Vancouver, B.C., December 6, 2019 – Ximen Mining Corp. (TSX.v: XIM) (FRA: 1XMA) (OTCQB: XXMMF) (the “Company” or “Ximen”) is pleased to announce that its option partner GGX Gold Corp. provided an update on the last drill hole at the Gold Drop property in the Greenwood Mining Camp.
Following an intensive drilling campaign on the C.O.D veins, the last hole drilled on the Gold Drop property in 2019, Hole AMT19-01, tested a large audio magnetotelluric (AMT) geophysical anomaly that was identified on the property by Earth Science Services Corporation of Oshawa, Ontario (ESSCO). The anomaly is interpreted as a pipe-like structure that measures 1834 by 1377 metres in width. For more information about this anomaly, see the video posted on the GGX website.
Hole AMT19-01 was competed on October 21 at a depth of 718.8 metres (2,358 feet). The hole intersected calc-silicate alteration (patches of epidote-calcite-garnet) and disseminated magnetite mineralization starting at 479 meters depth. The magnetite mineralization continues to 714.8 metres depth, for a total mineralized interval of over 235 metres. Magnetite varies in abundance, being strongest within greenstone and weakest in cherty host rocks (and absent in rhyolite and porphyry dikes). Magnetite was not detected in only the last 4 metres of the hole, which passed through cherty argillite and a 1 metre thick porphyry dike. This last 4 metres could be just a weakly mineralized interval. Minor iron sulphide mineralization (pyrite and pyrrhotite) was observed between 699.4 and 714.8 metres depth, possibly indicating a gradation to sulphide mineralization at depth.
The first appearance of strong magnetite mineralization at 479 meters closely corresponds to the predicted start of the modeled anomalous zone (the start of the zone was predicted at 441 metres depth by ESSCO) so it appears the magnetite mineralization is related to the source of the geophysical anomaly.
Location of hole AMT19-01 within geophysical anomaly (red) and location of C.O.D. veins (green).
The origin of the magnetite mineralization remains unexplained. It’s style of occurrence and association with calc-silicate alteration suggests a hydrothermal genesis, possibly sourced from an underlying intrusion. Magnetite is commonly associated with skarn-type copper-gold deposits that are formed by replacement of limestone, an important deposit type in the Greenwood camp with the largest being the Phoenix and Motherlode deposits. The Phoenix produced 28,341 kg of gold, 183,036 kg of silver and 235,693 tonnes of copper and the Motherlode produced 6,648 kg gold, 22,083 kg silver, and 34,918 tonnes copper. However, there is no major limestone unit known in the vicinity of this deep drill hole at Gold Drop.
For hole AMT19-01, the core assays are pending, and petrography will be conducted on selected samples to aid in mineral identification. This hole was one of three holes proposed to test the geophysical feature. The other two holes will be permitted for drilling in 2020.
The Company also announces it has closed a tranche of a private placement by issuing 350,000 units for gross proceeds of $105,000. 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 March 26, 2020 as the hold expiry date for this tranche of the private placement.
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.
Investor Relations: Sophy Cesar, 604-488-3900, ir@XimenMiningCorp.com
On behalf of the Board of Directors,
Christopher R. Anderson,
President, CEO and Director