TORONTO, Jan. 7 /CNW Telbec/ - Xmet Inc. (TSXV-XME) is pleased to report that drilling recommenced on the Duquesne-Ottoman
property on January 3rd of this week. Two drills are currently operating on the property, with
one rig targeting the expansion of the current 43-101 resource, while
the second rig is conducting further testing at the exciting 20-20
Zone, located 500 meters east of the resource area and 1km west of the
Nip Zone drilling previously announced last September. Significant gold
mineralization was recently reported in hole DO-10-05 at the 20-20
Zone, returning 6.41 g/t over 7.7 meters (website www.xmet.ca ). Recently obtained pulp and metallic analytical results have
demonstrated that extremely fine visible gold is associated with pyrite
mineralization, resulting in an increase in the previously reported
gold grade for hole DO-10-05, returning 6.65 g/t over 7.7 meters, including 10.01 g/t over 4.3 meters.
A geological review has confirmed that the 20-20 Zone occurs along the
sheared northern margin of a large quartz feldspar porphyry intrusion,
in a geological and structural setting remarkably similar to both the
Beattie and Donchester gold deposits, currently being developed by the
Osisko-Clifton Star Duparquet JV on claims adjacent to the
Duquesne-Ottoman property. The sheared margin of the intrusion at the
20-20 Zone has a coincident gold geochemistry soil anomaly defined over
1200 meters. The 20-20 Zone has potential to host high grade gold
mineralization over significant widths, as well as Beattie - style bulk
tonnage gold mineralization.
Bill Yeomans, V.P. Exploration at Xmet comments: "The mineralized
porphyry at Zone 20-20 trends along the southern margin of a large
Temiskaming-type conglomerate metasedimentary basin known as the
Duparquet Formation just like in the case of the Beattie Syenite but on
the opposite side of the Duparquet basin. Very little drilling has
been done along the eastern extension of the 20-20 Zone along the soil
geochemical anomaly and we think the area is very prospective."
A second discovery made by drilling in 2010 is located further east at
the Nip Zone parallel to and to the south of the 20-20 structure. This
favourable target will also be further drill tested during the 2011
drilling campaign. During the month of December 2010, a down-hole 3D-IP
survey tested the geophysical signature of gold bearing sulphide
mineralization intersected in holes DQ-10-17 (17.0m @ 2.95 g/t Au), DQ-10-15 (2.5m @ 5.40 g/t Au), DQ-02-09 (3.0m @ 9.00 g/t), and DQ-10-18 (3.0m @ 5.60 g/t).
The airborne geophysical survey scheduled to be completed in December
was delayed due to winter storms in the area. Only 30% of the survey
was completed during that time. The survey is rescheduled to start on
January 7th, 2011.
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.
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.
SOURCE XMET INC.
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