Vancouver, B.C., January 2, 2020 – Ximen Mining Corp. (TSX.v: XIM) (FRA: 1XMA) (OTCQB:XXMMF) (the “Company” or “Ximen”) provides an update on the Treasure Mountain Silver Property currently under option with New Destiny Mining Corp. (TSX.v NED). Results were received for drilling conducted this past season at its Treasure Mountain Silver Property, located near Tulameen, B.C.
Photo of drill core from Superior/ Lucky Todd showing granodiorite hosting a quartz veinlet (white) mineralized with chalcopyright grains (note: pink mineral is potassium feldspar
Analytical results were received for drilling completed at the Lucky Todd copper-gold prospect this past season. Four diamond drill holes (102 metres) were completed that intersected granodiorite mineralized with quartz veinlets containing chalcopyrite. Analytical results show elevated copper and molybdenum values locally. Copper values ranged up to 833 ppm Cu and molybdenum ranged to 88.3 ppm Mo. For other metals of interest, gold ranged up to 0.08 ppm Au and silver ranged to 1.59 ppm Ag. The results are provided in the table below.
Also, one additional sample was collected from a small historic adit exposed in Railroad Creek, thought to be the location of the Lucky Todd / Superior Minfile occurrence. The analytical results were elevated in copper (1240 ppm Cu).
Results previously reported for trenching at the Superior/Lucky Todd include elevated values for gold (up to 1.96 ppm Au), copper (up to 250 ppm Cu), and molybdenum (up to 156.5 ppm Mo) over widths varying between 0.2 and 0.8 metres, and one channel sample of 10 metres that contains 0.15 ppm gold. One grab sample returned values of 3.99 ppm gold (= grams per tonne), 96.8 ppm silver, 3560 ppm (0.36%) copper and 45.1 ppm molybdenum. Also, channel sample results from the nearby Railroad copper-silver prospect include 116.0 ppm silver and 0.64% copper over a 4.2 metre width, including 264 ppm silver and 1.06% copper over 1.7 metres.
The Superior/Lucky Todd and Railroad mineralization is interpreted as porphyry-style, copper molybdenum +/- gold-silver and related peripheral veins. Additional exploration work is required to vector in on the center of the mineralized system.
An untested area of the property is the Jim Kelly Creek claims where a grab sample taken in 2018 returned a result of 11.3 grams per tonne gold. This appears to be an orogenic gold vein type mineral system.
Geochemical analyses were performed 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 subsamples. Analyses for copper and other elements was by four acid digestion with ICP-MS finish. Over-limit results for silver were re-analyzed by HF-HNO3-HClO4 digestion with HCl leach, with an ICP-AES or AAS finish. Over-limit results for copper were analyzed total copper by four acid digestion and ICP or AAS finish. Field quality control samples were not included with the sample batch due to the limited number of samples.
The Company also announces that it has closed its non-brokered private placement previously announced on December 23, 2019. The placement consisted of 132,564 flow through shares at a price of $0.39 per share for gross proceeds of $51,700. Each Flow-Through share consists of one common share that qualifies as a “flow-through share” as defined in subsection 66(15) of the Income Tax Act.
The net proceeds from the Offering will be used by the Company for exploration expenses on the Company’s British Columbia mineral properties. All securities issued in connection with the flow through Offering will be subject to a hold period expiring April 28, 2020.
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