Property Name: Grasset
Location: Grasset and Subercase townships, approximately 42 kilometres northwest of Matagami, Quebec.
Geographical Coordinates: Longitude 78° 08’ 15” West, Latitude 49° 54’ 40” North
Commodities: Gold, Copper, Zinc
Legal Status: Property comprised of 128 contiguous exploration licenses totalling 7,040 hectares or 17,388.8 acres. The claims are in good standing.
Ownership: Property is 100% owned by Xmet Inc. through its wholly-owned subsidiary Duquesne-Ottoman Mines Inc.
History: The property has been subjected to relatively little exploration work. A total of 14 drill holes were collared on the claims between 1959 and 1987, for a total of 1,910 m. All of the holes were drilled from land and no holes were collared in Grasset Lake. Few geophysical surveys were undertaken, consisting mainly of magnetic/gradiometric and electromagnetic surveys.
Two mineral occurrences have been identified on the property. The Ingamar occurrence consisting of 0.93 g/t Au over 1.83 metres and the Harricana-Turgeon occurrence of 0.50% Cu over 1.0 metres, both of which are located along the south shore of the lake. In addition, on the western shore of the lake, a few hundred metres from the property boundary a showing is reported to have assayed 5.5 g/t Au in grab sample.
Highlights: The property is located in a very promising regional context. The Detour-Sunday Lake deformation zone is interpreted to cross the claims near the south shore of Grasset Lake. This deformation corridor is host to major deposits such as Detour Lake (348 MT at 1.02 g/t Au; 16.5 million ounces Au) and new discoveries in Martinière (2.30 g/t Au over 28.40 metres) and Fenelon (88,390 T @ 10.91 g/t Au). Moreover, Balmoral Resources Inc. Recently announced the discovery of a new zone on their Grasset Property (6.15 g/t Au over 4.04 metres and 4.18 g/t Au over 5.0 metres) located immediately adjacent and to the west of Xmet’s property (see Balmoral News Release dated 14 July 2011).