, Stock Forum
) has more than doubled its land position at the Blackflake project by staking a second large block of 111 claim units located 7.0 kilometers east of the Zenyatta Ventures Inc.
's (TSX: V.ZEN
, Stock Forum
) Albany "hydrothermal" graphite diatremes.
Xmet's initial 70-claim unit block ties onto the northwestern margin of Zenyatta's Albany project in Ontario.
According to the Xmet press release
, the company plans to fly an electromagnetic (EM) survey over both properties in the near future.
Zenyatta discovered high quality vein-type hydrothermal graphite mineralization while conducting follow-up drilling on strong electromagnetic geophysical anomalies identified by an airborne geophysical survey.
The world class Zenyatta magmatic, hydrothermal (vein type) graphite deposit is potentially economic and occurs within a graphite diatreme that was emplaced within the border phase of the Nagami River carbonatite / alkaline intrusion.
Xmet is an exploration company focused on advanced projects in existing mining camps in Canada where exploration and mining costs are minimized and where previous and historic producing mines make for much easier permitting.
On Thursday, Xmet was up 33% and was trading at $0.02 a share. The company had a market cap of $1.3 million, based on 64.8 million shares outstanding.