TORONTO, Feb. 2 /CNW Telbec/ - Xmet Inc. (TSXV-XME) is pleased to report that a diamond drilling program has commenced on
the Roy Property in Chibougamau, Quebec. The Roy property covers an
area of 219 hectares and is located 10 kilometers east ofthe town of
Chibougamau. The project has excellent local infrastructure including
paved roads with a local skilled labour force and community that is
supportive for mining. Chibougamau Diamond Drilling has been contracted
to complete an initial 800 meter drill program that will test for Cu-Au
porphyry style mineralization on the property.
The Chibougamau Mining District has produced 3 billion pounds of copper
and 6.7 million ounces of gold to date. The two known styles of copper
mineralization mined in the District include "Portage style" high grade
shear-hosted copper deposits, and low grade, bulk-mineable,
disseminated copper-gold mineralization hosted in "Porphyry style"
deposits such as the Grandroy Mine, located 800 meters east of the Roy
property. Significant, past producing Cu-Au mines located within a 3.5
kilometer radius of the Roy property include the Portage Mine (5.6
million tonnes averaging 1.73% Cu and 3.19 g/t Au), and the Henderson
II (6.48 million tonnes averaging 1.6% Cu and 1.16 g/t Au). Historical
high grade copper values ranging up to 6.5% Cu have been obtained from
NE-SW trending shear zones on the Roy property, while grab samples from
quartz veins have returned up to 7.8 g/t Au.
Few drill holes have been collared on the Roy property since the 1950's.
A historic (1953) drill hole completed by Grandines Mines reported 250
meters of sheared, altered and chalcopyrite-bearing porphyry intrusive
rocks, with no assays made available or reported in the drill log and
associated historical Quebec government assessment files. The current
drill program will twin this historic hole as well as several Induced
Polarization (I.P.) anomalies identified within this favourable
The Roy property is currently 100% owned by Prodigy Gold Inc.
(TSXV-PDG). Xmet can acquire up to 70% interest in the Roy project
through expenditure of CDN $5.5 million over 5 years, including first
year expenditures of $300,000.
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 obtained from drill core will be cut in
half using a diamond saw. Half of the core will be 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 will be conducted by Activation Laboratory Limited
of Sainte Germaine Boulé, Quebec.
Roy Project - General Geology and Historic 1953 Drill Section
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.
For further information:
Charles Beaudry, President and COO
Phone (416) 644-6588
Tim Gallagher, Director
Phone: (416) 925-0090
Renmark Financial Communications Inc.
Maurice Dagenais: firstname.lastname@example.org
Christine Stewart: email@example.com
Tel.: (514) 939-3989 or (416) 644-2020