Vancouver, B.C. – October 23, 2019 – Ximen Mining Corp. (TSX.v: XIM) (FRA: 1XMA) (OTCQB:XXMMF) (the “Company” or “Ximen”) 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.
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:
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.
Investor Relations: Sophie Cesar, 604-488-3900, ir@XimenMiningCorp.com
On behalf of the Board of Directors,
Christopher R. Anderson,
President, CEO and Director