VANCOUVER, BC / ACCESSWIRE / January 2, 2020 / Ximen Mining Corp. (TSX.v:XIM) (FRA:1XMA) (OTCQB:XXMMF) (the "Company" or "Ximen") provides an update on the Treasure Mountain Silver Property currently under option with New Destiny Mining Corp. (TSX.v NED). Results were received for drilling conducted this past season at its Treasure Mountain Silver Property, located near Tulameen, B.C.
Analytical results were received for drilling completed at the Lucky Todd copper-gold prospect this past season. Four diamond drill holes (102 metres) were completed that intersected granodiorite mineralized with quartz veinlets containing chalcopyrite. Analytical results show elevated copper and molybdenum values locally. Copper values ranged up to 833 ppm Cu and molybdenum ranged to 88.3 ppm Mo. For other metals of interest, gold ranged up to 0.08 ppm Au and silver ranged to 1.59 ppm Ag. The results are provided in the table below.
Hole | From (m) | To (m) | Interval (m) | Au ppm | Ag ppm | Cu ppm | Mo ppm |
TN19-01 | 3.51 | 4.51 | 1.00 | 0.01 | 0.07 | 70.2 | 1.39 |
TN19-01 | 4.51 | 4.95 | 0.44 | 0.05 | 1.59 | 833.0 | 25.8 |
TN19-01 | 4.95 | 5.66 | 0.71 | 0.01 | 0.31 | 288.0 | 5.18 |
TN19-01 | 5.66 | 6.66 | 1.00 | <0.01 | 0.17 | 126.0 | 6.11 |
TN19-01 | 9.00 | 9.50 | 0.50 | <0.01 | 0.20 | 88.1 | 61.5 |
TN19-01 | 12.06 | 12.74 | 0.68 | 0.08 | 0.34 | 48.2 | 20.5 |
TN19-02 | 20.55 | 21.67 | 1.12 | 0.01 | 0.23 | 140.5 | 22.1 |
TN19-02 | 21.67 | 22.10 | 0.43 | 0.01 | 0.20 | 102.5 | 38.9 |
TN19-02 | 22.10 | 22.59 | 0.49 | 0.04 | 0.24 | 129.5 | 5.95 |
TN19-03 | 3.66 | 6.36 | 2.70 | 0.01 | 0.05 | 46.5 | 75.5 |
TN19-03 | 6.73 | 7.39 | 0.66 | <0.01 | 0.14 | 119.0 | 13.8 |
TN19-03 | 7.93 | 8.90 | 0.97 | 0.01 | 0.08 | 86.6 | 88.3 |
TN19-03 | 15.24 | 16.76 | 1.52 | 0.02 | 0.25 | 119.5 | 70.6 |
TN19-03 | 22.78 | 23.36 | 0.58 | <0.01 | 0.12 | 22.0 | 11.95 |
TN19-04 | 10.59 | 11.78 | 1.19 | 0.04 | 0.40 | 116.0 | 31.1 |
TN19-04 | 11.78 | 13.54 | 1.76 | <0.01 | 0.12 | 128.5 | 2.31 |
TN19-04 | 14.15 | 15.34 | 1.19 | 0.01 | 0.56 | 78.6 | 3.04 |
TN19-04 | 15.34 | 16.33 | 0.99 | <0.01 | 0.05 | 34.8 | 1.06 |
Also, one additional sample was collected from a small historic adit exposed in Railroad Creek, thought to be the location of the Lucky Todd / Superior Minfile occurrence. The analytical results were elevated in copper (1240 ppm Cu).
Results previously reported for trenching at the Superior/Lucky Todd include elevated values for gold (up to 1.96 ppm Au), copper (up to 250 ppm Cu), and molybdenum (up to 156.5 ppm Mo) over widths varying between 0.2 and 0.8 metres, and one channel sample of 10 metres that contains 0.15 ppm gold. One grab sample returned values of 3.99 ppm gold (= grams per tonne), 96.8 ppm silver, 3560 ppm (0.36%) copper and 45.1 ppm molybdenum. Also, channel sample results from the nearby Railroad copper-silver prospect include 116.0 ppm silver and 0.64% copper over a 4.2 metre width, including 264 ppm silver and 1.06% copper over 1.7 metres.
The Superior/Lucky Todd and Railroad mineralization is interpreted as porphyry-style, copper molybdenum +/- gold-silver and related peripheral veins. Additional exploration work is required to vector in on the center of the mineralized system.
An untested area of the property is the Jim Kelly Creek claims where a grab sample taken in 2018 returned a result of 11.3 grams per tonne gold. This appears to be an orogenic gold vein type mineral system.
Geochemical analyses were performed by ALS Laboratories in North Vancouver, BC., which is an independent and accredited commercial laboratory. Analyses for gold were done by fire assay with AA finish on 50 gram subsamples. Analyses for copper and other elements was by four acid digestion with ICP-MS finish. Over-limit results for silver were re-analyzed by HF-HNO3-HClO4 digestion with HCl leach, with an ICP-AES or AAS finish. Over-limit results for copper were analyzed total copper by four acid digestion and ICP or AAS finish. Field quality control samples were not included with the sample batch due to the limited number of samples.
The Company also announces that it has closed its non-brokered private placement previously announced on December 23, 2019. The placement consisted of 132,564 flow through shares at a price of $0.39 per share for gross proceeds of $51,700. Each Flow-Through share consists of one common share that qualifies as a "flow-through share" as defined in subsection 66(15) of the Income Tax Act.
The net proceeds from the Offering will be used by the Company for exploration expenses on the Company's British Columbia mineral properties. All securities issued in connection with the flow through Offering will be subject to a hold period expiring April 28, 2020.
Dr. Mathew Ball, P.Geo., VP Exploration for Ximen Mining Corp. and a Qualified Person as defined by NI 43-101, approved the technical information contained in this News Release
On behalf of the Board of Directors,
"Christopher R. Anderson"
Christopher R. Anderson,
President, CEO and Director
604 488-3900
Investor Relations: Sophy Cesar, 604-488-3900, ir@XimenMiningCorp.com
About Ximen Mining Corp.
Ximen Mining Corp. owns 100% interest in three of its precious metal projects located in southern BC. Ximen's two Gold projects The Amelia Gold Mine and The Brett Epithermal Gold Project. Ximen also owns the Treasure Mountain Silver Project adjacent to the past producing Huldra Silver Mine. Currently, the Treasure Mountain Silver Project is under a option agreement. The option partner is making annual staged cash and stocks payments as well as funding the development of the project. The company has recently acquired control of the Kenville Gold mine near Nelson British Columbia which comes with surface and underground rights, buildings and equipment.
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 1XMA and WKN with the number as A2JBKL.
This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, including statements regarding the receipt of TSX Venture Exchange approval and the exercise of the Option by Ximen. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective," "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include the possibility that the TSX Venture Exchange may not accept the proposed transaction in a timely manner, if at all. The reader is urged to refer to the Company's reports, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects.
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.
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 Mining Corp
888 Dunsmuir Street - Suite 888, Vancouver, B.C., V6C 3K4
Tel: 604-488-3900
SOURCE: Ximen Mining Corp.
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