VANCOUVER, BC / ACCESSWIRE / March 24, 2022 / Ximen Mining Corp. (TSXV:XIM)(FRA:1XMA)(OTCQB:XXMMF) (the “Company” or “Ximen”) announces that it plans to commence drilling on its Bud-Elk property, located in the Greenwood mining camp in the south -eastern British Columbia.
Ximen’s Bud-Elk property is located west of the town of Greenwood in southeastern British Columbia. The 2022 trenching and drilling exploration program is designed to test targets of disseminated gold-copper mineralization. Drilling is expected to begin next month.
The Bud Elk property covers 7 mineral occurrences of which the Morrison is recorded as a former producer, with total production of 230 ounces of gold, 837 ounces of silver and 23,637 copper ponds from 2,637 tonnes. Two types of mineralization are present at Bud-Elk: 1) disseminated copper-gold porphyry style and 2) copper-gold skarns.
At Morrison, disseminated pyrite and minor chalcopyrite, as well as narrow zones of massive sulphides were encountered during trenching and drilling by the previous owners in 2003 and 2005. The highest values in gold, silver and copper from this program were obtained in zones of massive sulphide mineralization.
At the Buckhorn showing, disseminated pyrite, pyrrhotite and chalcopyrite are present in the diorite. Trenching by the previous owner in 2008 exposed mineralization including 43.5 meters grading 0.37% Cu and 0.60 g/t Au and 45.0 meters grading 0.57% Cu and 0.40 g/t Au.
At the Moreen showing, 400 meters south of Buckhorn, trenches made by the previous owner in 2008 exposed quartz diorite with disseminated copper-gold mineralization, including 32 meters grading 0.23% Cu and 0. 12 g/t Au.
Bud Elk Copper Gold Property: Morrison massive sulphides (left), Morrisson trench (right),
Two additional clues were reported by previous operators. The first is the Iron Top showing, where disseminated chalcopyrite occurs in an east-west trending zone that can be traced for 500 meters. Grab samples taken by the previous owner in 2012 returned results of up to 0.91% Cu and 1.41 g/t Au from disseminated mineralization, and 0.58% Cu and 0.82 g/t Au from skarn-type mineralization. The second is the XLCR showing, where a grab sample taken in 2012 by former owners of disseminated pyrite and chalcopyrite returned a value of 0.28% Cu and 0.28 g/t Au.
Bud-Elk Copper Gold Property – Gem showing malachite-tinged suboutcrop
Since acquiring the property, Ximen has completed control rock sampling in 2020, as well as soil geochemistry and airborne geophysics in 2021. Grab samples from the Buckhorn retuned values ranging from 0.14% to more than 1% copper and 0.09 to 2.7 grams per tonne gold. A grab sample taken from the Iron Top returned values of 0.42% copper and 0.35 grams of gold per tonne. These results confirm the presence of disseminated gold-copper mineralization. Last year, the Company conducted soil sampling, the results of which are awaiting review and compilation.
The Company is authorized to drill the Bud-Elk property with a total of 24 drill sites of which 10 are approved for this year. Multiple holes can be drilled from each of the sites, so current permits allow a total of 40 holes or up to around 10,000 meters this year. Drilling is expected to begin after the annual species and ecosystems at risk survey concludes in April.
Bud-Elk Copper Gold Property – Altered Rock Zone at the Lost Showing
Readers are cautioned that the historical documents referred to in this press release have been reviewed but not verified by a qualified person. Further work is required to verify that the historical records referenced in this press release are accurate.
Dr. Mathew Ball, P.Geo., VP Exploration for Ximen Mining Corp. and a Qualified Person as defined by NI 43-101, has approved the technical information contained in this press release.
The Company granted 1,500,000 stock options at an exercise price of $0.25 and 1,000,000 restricted stock units (“RSUs”) to its directors, officers, employees and consultants . The options are exercisable for five years and will be canceled 30 days after the termination of the functions of director, officer, employee or consultant of the Company. RSUs are payable in common shares of the Corporation and vest in four equal installments over one year after the date of grant. Stock options and PSUs are non-transferable and will be subject to a hold period of four months from the date of grant and any applicable regulatory acceptance.
On behalf of the Board of Directors,
“Christopher R. Anderson“
Christopher R. Anderson,
President, CEO and Director
Sophie Caesar, 604-488-3900,
About Ximen Mining Corp.
Ximen Mining Corp. holds a 100% interest in three of its precious metals projects located in southern British Columbia. 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 former Huldra silver mine. Currently, the Treasure Mountain Silver project is subject to an option agreement. The option partner makes annual cash and stock payments and funds the development of the project. The company also acquired control of the Kenville Gold mine near Nelson in British Columbia which comes with surface and underground rights, buildings and equipment.
Ximen is a publicly traded company that trades on the TSX Venture Exchange under the symbol XIM, in the United States under the symbol XXMMF and on the Frankfurt, Munich and Berlin stock exchanges in Germany under the symbol 1XMA and WKN with the number 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 laws, including statements regarding obtaining TSX Venture Exchange and the exercise of the Option by Ximen. Although the Company believes these statements to be reasonable, it cannot guarantee that these expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are usually, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “aims” , “potential”, “goal”. , “objective”, “forward-looking” and similar expressions, or that events or conditions “will”, “will”, “could”, “could”, “might” or “should” occur, or are such 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 that they involve a number of risks and uncertainties. Accordingly, there can be no assurance that such statements will prove to be accurate and that 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 the beliefs, estimates or opinions of management, or Other factors were to 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. Readers are encouraged to consult the Company’s reports, which are publicly available through the Canadian Securities Administrators’ Electronic Document Retrieval System (SEDAR) at www.sedar.com for an more comprehensive analysis of these risk factors and their potential effects.
This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, and there will be no sale of securities in any state of the United States in which such offer, solicitation or sale would be illegal.
Neither the 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 Corporation
888 Dunsmuir Street – Suite 888, Vancouver, BC, V6C 3K4 Tel. : 604-488-3900
THE SOURCE: Ximen Mining Corp.
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