VANCOUVER, British Columbia, March 2, 2015 (GLOBE NEWSWIRE) -- Ximen Mining Corp. (TSX-V:XIM) (the "Company" or "Ximen") is pleased to announce the final results from the fall 2014 diamond drill program on the Brett epithermal gold property in southern B.C. In total, 2977 m of drilling was completed in 13 holes. All of the holes were drilled to test new targets that were untested, or only minimally tested, by historic work on the property.
Highlights include:
- Two new high-grade gold-bearing veins discovered. Results include 34.18 g/t Au over 0.9 m from one zone and 16.7 g/t Au over 1.5 m from the second.
- Significant intervals of bulk tonnage gold mineralization intercepted, including 1.77 g/t Au over 31 m, 1.88 g/t Au over 16.55 m and 0.82 g/t Au over 33 m.
- Two drill holes ended in intervals of low grade gold mineralization which remain open to depth.
- Widespread alteration, with strong epithermal pathfinder geochemistry, identified in several areas.
- Trace element geochemistry provides vectors for follow-up drilling.
- High grade gold values confirmed from the Main Zone, including 24.7 g/t Au over 1.3 m
Results for weighted average gold values are reported below. A discussion of these results follows.
| 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 | ||
| B14-01 | including | 47.00 | 49.20 | 2.20 | 7.31 | 20.09 | MAIN ZONE |
| B14-01 | 124.00 | 135.80 | 11.80 | 0.57 | 2.27 | ||
| B14-01 | 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 | ||
| B14-02 | 162.60 | 167.30 | 4.70 | 0.54 | 0.65 | 490 GOLD ZONE | |
| B14-02 | 202.00 | 222.50 | 22.00 | 0.43 | 1.33 | End of hole; zone open to depth | |
| B14-03 | 113.60 | 117.60 | 4.00 | 0.32 | 1.01 | ||
| B14-04 | 21.70 | 33.80 | 12.10 | 0.46 | 2.24 | ||
| B14-04 | 47.30 | 78.30 | 31.00 | 1.77 | 2.13 | ||
| B14-04 | including | 54.90 | 56.20 | 1.30 | 24.70 | 6.57 | MAIN ZONE |
| B14-04 | 128.90 | 133.60 | 4.70 | 1.40 | 2.72 | ||
| B14-05 | 51.00 | 84.00 | 33.00 | 0.82 | 1.27 | ||
| B14-05 | including | 55.80 | 56.30 | 0.50 | 12.10 | 6.00 | MAIN ZONE |
| B14-05 | 141.45 | 158.00 | 16.55 | 1.88 | 2.79 | ||
| B14-05 | 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 | ||
| B14-06 | 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; zone open to depth | |
| 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 | ||
| B14-13 | 174.50 | 179.50 | 5.00 | 5.31 | 2.50 | ||
| B14-13 | including | 176.00 | 177.50 | 1.50 | 16.70 | 6.56 | NEW DISCOVERY |
Gold mineralization on the property is hosted within flat-lying to gently-dipping interlayered Eocene volcanics and volcaniclastics and is controlled both by structure and stratigraphy. Vein and stockwork mineralization occurs preferentially in competent lithologies that are cut by steep, generally west dipping, structures. Within these competent lithologies, alteration envelopes to zones of veining are generally narrow. Bulk tonnage gold mineralization develops where these gold-bearing feeder structures pass through more permeable volcaniclastic or volcanic units. Gold-bearing fluids travel laterally from the feeder structure into these permeable horizons, particularly when those horizons are constrained by an overlying impermeable volcanic cap. The mineralization is controlled by proximity to the feeder structure, by permeability of the host unit, and by the nature of the cap rock.
Multi-element data from drilling indicates that zones of gold mineralization have a distinctive trace element signature comprised of Au:Ag:As:Mo. At higher levels and distally from gold zones, alteration has a markedly different geochemical signature, comprised of Hg:Mo:As:Sb:Tl. This trace element geochemistry provides a useful vector for follow-up drilling.
To view an enhanced version of Figure 1: Brett Gold Property in Southern British Columbia, please visit: http://orders.newsfilecorp.com/files/3028/14278_ximen.2.jpg
Holes B14-01 through B14-05 were drilled to test a new vein target, the 490 Gold Zone. The 490 Gold Zone is located east of the Main Zone (the subject of most of the historic drilling on the property) and is a sub-parallel structure located 85 m into the footwall of the Main Zone. The 490 Gold Zone can be traced on surface for several hundred metres and was tested by drilling for only a 100 m strike length near the southern portion of its known strike extent. Holes were eastward-directed, drilling through the Main Zone, then continuing in the footwall of the Main Zone, to test the 490 Gold Zone to the east. In addition to intersecting discrete epithermal veins, several of the drill holes intersected broader intervals of strong silica-flooding and low-grade gold mineralization within more permeable tuffaceous units and breccia zones. High grade gold values from structurally controlled targets include 0.90 m grading 34.18 g/t Au and 1.0 m grading 20.5 g/t Au from the 490 Gold Zone, and 1.3 m grading 24.7 g/t Au from the Main Zone. Bulk tonnage targets included 16.55 m grading 1.88 g/t Au, including and adjacent to the 490 Gold Zone and 31 m grading 1.77 g/t Au, including and adjacent to the Main Zone. Also of interest is a 22.0 m interval at the end of hole B14-02 which graded 0.43 g/t Au and remains open to depth. This horizon should be traced laterally towards the controlling 490 feeder structure, to explore for an increase in gold grade more proximal to the structure, and to establish the full thickness of the permeable horizon.
