Ximen Mining Corps plans for 2017
Vancouver, B.C.- ( February 16, 2017 – TSX-V: XIM) Ximen Mining Corp. (the “Company” or “Ximen”) is pleased to announce its upcoming plans for 2017.
“We are anticipating a very active and busy 2017 on all three projects, The Brett Gold Project, The Gold Drop project and the Treasure Mountain Silver Zinc base metal project. All projects have permitting in place for drilling and the later two are being funded by our option partners.”
says Christopher Anderson, president and chief executive officer of Ximen Mining.
Current updates and Activities
Currently the company has been conducting a comprehensive logging and sampling program on the 16 HQ diamond drill holes totaling 2364 meters, that was completed last fall, but was subject only to a selective sampling program as news released on November 21st 2016 . There is currently three of the 16 holes that have been logged and sampled and submitted to ALS, results are expected shortly.
The company has been working towards finalising a 43-101 for the Brett Gold project and plan to have this completed by end of this quarter. A 43-101 has recently been completed on the Treasure Mountain Silver Zinc base metal project and this will be released to the publicly once the option agreement has been approved. The updated 43-101 for the Gold Drop project can be viewed on the sedar.
Objectives for 2017
The Brett Gold Project – Vernon BC
The company plans to bring on a full-time VP of exploration dedicated to the advancement of the Brett Gold Project specifically. Currently the company has been conducting interviews and a final decision is expected in the next 30 day. The Senior advisors to Ximen will be playing an active roll this year in the field.
Execute a 2017 drilling program, which will be based on upcoming drill results for the last drill program now being processed for results as well as the upcoming 2017 field exploration work, that is expected to beginning in May
The company plans to conduct an Airborne magnetic survey over the 200-sq km land package. Active hydrothermal systems contain acid fluids which destroy natural magnetite, and these become magnetic lows void of magnetite. Targeting magnetic lows during a gold search is part of the exploration process. A contract will be awarded once we identify the company that can provide superior results.
Below is a 1.5 Km by 1.5 Km mag survey conducted by Ximen in the 2014 field season, mag lows are represented in the areas of blue and purple. The large area in blue at the top left has little to no out crop. The 2014 drilling did produce wide spread low grade gold intersection however Ximen is focused on developing the high grade gold opportunities with in this large epithermal system.
Brett Drill 2014 Intercepts
The company will also be completing a TerraSpec analysis of rock samples from the Brett Gold Project. The hand held instrument identifies individual alteration minerals in rocks, which can then be contoured to better define the hydrothermal system and develop new targets. Spectral analysis is an important practice in the mining industry as it complements other data sets and helps geologists to see more subtle mineral changes that are difficult to detect in mapping or core logging. Samples have been collected and will be submitted early next week for analysis.
The company plans to install a portal door on the existing adit, which leads to 1400 feet of development, additionally, it includes 300 feet of development over three raises. Al Beaton And Alex Mcpherson were the original contractors who carried out the original tunnel work and are advising Ximen. The tunnel was examined in 2015 by Al Beaton who reported the workings in excellent shape which will require only minor rehabilitation .
During the development of the original adit and the three raises, material was removed and stock piled. Ximen plans an auguring and sampling program this year to test the overall viability of this material. Surface grab sampling from the 1200 ton stock pile in 2014 resulted in gold values ranging from 2 to4 grams gold per ton. It is estimated that there is approximately 1200 tons of this material from the portal stock piled just out side the entrance.
The first raise targeted the high grade hole RC88-11, which assayed 2.03 oz/t over 235 feet. Additionally, samples at the back end of the adit from the other two raises assayed 1oz/ton gold. Ximen plans to map and resample the tunnel and the three raises to better define the gold mineralization It is estimated that there is approximately 5000 tons of material directly associated with, and surrounding the original RC88-11 hole, and this sampling program will better define the extent of this material.
Area of previous Bulk Sample
This 300 ton bulk sample was removed at surface over 1000 metres away from the original RC88-11 hole. It was processed at Cominco’s smelter and returned 1oz gold 2 oz silver per ton of ore with a 96% recovery. As of today this mineralization has remained open.
Ximen has completed plans to redesign opening where the bulk sample was taken to ensure that the overall integrity of the walls meet current standards. As well in the redesign, planning will provide an access point for an additional adit to provide access to a new undeveloped area of mineralization. Plans have been completed, but will be subject to further drilling and geological modeling. In the process, it is expected that a small amount of material similar to that of the previous bulk sample will be generated.
Treasure Mountain Silver Base Metal Project – Hope BC
Work Programs for the Treasure Mountain Silver, and base metal project can commence once the weather is cooperative. Permits are all approved for trenching and drilling. The NI43-101 is in final process for approval by the regulatory bodies. Once approved the technical report will be available on the companies’ website.
The Gold Drop Project – Greenwood BC
The work program for the Gold Drop shall begin subject to weather, again the permits for drilling and trenching are in place. The current 43-101 can be viewed on the company’s website or Sedar. The immediate area adjacent and surrounding the Gold Drop Project has been extremely active with competitor companies.
All three Ximen Project Locations
The Company is pleased to announce that it has closed the first tranche of the private placement announced on December 28, 2016, for gross proceeds of $75,000. The units of the financing comprise one common share at a price of $0.075 cents and one full share purchase warrant, which may be exercised for a period of five years at a price of $0.10 cents per share. The Company announces May 4, 2017, as the hold period expiry date for this private placement. The Company will not be proceeding with the balance of this placement.
The Company has granted 1,000,000 stock options at an exercise price of $0.10. The options are exercisable for two years and will be cancelled 30 days after cessation of acting as director, officer, employee or consultant of the company.
Mr Al Beaton P.Eng Technical Advisor, is a Qualified Person as defined by NI 43-101. Mr. Beaton has approved the technical content contained in this press release. Further the company wishes to emphasize that all plans are subject to the appropriate permitting by the department of mines as well as appropriate financing to execute the programs.
On behalf of the Board of Directors,
“Christopher R. Anderson”
Christopher R. Anderson,
President, CEO and Director
Ximen Mining Corp…..
About Ximen Mining Corp.
Ximen Mining Corp. owns 100 percent interest in all three of its precious metal projects. Ximen`s two Gold projects, The Gold Drop Project and Brett Gold Project are located in southern British Columbia. Ximen also owns the Treasure Mountain Silver project adjacent to the past producing Huldra Silver Mine. 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 1XM and WKN with the number as A1W2EG
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.
Ximen Mining Corp
888 Dunsmuir Street - Suite 888, Vancouver, B.C., V6C 3K4 Tel: 604-488-3900
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