Xmet Inc. announces that it thus far completed drilling eight holes on its Grasset Project out of the ten holes originally planned. Three of these holes encompassing approximately 460 metres have been cut and sent to the lab for assays. The remaining completed holes are being cut and processed and will be sent for assays in the near future.
Xmet has also decided to expand its Grasset drill program to include two additional land based holes as a result of geophysical interpretations it has received from its VTEM survey that it completed in January 2015. The Company recently received drill permits from the Province and is currently completing the access road to reach the land based targets. Drilling for the entire program should be completed by the end of March 2015 with assay results to follow.
About Xmet’s Grasset Project
In January 2015 Xmet completed a 330 line kilometre Versatile Time Domain Electromagnetic (“VTEM”) and Magnetic Gradiometer Survey on its 100% owned Grasset Project. The survey was a follow up to its March 2012 geophysics when the Company 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.
The property has been subjected to relatively little exploration work. A total of 14 drill holes were collared on the claims between 1959 and 1987, for a total of 1,910 m. All of the holes were drilled from land and no holes were collared in Grasset Lake. Few geophysical surveys were undertaken, consisting mainly of magnetic/gradiometric and electromagnetic surveys.
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 a showing is reported to have assayed 5.5 g/t Au in grab sample.