Hole B14-06 was drilled to test the Border Zone, another new discovery on the property. It is the first and only hole to test this target. Multiple zones of silicification, clay alteration, brecciation and pyrite mineralization, measuring up to 28 m in core length, were intersected, before the hole bottomed in a thick Eocene intrusive. Alteration occurs preferentially in permeable volcaniclastic units within the stratigraphic package. Gold was elevated throughout the upper 190 m portion of this drill hole, with several intervals exceeding the cut-off limit chosen for reporting in the above table, including 5 m grading 0.6 g/t Au and 6 m grading 0.3 g/t Au. Further drilling is warranted to trace permeable horizons towards feeder structures, where gold may be better concentrated.
Hole B14-13 was collared approximately 250 m west of the Main Zone and 250 m south of hole B14-06, to test the area south of the Border Zone and to intersect the Main and 490 Zones approximately 150 m down-dip from hole B14-05. A new zone of gold mineralization was discovered in hole B14-13 which graded 5.31 g/t Au over 5 m, including 1.5 m grading 16.7 g/t Au. This new zone is located approximately 50 m in the hanging wall of the Main Zone and is untested by any other drill hole. It is a high priority for further drilling both as a high-grade vein-style target, and as a possible feeder structure to bulk tonnage targets in the more permeable altered volcaniclastic units encountered within this hole and within hole B14-06.
Holes B14-08 through B14-11 were drilled 1 km to the northeast of the Main Zone. Drilling targeted a geophysical anomaly (magnetic low, chargeability high) near the Gossan Zone. Intensely silicified and pyritic rock is exposed on surface at the Gossan Zone, along a regional scale, graben-bounding structure that separates Eocene rocks to the west from Jurassic rocks to the east. Multiple zones of silicification, clay alteration, brecciation and pyrite mineralization, up to 42 m in core length, were intersected in drilling. Although gold values were low, the trace element signature to alteration in this area is identical to that of distal alteration at the Main and 490 Zones. Significantly, the geochemical signature here is several orders of magnitude greater in strength than at the Main/490 Zones. Also significant is the fact that this area is much higher in elevation than the Main/490 Zones. The distal geochemical signature of the alteration here suggests a position too high in the epithermal system. The basal controlling structure intersected in hole B14-11 to the alteration did return 1.03 g/t Au over 0.5 m. A high priority for follow-up drilling is to trace this controlling structure down-dip to the west, to target a deeper level in the hydrothermal system.
Holes B14-07 and 14-12 were drilled 300-600 m north and northwest of hole B14-06 and 500-900 m west of the Gossan Zone, to test an IP chargeability anomaly in an area of structural interest. Several zones of strong alteration, similar to that seen in other holes, were encountered within permeable units. Hole B14-07 ended at 326 m, with a 4 m interval grading 0.49 g/t Au. This zone remains open to depth. Trace element geochemical vectoring from these holes suggests a source located to the east, and may indicate a common feeder structure to the alteration encountered to the east in holes B14-08 through B14-11. A 500 m interval between holes B14-11 and B14-12 remains untested by any drilling and is a high priority target for follow-up.
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. Results for holes B14-01 through B14-05 have been previously released but are restated here since follow-up analytical work may have resulted in minor variations to originally reported intervals.
To view an enhanced version of Figure 2: Magnetic Survey Map of Brett Gold Property, please visit:
http://orders.newsfilecorp.com/files/3028/14278_ximen.4.jpg
Intervals listed in this news release are core intervals. Grades are weighted average grades over that interval. Further drilling is required to determine the relationship between core interval and true thickness. Sample intervals were determined by mineralization and geology, but generally ranged from 0.5 to 2.0 meters. QA/QC procedures were implemented in the drilling program, and included company-inserted blanks and standards of known gold grade. Core was sawn or split (depending on rock type), with half-core samples delivered to ActLabs' Kamloops, B.C. laboratory (ISO 9001:2008 accredited, ISO 17025 pending) for preparation and analysis. Generally, holes were sampled from top to bottom. In total, 1798 drill core samples, plus an additional 206 company inserted blanks and standards, were submitted for analysis.
At the lab, samples were crushed to 90% passing a 2 mm screen, then a 1 kg split of the crushed sample was pulverized to 95% passing 105 microns. All samples were analysed for gold by FA/AA finish on a 30 gram sample of pulverized material, and for a multi-element suite by ICP-MS. Samples that returned > 2 ppm Au by FA/AA were subsequently tested by metallic gold assay on a 500 gram sample of pulverized material. For samples reported in this news release, gold values determined by metallic gold assay range from -30% to +300% of gold values determined by FA/AA finish for the same sample, with an average increase in gold grade of 63% by the metallic gold assay method. Where metallic gold assays were completed, those values have been used in the above quoted intervals of average grade. Drilling was HQ sized core, reducing to NQ2 where ground conditions dictated.
Linda Caron, M.Sc., P.Eng. is the Qualified Person under NI 43-101 who supervised the 2014 drill program and who has reviewed and approved the technical content of this news release.
The Company further announces that it has amended and restated its financial statements and management discussion and analysis for the fiscal quarter ended September 30, 2015 to correct certain accounting irregularities and has filed such statements under the Company's profile on www.sedar.com.
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, and is listed on the Frankfurt, Munich, and Berlin Stock Exchanges in Germany under the symbol 1XM and WKN number is A1W2EG as well in the USA under the symbol XXMMF.
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.