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Xmet Drilling Continues to Expand 20-20 Zone on Duquesne-Ottoman Property

^{Published on 2011-03-24 08:55:38 - Market Wire}
 

TORONTO, March 24 /CNW Telbec/ - Xmet Inc. (TSXV: XME) is pleased to report further positive drilling results at the 20-20 Zone. Drill-hole DO-11-20 intersected 3.20 g/t Au over 8.1 meters, including 3.87 g/t over 5.70 meters at a vertical depth of 350 meters below surface. These latest results demonstrate continuity of mineralization in quartz feldspar porphyry between holes DO-11-05 (6.65 g/t over 7.7 meters) and hole DO-10-14 (4.05 g/t over 3.45 meters) based on a broad drill spacing of 120 meters x 120 meters. True width is estimated to be 80% of reported width (see attached longitudinal section).  In view of these results the planned drilling program has been extended to 13,000 meters.

Mr Bill Yeomans, V.P. Exploration, reports, "The reported gold grades over significant widths on these broadly spaced drill-holes at the 20-20 Zone are permissive for developing additional inferred resources by applying the same conservative parameters used to calculate the current 43-101 resource estimate." To date, the drill results have demonstrated that the North Porphyry sill increases in size with depth. Drill holes DO-10-16, 17 and 18 targeted the zone at shallower depths and intersected the same structure hosted in highly altered mafic and ultramafic host rocks and returned anomalous but uneconomic gold grades. Current drilling is targeting potential extensions of mineralization below and to the southwest of the zone.

Mr Charles Beaudry, President and COO adds, "management has decided to extend the diamond drill program by an additional 1,000 meters bringing the total to 13,000 meters in this phase of drilling with the addition of up to three holes that will test for expansion of the 20-20 Zone and other priority targets.  The program is expected to continue with one rig up until the end of April at the end of which we will evaluate the opportunity of preparing a new resource estimate which we hope will significantly expand the existing NI 43-101 compliant inferred resource of 525,000 ounces gold".

Additional drill results were obtained from drilling at the Shaft, Fox and Liz gold zones and are presented in Table 1. These holes tested for extensions of gold mineralization outside of the current resource area at depth and along strike for each of the zones.

Table 1. Drill Results from Shaft, Liz and Fox Zones

Drill holes DO-10-07, 13 and 21 did not return any significant values.

Assays are pending for an additional 9 holes. Drilling continues with one drill rig targeting resource expansion on the 20-20 and other priority drilling targets.

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 Boulé, 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.

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.

Figure 1: Longitudinal Section of the 20-20 Gold Zone, Duquesne-Ottoman Property.
[ http://files.newswire.ca/462/Figure_1_eng.doc ]