416) 644-6588, E-mail: [email protected] or Tim Gallagher, Director, Phone: (416) 925-0090, E-mail: [email protected]; Renmark Financial Communications Inc.: Maurice Dagenais: [email protected]; Christine Stewart: [email protected]; Media - Guy Hurd: [email protected], Tel.: (514) 939-3989 or (416) 644-2020, www.renmarkfinancial.com
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