Xmet files Duquesne-Ottoman estimate on SEDAR, shares rise

Xmet (CVE:XME) saw its shares rise nearly ten percent on the more-junior TSX-Venture Exchange today after it filed its latest inferred resource estimate for the Duquesne-Ottoman property in Quebec on SEDAR, originally announced in September.
The NI 43-101 compliant inferred resource estimate includes 4.17 million tonnes, at a grade of 5.42 grams per tonne (g/t) gold cut, for 727,000 ounces of cut gold. Uncut, the average grade of the resource is 6.36 g/t gold, for 853,000 contained ounces of the yellow metal. The report used a cut-off grade of 3.0 g/t Au over a 2.5m minimum horizontal width.
Investors cheered the news, sending the company's shares up 9.52 percent to $0.115 as of 3:22 pm EDT.
The property consists of a total of 60 claims, covering 928.6 hectares in northwestern Quebec. The NI 43-101 compliant resource estimate was completed by Watts, Griffis, and McOuat, and was posted on SEDAR on Tuesday.
The substantial boost in resources was a result of the company's phase one drilling program, which totaled 13,000 metres, and was completed in April. Highlights from this campaign included 3.20 g/t gold over 8.10 metres in hole DO-11-20 at the 20-20 Zone, and 6.65 g/t gold over 7.7 metres, including 10.01 g/t gold over 4.3 metres in hole DO-10-05.
In September, Xmet said it had begun the second phase of its diamond drill program, intending to expand the current gold resource. It is using two rigs, with one focused on resource expansion at the Shaft Zone, where summer trenching, mapping and channel sampling provided a better understanding of the structural controls on gold mineralization, the company said.
Highlights from summer surface channel sampling included 13.3 grams per tonne (g/t) of gold over 3.0 metres.
Early last week, additional channel sampling on the Shaft Zone of the property confirmed this continuity, as Trench 2 returned up to 3.18 grams per tonne (g/t) of gold over 4.2 metres and 12.25 g/t gold over 1.3 metres.
Mineralization on the Shaft Zone has been exposed for over 150 metres along strike and the system is open in both directions, the company said.
Xmet, through its subsidiary Duquesne-Ottoman Mines, carries out gold resource exploration and development.
Under the terms of a mining option agreement between Duquesne-Ottoman Mines and Duparquet Assets, Duquesne-Ottoman Mines can earn an option to purchase 75% of Duparquet Assets, which owns the Duquesne-Ottoman project.
The property consists of 20 claims (commonly referred to as Duquesne West) and 40 claims (commonly referred to as Ottoman) covering an area of 928.6 hectares, located within the townships of Duparquet and Destor in Quebec.