XME:CA XME:CA announced assay results from its Duquesne-Ottoman property in Quebec. Drilling highlights include 5.25 g/t gold over 16.5 metres (including 17.24 g/t over 4 metres), 8.97 g/t over 1.5 metres and 2.95 g/t over 17 metres. In 1983 Claremont Mines reportedly produced a bulk sample approximately 425 tons from the property. The reported grade of the bulk sample was 3.8 g/t.
Xmet Inc., through its subsidiary Duquesne-Ottoman Mines Inc., carries out gold and resource exploration and development. Pursuant to the option agreement between Duquesne-Ottoman Mines and Duparquet Assets Ltd.—a subsidiary of Xmet Inc—Duquesne-Ottoman Mines can option 75% of the common shares in the capital of Duparquet Assets Ltd. To do so Xmet must make property payments of $7.76 million to Globex Mining Enterprises Inc. and must make exploration expenditures totalling $10 million over four years.
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by Ted Niles