Business & Finance
Business and Finance
Business and Finance
Tue, April 19, 2011 Xmet Intersects 11.86 g/t Gold over 3.55m on Fox Zone at Duquesne-Ottoman Property: Zone Wide Open to the East
TORONTO, April 19 /CNW Telbec/ -Xmet Inc. (TSXV: XME) is pleased to report further high grade drill intercepts from the ongoing resource expansion drilling program at the Duquesne-Ottoman property. The extension of a historical drillhole DQ-03-18-ext, which had been stopped short of the Fox Zone, returned 11.86 g/t Au (10.87 g/t cut) over a 3.55m interval from a depth of 550.80m to 554.35m (figure 1). Deeper drilling on the Fox Zone in hole DO-11-23 intersected 3.04 g/t Au over 12.0m, including 5.20 g/t Au over 3.6m about 340 m vertically below hole DQ-03-18-ext.
"We are very pleased with these latest drill intercepts on the Fox Zone, as they demonstrate continuity of mineralization at depth with historical hole DQ-97-79 that returned 26.29 g/t Au over 2.7m, and may provide for additional resource expansion at Fox." stated Xmet President Charles Beaudry.
All reported assay intervals were cut to 30 g/t Au unless otherwise stated. True width is estimated to be 80% of reported widths.
In addition, approximately 2,000m further east on the Nip Zone, hole DO-11-28 returned 12.81 g/t Au over 2.35m from 266.85m to 269.20m. This hole was drilled 70m above hole DQ-06-18, which reported a high grade assay interval of 143.35 g/t (uncut) Au over 0.9 meters within a wider mineralized interval. This area of the Nip Zone is scheduled for further drill testing in 2011.
Exploration holes DO-10-22, 24, 25, 26 and 27 tested several geophysical targets and did not return any significant results. Approximately 12,500m of drilling has been completed of the current 13,000m program and drilling continues with assays pending or expected for an additional four holes.
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.
Figure 1: Fox zone Longitudinal Section, Duquesne-Ottoman Property.
[ http://files.newswire.ca/357/XME-04192011-EN.pdf ]
