Xmet (V.XME) jumps 42% on discovery of 'all-channel' EM response at Blackflake West

Gaalen Engen Gaalen Engen, Stockhouse.com
2 Comments| June 5, 2014

Xmet (TSX:V.XME, Stock Forum), a Toronto-based firm engaged in the exploration of Canadian mineral properties, announced today that an 'all-channel' EM response was discovered close to the western boundary of Zenyatta's (TSX:V.ZEN, Stock Forum) Albany graphite diatreme.


According to the news release, the VTEM airborne survey was carried out by Geotech in March 2014 and they concluded in their final report that the anomaly appears to be 'a steeply dipping conductor.'


Notable characteristics from this priority target included, an 'all-channel' EM response with a magnetic low in association to the EM response along a strike length greater than one kilometre. The target also showed a similarity in conductive EM profiles and magnetic low intensity to Zenyatta's graphite diatreme pipes along with a high correlation EM response with that of a graphite source.


The company plans follow-up work including a new tightly-spaced airborne magnetic and EM survey with ground reconnaissance work to determine direct path entry to target and ground geophysics in the form of magnetic and EM. A drill test on the target is expected to follow the successful completion of the aforementioned events.


In other news, the company mailed out the Notice of Meeting and Management Information Circular related to its Annual and Special Meeting of Shareholders scheduled for June 25, 2014.


Xmet was in the news recently when the company reported Q1 2014 financials five days ago.


Shares gained 42.86% on the news to $0.05 per share.


Currently there are 78.1m outstanding shares with a market cap of $3.9 million.

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