Toronto-based mineral explorer Xmet (CVE:XME) said Wednesday that it has retained consulting geologists and engineers Watts, Griffis and McOuat to prepare an updated resource estimate for its Duquesne-Ottoman gold property in Quebec.
The last resource estimate was released in September 2010, and defined inferred resources of 2.7 million tonnes, at an average cut grade of 5.29 grams per tonne of gold, hosting 465,000 ounces of cut gold.
Over the past nine months, Xmet has completed nearly 13,000 metres of diamond drilling on the Duquesne-Ottoman property, with the majority of the significant holes reported to date targeting expansion of the current resource.
Highlights from the two under-explored areas on the property included 6.65 g/t gold over 7.7 metres, including 10.01 g/t gold over 4.3 metres in hole DO-10-05 at the 20-20 Zone; and 5.25 g/t gold over 16.5 metres, including 17.24 g/t gold over 4.0 metres in hole DQ-09-09 at the Nip Zone.
The high grade results were part of a $1.74 million phase one drilling program, which was successful in expanding the current NI 43-101 compliant resource, the company said.
Xmet, through its subsidiary Duquesne-Ottoman Mines, carries out gold resource exploration and development.
Duquesne-Ottoman Mines can earn an option to purchase 75% of Duparquet Assets, which owns 20 claims (commonly referred to as Duquesne West) and 40 claims (commonly referred to as Ottoman), covering an area of 928.6 hectares within the townships of Duparquet and Destor in Quebec.
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