Xmet, a gold exploration company, declared that it has obtained the initial results for a geophysical survey performed on Grasset Lake, where the company’s geologists inferred the passage of the Detour-Sunday Lake deformation zone.
Results obtained from an induced polarization survey validate a coincident west-northwest-trending high resistivity and high chargeability anomaly analogous to the deformation zone axis, and along strike with mineralization along the lake’s south shore including 0.5% copper over 1.0 m and 0.93 g/t gold over 1.83 m.
The property is located along strike towards the east of Balmoral Resources Grasset property. From this property, Xmet had reported a new discovery in 2011 with 4.18 g/t gold over 5.0 m and 6.15 g/t gold over 4.04 m. A second anomaly close to the property’s western limit and contiguous to a surface occurrence, which intersected 5.5 g/t gold in a particular sample, is trending towards the deformation zone which is believed to be a potential gold resource.
Xmet’s President and COO, Charles Beaudry informed that the proposed survey on the company’s Grasset property was cut short in view of untimely winter breakup. However, the preliminary results obtained are quite positive as the anomalies are situated along the fault trend. Beaudry added that Balmoral Resources was quite successful in upgrading its property, and based on preliminary results, Xmet intends to finish the survey once the conditions become favorable. Additionally, the company will target the Duquesne-Ottoman project, and depending on the survey results, it will decide whether to drill the property on its own or engage a third party for the same.
Source: http://www.xmet.ca/