Vancouver, B.C., February 19, 2020 – Ximen Mining Corp. (TSX.v: XIM) (FRA: 1XMA) (OTCQB: XXMMF) (the “Company” or “Ximen” - https://www.commodity-tv.com/ondemand/companies/profil/ximen-mining-corp/) wishes to announce that is has verified gold assays for previous drill core from the Kenville gold mine at Nelson in southern BC.
As part of on-going metallurgical studies on material from the Kenville gold mine, Ximen submitted a series of samples collected from drill core and bulk sample material that was generated by previous operators. A total of 13 drill core samples were collected from selected intercepts obtained in the years 2007 to 2011 inclusive. In addition, assays were completed on two composite samples labelled as “High Grade” and “Low grade” that will be used to create a metallurgical test sample. Assay results are provided in the table below.
Hole/Sample | From | To | Length | Original Sample | New Sample Number | Original Value | Check Assay | Difference |
AK07-05 | 291.70 | 292.70 | 1.00 | 43465 | V112451 | 15.90 | 12.23 | -23% |
AK08-07 | 234.70 | 235.20 | 0.50 | 43305 | V112452 | 44.71 | 28.38 | -37% |
AK08-18 | 216.71 | 217.03 | 0.32 | 190029 | V112453 | 29.20 | 17.71 | -39% |
AK08-20 | 84.42 | 84.64 | 0.22 | 190044 | V112454 | 37.60 | 14.23 | -62% |
AK08-30 | 103.20 | 103.33 | 0.13 | 190336 | V112455 | 14.90 | 8.51 | -43% |
KW10-02 | 202.88 | 203.45 | 0.57 | I985502 | V112456 | 36.20 | 35.2 | -3% |
KE09-10 | 456.15 | 457.03 | 0.88 | A085823 | V112457 | 14.35 | 10.42 | -27% |
KE09-10 | 457.03 | 457.97 | 0.94 | A085824 | V112458 | 43.60 | 47.32 | 9% |
KE10-12 | 346.02 | 346.55 | 0.53 | I984091 | V112459 | 12.27 | 13.64 | 11% |
KE10-15 | 228.49 | 228.69 | 0.20 | I984182 | V112460 | 113.08 | 191.13 | 69% |
KE10-16 | 361.86 | 362.74 | 0.88 | J294131 | V112461 | 88.10 | 45.74 | -48% |
KE11-22 | 263.86 | 264.65 | 0.79 | K242405 | V112462 | 14.20 | 21.12 | 49% |
KE10-12 | 387.79 | 387.99 | 0.20 | I984094 | V112360 | 62.19 | 55.02 | -12% |
Low Grade Composite |
| 26.39 |
| |||||
High Grade Composite |
| 55.28 |
| |||||
Graph showing check assay results for Kenville drill core samples
As shown in the table above, the drill core assay results show a wide range of differences. The average difference between the check and original assays is -12%. The high variability in assay results is typical of gold vein deposits and is likely due to a nugget effect caused by the presence of coarse gold grains in the mineralized material. Also, the original values were determined by various methods including 30 gram fire assay or the metallics sieve method and as such are not exactly comparable to the check assays. Note that the average grade of the check assays is 38.51 whereas the average of the original values is 40.48 grams per tonne gold, a difference of only -5%. In addition, 11 of 13 (85%) of the check assays are within +/- 50 percent of the original values (see graph). The check assays compare reasonably for this type of coarse gold bearing mineralization and are therefore considered to verify the original drill core assays.
For the composite samples, the results indicate relatively high gold contents. Compared to the average grade historically mined from the deposit (12.8 grams per tonne gold), the “Low Grade” composite assay is about 2 times higher and the “High Grade” composite assayed about four times higher.
Check assays were performed by MSALABS at Langley, BC, an independent commercial laboratory, accredited with ISO/IEC Standard 17025. Samples were prepared pulverized a 250 gram split to 85% passing 75 microns. Gold analyses were performed on 30 gram subsamples. Sample # 112460 was subjected to a duplicate 30g high grade fire assay (with a detection range of 0.05 - 1000 g/t Au) with gravimetric finish while the remaining samples were each subjected to a single 30g ore grade fire assay (with a detection range of 0.01 to 100 g/t Au) with AA finish.
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.
On behalf of the Board of Directors,
“Christopher R. Anderson”
Christopher R. Anderson,
President, CEO and Director
604 488-3900
Investor Relations: Sophy 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 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 a option agreement. The option partner is 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.
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 contains certain "forward-looking statements" within the meaning of Canadian securities legislation, including statements regarding the receipt of TSX Venture Exchange approval and the exercise of the Option by Ximen. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective," "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those 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 they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and 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 management's beliefs, estimates or opinions, or other factors, should 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. The reader is urged to refer to the Company's reports, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects.
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.
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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