InvestmentPitch Media Video Discusses Ximen Mining's Acquisition of Additional Previous Producing Properties to its Holdings in Southeastern British Columbia - Video Available on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - February 24, 2020) - Ximen Mining (TSXV: XIM) (OTCQB: XXMMF) (FSE: 1XMA) continues to add to its extensive property portfolio in Southeastern British Columbia with the acquisition of 100% of Klondike Gold's four properties in British Columbia.
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The Ron Gold property, consisting of 29 claims covering 1,176 hectares, has several historic mineral occurrences within the property and adjoins Ximen's Kenville Gold Mine near Nelson. It was historically explored for structurally controlled gold-bearing vein mineralization related to the Silver King shear zone.
The property also has potential gold-bearing porphyry-related mineralization. A gold and copper soil anomaly was defined in 2017, with gold values ranging up to 1,635 parts per billion gold and averaging 49.8 parts per billion gold, and copper values ranging up to 1,614 parts per million copper and averaging 190 parts per million copper, according to a BC Assessment report.
The Clubine property comprises 5 claims covering an area of 232 hectares, is located just north of Salmo, BC. and about 25 kilometers south of the Kenville Mine. Mineralization on the property includes the historic Clubine-Comstock mine with historic mine production totalling 3,964 ounces gold, 7,699 ounces silver and 818 kilograms zinc from quartz and quartz-carbonate veins according to BC Minfile, and the Maggie zone, with high silver but low gold content. Klondike Gold drilled nine holes to test the Clubine vein system to the east of the historic mine and intersected a mineralized zone with gold grades ranging up to 38 grams per tonne gold across 0.95 meters.
The Hughes Range property, located approximately 20 kilometers northeast of Cranbrook, BC, consists of 6 claims covering 411 hectares including one mining lease covering the past-producing Kootenay King mine.
The Quartz Mountain property, located 20 kilometers northwest of Cranbrook and just southeast of Kimberley, consists of 58 claims covering 2,361 hectares. It includes two past producers, Price's Pit and Golden Egg, which in total produced 1,767 ounces of gold. Klondike Gold's 2004 drilling intersected 0.49 meters grading 16.5 grams per tonne gold.
Upon satisfaction of a number of terms, Ximen will pay $100,000 in cash, issue 1 million shares, and 1 million warrants exercisable at $0.45 for 24 months.
Ximen recently verified gold assays from previous drill core from the Kenville Gold Mine. A total of 13 drill core samples were collected from selected intercepts obtained between 2007 and 2011. The average grade of the check assays is 38.5 grams per tonne whereas the average of the original values is 40.5 grams per tonne gold, a difference of only -5%, which is reasonable for this type of coarse gold bearing mineralization and therefore are considered to verify the original drill core assays.
In addition to the Kenville Gold Mine, Ximen also owns the Caribou-Amelia Gold Mine properties, the Brett Epithermal gold project, the Gold Drop Project and the Treasure Mountain Silver Project adjacent to the past-producing Huldra Silver Mine. Currently both the Gold Drop Project and the Treasure Mountain Silver Project are under option agreements, with the option partners making annual staged cash and stocks payments as well as funding the development of these projects.
For more information, please visit the company's website, www.XimenMiningCorp.com, contact Christopher 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.
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