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- Ximen Mining Aktie: WKN A1W2EG - ISIN CA98420B1013 –
XIMEN Provides Summary Compilation of Its Comprehensive 2014 Exploration Program at Its Brett Gold Property
Vancouver, British Columbia--(Newsfile Corp. - April 7, 2015) - Ximen Mining Corp. (TSXV: XIM) (the "Company" or "Ximen") is pleased to provide a summary compilation of its comprehensive exploration program conducted in 2014 at its Brett gold property in south central British Columbia. The technical informationcontained in this press release has been previously disclosed, but the Company felt that both interested investors and others watching the company should know all that was done on their behalf since the Brett property was acquired in late 2013. The following highlights the most important events in Brett's history of discovery.
Historical Context The Brett gold property was discovered in 1983 when prospectors located visible gold in a quartz vein. Through a series of exploration programs by various companies, a total of 15,600 metres of diamond drilling in 131 holes, almost 3,000 metres in 53 reverse circulation holes, 459 m of underground development, surface trenching and road building were completed on the property. Additionally, geochemical surveys consisting of 4,659 soil samples over 15 square kilometers were completed, many of which returned anomalous results. The majority of this work was concentrated in a small portion of the property, along what is known as the Main shear zoneRW vein.
Exploration was stopped in late 1996 and the property was tied up in litigation for several years. No work has been conducted on the property in the 10 years prior to Ximen acquiring the exploration rights.
Significant gold intercepts from the earlier diamond drilling effort include the following results, reported in a 2004 NI 43-101 compliant technical report by a previous operator:
Hole 04-02 10.1 m 11.7 g/t Au 0.34 opt Au
Including 3.1 m 34.0 g/t Au 0.99 opt Au
Hole 04-12 1.3 m 168.3 g/t Au 4.91 opt Au
"In 1983, I saw the first gold samples that came from Brett and knew then that it could be major exploration play. After joining Ximen's technical advisory board in 2014 and seeing the robust results of all the exploration since its discovery, I realized that Ximen had something special going on at Brett", said Steve Craig, Technical Advisor for Ximen. "The property has many of the epithermal characteristics that are found in a number of Nevada's volcanic-hosted gold districts where I have spent most of my career."
Ximen Acquires Brett. Ximen obtained an option to purchase the Brett property in December 2013. Work completed during the first half of 2014 included the review and compilation of all historic data, including all diamond drilling, RC drilling, two underground bulk samples, assays along the 459 m drift, and hundreds of grid soil samples. This work allowed Ximen geologists to focus their field work in areas that would support new geophysical surveys, fill-in sampling and mapping.
During the second half of 2014, Ximen geologists completed magnetic and IP surveys, more soil sampling, auger sampling, vegetation sampling and rock chip sampling. From this and earlier compilation work, a 3D modeling effort was completed, which focused on all known drilling, geological and geochemical data. This work provided the geologists a means for effectively developing drilling strategies for the proposed 2014 diamond drill program at Brett. All of the data is now compiled into GIS format, with 3D modelling completed in Leapfrog.
Land Acquisition. The company signed a second option agreement in July with North Bay Resources to acquire the adjacent and important Bouleau property, which held significant gold anomalies. The option allowed the Company to acquire a 100% interest in 2,045 contiguous hectares with no NSR or work commitments. This acquisition, plus additional staking by the company, brings the total area controlled by Ximen at the Brett to 210 square kilometers (81 sq.mi.).
Geophysical Surveys. In July 2014, the Company completed 70 line kilometers of ground magnetic and VLF-EM geophysical surveys. This work identified three prominent, previously unknown, northeast-striking structural trends, two of which are in the area of the Main Shear Zone. The magnetic survey also outlined a strong mag-low anomaly in an area of the property that has little previous exploration and measures at a minimum of 1.1 sq km. The area is mostly covered under glacial till with minimal outcrop exposures. Similar, but smaller magnetic low anomalies were also found at the Main Zone and west of the Main Zone associated with known gold-bearing epithermal veins and associated magnetite-destructive alteration.
The company further completed 20 line kilometers of an induced polarization (IP) in the same areas that the ground magnetic survey was done. This type of survey applies electrical current along a line to the subsurface rocks to identify areas with sulfide mineralization, usually pyrite. Pyrite forms a halo to vein structures and is present in areas that have undergone magnetite destructive alteration. Higher concentrations of pyrite help identify drill targets. The overall results were encouraging and further supported the proposed drilling program.
Drilling Program The core drilling program was initiated in mid-September and completed by mid-November. A total of 13 holes for 2977 m, were drilled from 9 sites over an area measuring approximately 1 km east-west by 850 m north-south, and over an elevation range of 470 m. Drilling successfully tested high-grade vein style targets and lower grade bulk tonnage gold targets. Epithermal alteration was encountered in drilling throughout this large area. A total of 1810 drill core samples were collected and submitted to ActLabs in Kamloops for preparation and analysis.
