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Xmet Inc. Intersects 9.57 g/t Au over 4.30 metres at Duquesne-Ottoman

^{Published on 2010-12-07 08:55:23 - Market Wire}
 

TORONTO, Dec. 7 /CNW Telbec/ - Xmet Inc. (TSXV-XME) is pleased to report significant assay results for an additional five holes on its Duquesne-Ottoman property. Drill hole DO-10-05 intersected 6.41 g/t Au over 7.7 meters in the 20-20 Zone (Table 1), located 500m east of the current 43-101 resource. True width is estimated to be 80 percent of reported width. This gold zone occurs within a mineralized shear zone located adjacent to the southern margin of the Duparquet Formation, a Temiskaming-type metasedimentary basin. A limited number of historical drill holes have reported significant gold results at shallow depths along this favourable structure. This latest hole tested the mineralized structure at a much deeper level, and extends previously known 20-20 gold mineralization an additional 270 meters down plunge from historical Noranda hole DQ90-06, which reported 5.99 g/t Au over 3.7 meters.  Historical diamond drill results for Zone 20-20 are summarized in Table 2.  None of the historical results are included in the 525,000 ounces of NI43-101 compliant inferred gold resources published by Xmet on 21 September on Sedar ([ www.sedar.com ]).  Further drill testing is planned along this promising under-explored structure. 

Four additional drill holes tested for extensions of mineralization in the vicinity of Xmet's inferred resources on the property. Hole DO-10-02 intersected 3.19 g/t Au over 3.38m in the Shaft Zone starting at 232.54 metres and including a 0.98 metre sample interval which assayed 9.4 g/t Au.  Also notable is that the same hole intersected 8.25 m at 1.37 g/t Au starting at 79.3 metres in the Liz Zone indicating that low mineralization does sometimes extend into the wall rocks.  Significant results are summarized in the table below.

Table 1: Selected Duquesne-Ottoman drill results.

Table 2: Selected historical drill results from 20-20 mineralized zone, Duquesne-Ottoman property.

Bill Yeomans, P.Geo., the vice-president exploration and a Director comments that "Hole DO-10-05 has opened up a new and exciting target area on the property. There are over 1200 meters of potentially mineralized structure that has never been previously tested along the 20-20 Zone, starting 500 meters east of the current resource area. Drilling continues with two drill rigs. Seven additional holes have been completed since hole DO-10-05 and results will be released when they become available."

Quality Assurance and Quality Control

Mr. Bill Yeomans, P. Geo., is a qualified person under National Instrument 43-101 and was responsible for this news release. Material samples for analysis and assay have been obtained from drill core which was cut in half using a diamond saw. Half of the core was sent to the lab for analysis and the remaining half preserved for future reference. A strict QA/QC program is followed which includes the use of certified pulp standards, blanks and verification analyses in a second laboratory. Analyses were performed by Activation Laboratory Limited of Ste-Germaine Brulé, Quebec.

About Xmet Inc

Xmet Inc., through its wholly-owned subsidiary Duquesne-Ottoman Mines Inc. ("Duquesne-Ottoman Mines"), carries out gold 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.

This press release contains figures, click here to visualize them:
[ http://files.newswire.ca/357/XMET-figures-EN.doc ]

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.