Vancouver, British Columbia--(Newsfile Corp. - November 12, 2024) - Ximen Mining Corp. (TSXV: XIM) (FSE: 1XM) (OTC: XXMMF) (the "Company" or "Ximen") announces it intersected visible gold in hole 7 of its drill program at the Brett epithermal gold project near Vernon in southern BC.
Ximen's drill rig at hole B24-07 on Brett Epithermal Gold Property
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Hole B24-07 was drilled from the same collar location as the preceding holes 5 and 6 but was drilled to the southwest to test the extent of the West Zone alteration zone (see Figure 1).
Figure 1. Plan view of hole B24-07 (left) and cross-section (right)
Hole was drilled to test the extent of the West Zone alteration towards the west
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Hole B24-07 intersected hydrothermally altered massive and brecciated basaltic volcanic (48%) and feldspar porphyry intrusive rocks (52%). From 3.0 to 9.32 m a section of oxidized and argillic altered volcanic rocks with abundant iron oxides was intersected. This was followed by hydrothermally altered volcanic and intrusive rocks with pervasive silicification and intervals of clay-rich (illite/smectite and kaolinite) alteration associated with faults, extending from 19.86 to the end of the hole at 214 m. Dark grey, silica-pyrite forms veinlets and breccia matrix in the altered rocks. Mineralization is dominated by disseminated pyrite that ranges visually from 3 to 10%, and sections of quartz and pyrite veinlets including the intervals 19.86 to 32.87 (13.01 m) and 85.80 to 88.08 m (2.28 m). This last interval contains visible gold at 87.25 m within a colloform-banded silica-pyrite veinlet that contains multiple (20 +) grains of gold (see pictures).
Hole 7 demonstrates for the first time that the West Zone is a major gold-bearing zone associated with clay altered faults and a significant amount of porphyry. This zone was largely un-tested before but is now a prime target for further exploration.
The initial oxidized zone intersected in hole B24-07 correlates with weathered and argillic altered volcanic rocks in the top of holes 5 and 6. The underlying wide zone of intense hydrothermal alteration and silica-pyrite veining characterizes the West Zone. Hole 8 will be drilled from the same collar location as Hole 7 but directed northwesterly to further test the extent of the West Zone north of hole 7.
Visible gold intersected in Ximen hole B24-07 (centimeter scale above bottom photo)
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The Brett project (20,043 hectares) covers low-sulfidation epithermal-style gold mineralization hosted in Eocene Penticton Group volcanic rocks. Epithermal-style gold mineralization was discovered in 1983, and a 291 tonne surface bulk sample was shipped to the smelter at Trail, BC in the 1990's that averaged 27.74 grams per tonne gold and 63.7 grams per tonne silver (Brett 2017 NI 43-101 report). Multiple zones of mineralization occur over a two kilometer strike, including both bulk-mineable and bonanza high grade styles. Ximen conducted LiDAR and airborne magnetic surveys over parts of the Brett property in 2022. Interpretation, 3D modeling, and target refinement were then completed in preparation for the 2024 drilling program.
The overall objective of the drill program is to extend the Main Zone to the southeast and at depth, and to test altered zones that border and parallel the Main Zone.
Map showing Mineralized Zones at the Brett Project
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Readers are cautioned that historical records referred to in this News Release have been examined but not verified by a Qualified Person. Further work is required to verify that historical records referred to in this News Release are accurate.
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: 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 an 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 also 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 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
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SOURCE: Ximen Mining Corp.
