VANCOUVER, British Columbia, May 30, 2022 (GLOBE NEWSWIRE) -- Ximen Mining (TSXV:XIM) (OTCQB:XXMMF) (FSE:1XMA) has kicked off its 2022 exploration programs this week, starting with some of its properties in the Nelson area of British Columbia. Ximen now controls approximately 21,300 hectares of mineral properties near Nelson, covering 57 mineral occurrences including its 100%-owned the Kenville Gold Mine.
For more information, please view the InvestmentPitch Media video which provides additional information about this news and the company. The video is available for viewing on “InvestmentPitch” and on “YouTube”. If these links are not enabled, please visit www.InvestmentPitch.com and enter “Ximen” in the search box.
Although the current focus is on the Kenville Gold Mine, the first recorded underground mine in British Columbia, having started production in 1890 and mined into the 1950’s, the company is actively working on the Wilcox tailings dump and the Protection dump. In addition, a drill permit is in place for the California mine property, with drilling planned for later this year and an application has been made for the area covering the Star and Venus properties.
Ximen acquired the Wilcox and Protection properties along with several other nearby properties in June 2020. The acquisition also included a tailings deposit from the historic Wilcox Mine, a small, high-grade gold producer with a mill that processed about 14,555 tonnes of ore between 1900 and 1940.
In 2005, the resource potential of the tailings deposit was estimated in a report titled “Wilcox Mine Tailings - Gold Resource Evaluation”. The average grade of the tailings deposit was estimated at 3.09 gpt gold, based on multiple assays of samples collected on a grid pattern, with tonnage estimated at 12,387 tonnes, based on depth and specific gravity measurements. The in-situ gold potential was estimated as 1,230 ounces of gold, with an average gold recovery rate of 80% projected based on available metallurgical test results. Management cautions that Ximen Mining is not treating this historical estimate as current mineral resources or mineral reserves.
In 2021, geochemical sampling was conducted at the Wilcox tailings, rock sampling was done at the Protection mine dump, and soil sampling was done south of the Kenville mine. Work also included and construction of exploration trailer camp and facilities.
The current work program will include sampling of the Wilcox mine dump, thickness measurements of the Wilcox tailings, collection of a bulk sample of tailings for metallurgical testing, and determination of the bulk density of the tailings. The Wilcox tailings sampling program (128 samples) outlined a gold bearing tailings deposit extending approximately 500 metres in length and 100 metres wide and covering an estimated area of 67,000 square metres that extends from an historic mill site. The arithmetic average gold grade is 2.39 grams per tonne gold.
Rock sampling of the Protection dump consisted of 39 composite samples collected on a 10 x 10 metre grid. Average grades of the samples are 9.5 grams per tonne gold, 47.5 grams per tonne silver, 1.13% lead, and 1.37% zinc. The mine dump has an area of roughly 2,717 square metres.
Soil sampling was done on a grid extending south from the Kenville mine. Results included elevated results for gold where values ranged up to 0.487 ppm gold, silver where values ranged up to 7.97 ppm silver, and copper where values ranged up to 2590 ppm copper.
Anomalies for gold occur near the Kenville property boundary and around the Jackpot occurrence property. Silver values were elevated mostly in the southeast and east of the sample grid, forming three northwest trending anomalies (400 meters long by 200 meters wide each); Copper values show an anomaly (400 x 400 meters) in the south-central part of the sampling grid, in between the Mor 1, Eureka and Central occurrences.
Ximen also owns 100% of three precious metal projects located in southern BC, the Amelia Gold Mine, 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 with the option partner making annual staged cash and stocks payments as well as funding the project.
Ximen’s shares are trading at $0.125.
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.
Disclaimer
The information in this InvestmentPitch Media Ltd video is for the viewers information only. Ximen Mining has paid a fee not exceeding $2,000 in cash to have its current news release produced in video format. The corporate information is based on information that is publicly available. Any information provided by InvestmentPitch Media Ltd., through its media services is not to be construed as a recommendation or suggestion or offer to buy or sell securities but is provided solely as an informational media service. InvestmentPitch Media Ltd makes no warranties or undertakings as to the accuracy or completeness of this information. All due diligence should be done by the viewer or their financial advisor. Investing in securities is speculative and carries risk.
About InvestmentPitch Media
InvestmentPitch Media leverages the power of video, which together with its extensive distribution, positions a company’s story ahead of the 1,000's of companies seeking awareness and funding from the financial community. The company specializes in producing short videos based on significant news releases, research reports and other content of interest to investors.
CONTACT:
InvestmentPitch Media
Barry Morgan, CEO
bmorgan@investmentpitch.com
