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Ximen Mining Receives Permit to Drill Brett Epithermal Gold-Silver Property

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The Brett epithermal gold deposit, located 30 kilometres west of Vernon in southern British Columbia, was acquired late in 2013, with additional adjoining claims acquired in 2014, expanding the total property to approximately 20,000 hectares.

Additional Information:

Company: Ximen Mining Corp.
Website: http://www.XimenMiningCorp.com
Stock Symbol: TSXV: XIM
Date Published: Aug 5, 2020
Transcript: Available

Video Transcript:

I’m Megan Edwards for Investmentpitch Media

Ximen Mining has received a permit to drill its Brett epithermal gold-silver property.

The Brett epithermal gold deposit, located 30 kilometres west of Vernon in southern British Columbia, was acquired late in 2013, with additional adjoining claims acquired in 2014, expanding the total property to approximately 20,000 hectares.

The proposal for surface drilling was submitted earlier this year to allow work on the property to continue while the Ministry of Mines completes their review of the underground exploration proposal filed last year.

The purpose of the surface drilling program is to extend the known bonanza grade zones and test for lower grade, bulk mineable targets.

Previous work on the Brett property was primarily from the early 1980’s through to 2004 and included over 15,000 metres of diamond drilling that resulted in discovery of several zones of epithermal-style gold mineralization with an approximate ratio of silver to gold of 2 to 1.

Exploration work by Ximen included ground magnetics/VLF-EM, soil geochemistry, biogeochemistry, rock sampling, geological mapping, induced polarization and diamond drilling in 2014, followed by a second round of drilling in 2016.

Ground magnetic surveys indicate the Main Zone is marked by a northwest-trending magnetic low anomaly.

A larger magnetic low anomaly occurs west of the Main Zone and is open to the west beyond the limits of the survey.

This anomaly is coincident with a multi-element soil anomaly that extends over an area of approximately 250 meters north-south by 100 to 200 meters east-west, remaining open to the north, south and west, beyond the limits of the survey.

Another large, strong magnetic low anomaly occurs in the northeast that measures 1.1 x 1.1 kilometers and encompasses strongly altered rocks at the Gossan Zone.

A 1 kilometer long, strong north south trending IP chargeability anomaly was also defined at the Gossan Zone.

Most of the previous exploration work focussed on the Main Zone where high-grade epithermal gold mineralization has been defined.

In 1993, reverse circulation hole RC93-19 returned a significant intersection of 16.76 meters grading 35.79 grams per tonne gold including 3.048 meters grading 57.88 grams per tonne gold and 4.57 meters grading 107.88 grams per tonne gold within the Main Zone.

This sparked the 1994-5 program that included an underground adit that was driven 250 meters to access the Main Zone, and extraction of 270 tonnes of mineralization for which the grade was not reported.

In 1996, surface mining of the Main zone resulted in a shipment of 291 tonnes to the Cominco smelter at Trail, BC that returned an average grade 27.74 grams per tonne gold and 63.7 grams per tonne silver, a silver to gold ratio of slightly more than 2 to 1.

The 2014 program discovered two new gold-bearing zones, with results including 34.18 grams per tonne gold over 0.9 meters from one zone and 16.7 grams per tonne gold over 1.5 meters from the second.

Significant intervals of bulk tonnage gold mineralization were also intercepted, including 1.77 grams per tonne gold over 31 meters, 1.88 grams per tonne gold over 16.55 meters and 0.82 grams per tonne gold over 33 meters.

The 2016 program resulted in drill hole intercepts including 18.95 grams per tonne gold over 1 meter, 13.35 grams per tonne gold over 0.58 meters 5.7 grams per tonne gold over 0.5 meters.

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 $0.66.

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 Megan Edwards for Investmentpitch Media