Vancouver, B.C. – October 23, 2019 - Ximen Mining Corp. (TSX.v: XIM) (FRA: 1XMA) (OTCQB:XXMMF) (the “Company” or “Ximen” - http://www.commodity-tv.net/c/mid,2697,Company_Presentation/?v=298917) announces that it’s partner GGX Gold Corp has released assay results for holes 11 to 18 drilled this season at the Gold Drop property in Greenwood, BC.
Significant assay results were obtained in five of the eight holes, as provided in the table below.
Hole | From | To | Length (m) | Gold (g/t) | Silver (g/t) | Tellurium (ppm) | Description |
COD19-11 | 24.75 | 25.05 | 0.30 | 102.00 | 1185.0 | 418.0 | Quartz vein, pyrite |
COD19-13 | 26.31 | 26.61 | 0.30 | 13.45 | 125.0 | 90.8 | Quartz vein, pyrite, telluride |
COD19-13 | 26.61 | 26.98 | 0.37 | 21.60 | 192.0 | 124.5 | Quartz vein, pyrite, telluride |
COD19-14 | 38.59 | 39.48 | 0.89 | 2.36 | 19.2 | 14.1 | Quartz, altered rock, pyrite |
COD19-14 | 41.00 | 42.00 | 1.00 | 2.05 | 4.7 | 3.5 | Quartz vein, limonite |
COD19-15 | 26.00 | 26.52 | 0.52 | 5.05 | 54.7 | 29.2 | Quartz vein, pyrite |
COD19-16 | 13.24 | 13.63 | 0.39 | 5.60 | 50.6 | 30.1 | Quartz vein, pyrite |
COD19-16 | 15.17 | 16.11 | 0.94 | 3.67 | 39.9 | 36.7 | Quartz vein, limonite |
Abbreviations: m=meters, g/t = grams per tonne, ppm = parts per million (equivalent to grams per tonne). The lengths reported in the tables above and below are core interval lengths and not true widths; there is insufficient information to estimate true thickness.
The weighted average grades for the intercept for hole 13 are presented below:
Hole | From | To | Length (m) | Gold (g/t) | Silver (g/t) | Tellurium (ppm) | Description |
COD19-13 | 26.31 | 26.98 | 0.67 | 17.95 | 162.0 | 109 | Quartz vein, pyrite, telluride |
The drilling tested above, below and along strike of the best intercepts from 2018 (refer to news release dated February 27, 2018). The results continue to confirm the presence of potentially economic mineralization in the COD vein at the Gold Drop property.
Analytical results reported above were provided by ALS Laboratories in North Vancouver, BC., which is an independent and accredited commercial laboratory. Analyses for gold were done by fire assay with AA finish on 50 gram sub-samples, or by metallics sieve analyses. Analyses for silver and tellurium were by four acid digestion with ICP-MS finish. Silver results greater than 100 ppm were reanalyzed using a four-acid digestion and ICP-AES or AAS finish on a 0.4g sub-sample. Quality control was monitored using analytical results for reference standards and blank samples inserted into the sample stream at a frequency of 5% each.
Dr. Mathew Ball, P.Geo., VP Exploration for Ximen Mining Corp. and a Qualified Person as defined by NI 43-101, approved the technical information contained in this News Release.
The Company also announces it has closed the first, second and third tranches of a private placement by issuing 2,555,168 units for gross proceeds of $766,550. A total of $250,000 for the first tranche and $250,050 for the second tranche and $266,500 for the third tranche. Each Unit consists of one common share at a price of $0.30 and one transferable common share purchase warrant. Each whole warrant will entitle the holder to purchase, for a period of 18 months from the date of issue, one additional common share of the Issuer at an exercise price of Cdn$0.45 per share. The Company announces February 5, 2020 as the hold expiry date for the first tranche and February 9, 2020 for the second tranche and February 22, 2020 for the third tranche of the private placement.
On behalf of the Board of Directors,
“Christopher R. Anderson”
Christopher R. Anderson,
President, CEO and Director
Investor Relations: Sophie Cesar , 604-488-3900 [email protected]
About Ximen Mining Corp.
Ximen Mining Corp. owns 100% interest in three of its precious metal projects located in southern BC. Ximen`s two Gold projects are The Amelia Gold Mine and The Brett Epithermal Gold Project. Ximen also owns the Treasure Mountain Silver Project adjacent to the past producing Huldra Silver Mine. Currently, the Treasure Mountain Silver Project is under option agreements. The option partners are making annual staged cash and stocks payments as well as funding the development of the project. The company has recently acquired control of the Kenville Gold mine near Nelson British Columbia which comes with surface and underground rights buildings and equipment as well as a permit for the construction of an underground decline.
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 1XMA and WKN with the number as A2JBKL.
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
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