Hole From To Interval Au Ag
metres metres metres g/t g/t
B14-01 43.00 50.20 7.20 2.85 7.73
including 47.00 49.20 2.20 7.31 20.09 Main Zone
124.00 135.80 11.80 0.57 2.27
146.95 147.85 0.90 34.18 6.66 490 Gold Zone
B14-02 112.20 118.30 6.10 0.25 0.85
162.60 167.30 4.70 0.54 0.65 490 Gold Zone
202.00 222.50 22.00 0.43 1.33 End of hole; Open mineralization
B14-03 113.60 117.60 4.00 0.32 1.01
B14-04 21.70 33.80 12.10 0.46 2.24
47.30 78.30 31.00 1.77 2.13
including 54.90 56.20 1.30 24.70 6.57 Main Zone
128.90 133.60 4.70 1.40 2.72
B14-05 51.00 84.00 33.00 0.82 1.27
including 55.80 56.30 0.50 12.10 6.00 Main Zone
141.45 158.00 16.55 1.88 2.79
including 155.00 156.00 1.00 20.50 5.06 490 Gold Zone
B14-06 22.20 27.20 5.00 0.60 0.85
79.00 85.00 6.00 0.30 0.94
B14-07 322.00 324.00 4.00 0.49 1.28 End of hole; Open mineralization
B14-11 189.65 190.15 0.50 1.03 34.20 Gossan Zone
B14-13 49.00 55.00 6.00 0.42 1.89
174.50 179.50 5.00 5.31 2.50
including 176.00 177.50 1.50 16.70 6.56 New vein discovery
Notes: All results exceeding a minimum of 0.25 g/t Au over a minimum 4 m interval are reported in the above table. High grade gold values within these intervals are noted. Also reported are any samples that returned greater than 1 g/t Au which are not part of larger intervals meeting the cut-off threshold.
Christopher Anderson, CEO of Ximen, commented by saying "The 2014 exploration program returned excellent results from this newly emerging gold district. Our drilling demonstrated that the property contains a very large and strong epithermal system that has district-scale potential for both high-grade veins and low-grade, bulk tonnage gold mineralization. Our 2015 exploration program will continue in those areas that have potential to return success."
Ximen Mining Corp has granted 1,800,000 stock options at an exercise price of 12 cents effective today. The options are exercisable for five years, and will be cancelled 30 days after cessation of acting as director, officer, employee or consultant of the company.
Linda Caron, M.Sc., P.Eng. is the Qualified Person under NI 43-101 who supervised the 2014 program, and who has reviewed and approved the technical content of this news release.
About Ximen Mining Corp.
Ximen Mining Corp. owns 100 percent interest in its two projects, Gold Drop Project and Brett Gold Project located in southern British Columbia. Ximen is a publicly listed company trading on the TSX Venture Exchange under the symbol XIM, in the USA under the symbol XXMMF, and in Frankfurt, Munich, and Berlin Stock Exchanges in Germany under the symbol 1XM and WKN with the number as A1W2EG
On behalf of the Board of Directors, "Christopher R. Anderson"
Christopher R. Anderson, President, CEO and Director Ximen Mining Corp.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Ximen begins sampling at Treasure Mountain in B.C.
2015-10-21 14:47 ET - News Release
Mr. Christopher Anderson reports
XIMEN BEGINS EXPLORATION PROGRAM ON ITS TREASURE MOUNTAIN PROJECT, PRECIOUS AND BASE METALS NEAR HOPE, BRITISH COLUMBIA
Ximen Mining Corp. has begun the 2015 exploration program at its precious and base metal Treasure Mountain project, located northeast-east of Hope, Southern B.C. Ximen is conducting a program of prospecting and soil and till sampling in the northeast region of the project. Company management believes these this area has potential to host copper, gold and/or silver deposits, including potential for porphyry-type deposits. An overburden drill will be utilized to collect deeper till samples. The work program is designed to define trench and drill targets.
Ximen's Treasure Mountain project covers geologically prospective ground in the Similkameen and/or New Westminster mining divisions. The project hosts silver-, gold-, lead-, zinc- and/or copper-bearing occurrences in various regions as reported in the British Columbia Ministry of Energy and Mines Minfile database. These include the Blackjack, Cedarflat, Lucky Todd, Evening Star, Spokane and Rio Grande occurrences. Some of these mineral occurrences have associated open cuts and/or underground workings. The project is adjacent to the former producing Huldra Silver mine.
Ximen's 2015 exploration program is being focused on the area of the Lucky Todd mineral occurrence. The Lucky Todd occurrence (also referred to as Superior) is located in the northeast region of the project. Gold in a quartz porphyry dike was reported in this area in 1913 (1913 annual report of minister of mines) with a five-foot sample reported to assay 0.02 ounce gold. In 2012, Canadian International Minerals Inc. reported multiple adits in this target area and copper mineralization in the adjacent rock dumps with a few grab samples reported to exceed 1 per cent copper while also assaying 76 and 69 grams per tonne silver. Ximen has not verified these results. Ximen is conducting prospecting and soil till sampling in this area.
The company also announces that it is continuing its effort with its offering of convertible debentures raising the aggregate amount of up to $1-million. Pursuant to the terms of the debentures, the subscribers may convert all or part of the principal amount outstanding under the debentures into units comprising one common share of the company and one share purchase warrant of the company. The debenture may be converted into units over a five-year period at the rate of five cents per unit in the first year and 10 cents per unit thereafter. Each warrant will have an exercise term of two years. For any units resultant from the conversion of a debenture within the first year, such units shall comprise warrants having an exercise price of five cents per common share. For any units resultant from the conversion of a debenture after the first year, such units shall comprise warrants having an exercise price of 10 cents per common share.
The debentures shall have a maturity date of the fifth anniversary of the issuance date and bear an interest rate of 10 per cent per annum, payable annually in units of the company at the unit price and warrant exercise price determined as at the date of announcement of settlement of the interest accrued to such announcement date.
The debentures shall be secured against the company's interest in certain mineral tenures comprising a portion of the Brett gold property. The use of proceeds from the offering shall be used for property payments and for general working capital purposes. There are no finder's fees payable.
David Martin, PGeo, is the qualified person under National Instrument 43-101 who has reviewed and approved the technical content of this news release.
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