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xmet inc (XME) Snapshot

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12/16/13 - C$0.20
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07/26/13 - C$0.0050
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xmet inc (XME) Details

Xmet Inc., an exploration stage company, engages in the exploration and development of mineral properties in Canada. The company explores for gold deposits. Its principal project includes Duquesne-Ottoman property that comprises 60 claims covering an area of 928.6 hectares located to the north of the city of Rouyn-Noranda within the townships of Duparquet and Destor in the Province 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 Receives Drilling and Ground Geophysics Permits from Ministry of Northern Development and Mines on Blackflake West's 'All Channel' EM Graphite Target

Xmet Inc. announced that it has received all of the necessary permits from Ontario's Ministry of Northern Development and Mines to begin its ground geophysics work program and drill testing on the Blackflake West's `All Channel' Electromagnetic graphite target. The Blackflake West Project is an option joint venture between Xmet and Metals Creek Resources in which Xmet has the option to earn a 60% interest in the project.

Sam Garofalo Joins the Xmet Inc. Board of Directors

Xmet Inc. announced that Sam Garofalo has joined the company's Board of Directors. Mr. Garofalo is a Chartered Accountant and is based in Thunder Bay.

Xmet Inc. Provides Comprehensive Update on its Blackflake East and West Projects

Xmet Inc. provided a comprehensive update on its Blackflake East and West projects and other corporate items. Xmet has received the assay results from the lab on four drill holes aimed at its first target. There was no economic graphite mineralization reported. The drilling program was halted after testing four preliminary holes due to spring runoff preventing access to other drill targets on the Blackflake East property. The first target had been selected due to its close accessibility to a logging road. Once ground conditions permit and water levels recede, Xmet will proceed to prioritize the remaining seven pipe like targets on Blackflake East. The initial four drill holes on target one tested a circular magnetic low with coincident VTEM electromagnetic response. This anomaly was explained by highly altered syenite basement beneath 40 meters of overburden cover, limestone and clay. The remaining seven untested drill targets on the Blackflake East property include potential kimberlite diatremes described in the 2014 Geotech VTEM survey report. These targets will require additional ground geophysical surveys and will be prioritized for drilling pending the results of the upcoming surveys. A potential massive sulphide target with excellent access will also be further ground tested on the Blackflake East project. Graphite continues to be the high priority exploration target for Xmet on the Blackflake East and West properties. High Priority Graphite Target with 'All Channel' EM Response on Blackflake West Claims: The recently optioned 'top priority' Blackflake West VTEM target is considered to have excellent potential for a graphitic source. An electromagnetic "All Channel" response is a multi-depth continuous profile of a conductor with a response close to surface and at depth. A graphitic source would produce this type of response with an associated magnetic low intensity. This target is easily accessible and is located 6 km due west of the Zenyatta Albany pipe in an area where limestone cover is suspected to be less than 10 meters thick. Xmet plans more detailed EM airborne survey and ground geophysics surveys followed by continuation of the drill program once low-lying areas inundated by spring runoff become accessible.


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