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Ximen Mining starts working on its 100% owned Historic Kenville Gold Mine in BC

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Ximen is kicking off development of the Kenville gold mine with refurbishment of the existing portal at the 257 Level.

Additional Information:

Company: Ximen Mining
Website: http://www.XimenMiningCorp.com
Stock Symbol: TSXV: XIM
Date Published: Jun 14, 2020
Transcript: Available

Video Transcript:

I’m Fiona Forbes for Investmentpitch Media

Ximen Mining has started work at its 100% owned Kenville Gold Mine in the Nelson mining camp in southern British Columbia.

The Kenville Gold Mine, was, in 1990, ranked as the 26th largest producer in British Columbia history, although the Kenville Mine had not been in production for years.

Ximen is kicking off development of the Kenville gold mine with refurbishment of the existing portal at the 257 Level.

Ximen is rebuilding this portal with a steel culvert, which is expected to be completed next month, in order to protect and secure the mine drainage.

This portal is a key piece of infrastructure because this where the main drainage exits from the historic mine, with Christopher Anderson Ximen’s CEO seen here drink water directly from the existing portal.

This portal will provide access to the Kenville Mine 257 Level, which will be utilized later when it is connected to the new decline by a raise.

The raise will be constructed once the decline advances below the mine and will provide ventilation and a second egress from the mine.

The project has many positive aspects, including excellent water drainage quality, non-acid generating waste rock, excellent geotechnical stability for underground excavations, with power supplied from the local hydro-grid negating any need for power generation.

Permitting for this development is well advanced and currently being reviewed by the regulatory authorities.

In anticipation of outlining and processing a bulk sample from the new decline, metallurgical characterization of the ore and waste products from Kenville were initiated.

The initial test results indicate potential recovery of 99% for gold and 96% for silver using conventional gravity and flotation processing.

The 257 Level has potential gold resources as indicated by a historic mineral resource estimate dated July 2009 which is filed on Sedar.

In this estimate, measured and indicated resources were estimated as 24,624 tonnes grading 20.58 grams per tonne, giving 16,289 ounces gold, for material within 5 metres (measured) and 25 metres (indicated) of the 257 Level.

Material extending between 25 and 50 metres from the workings were categorized as inferred resources and estimated at 101,992 tonnes grading 28.1 grams per tonne, giving 92,143 ounces.

These historic resources were defined prior to drilling campaigns that intersected multiple gold-bearing veins at depth to the west and south of the historic mine that are being targeted by the new decline development.

Management cautions that it is not treating this historical estimate as current mineral resources or mineral reserves.

In addition, Ximen has quietly acquired over the past few months a significant package of claims around the Kenville mine for a total holding in the Nelson and Salmo Areas area of approximately 18,889 hectares.

These properties cover several historic gold mines and prospects for which Ximen will explore for new gold-vein and bulk-mineable gold deposits.

Initial work will involve compilation of all the historic geoscientific information, exploration targeting and field examinations.

Ximen Mining Corp. also owns 100% interests in 3 other precious metal projects located in southern BC., the Amelia Gold Mine and The Brett Epithermal Gold Project, and the Treasure Mountain Silver Project adjacent to the past producing Huldra Silver Mine.

Currently, the Treasure Mountain Silver Project is under an option agreement, with the option partner making annual staged cash and stocks payments as well as funding the development of the project.

Ximen recently divested its interests in the Gold Drop Property in southern British Columbia to GGX Gold Corp, retaining a 2.5% NSR and a meaningful share position.

Ximen’s shares are trading at $0.67.

For more information, please visit the company’s website, www.XimenMiningCorp.com, contact Christopher R. Anderson, President and CEO, at 604-488-3900.

For Investor Relations, contact Sophy Cesar, at 604-488-3900 or by email at ir@XimenMiningCorp.com.

I’m Fiona Forbes for Investmentpitch Media