Vancouver, B.C., August 5, 2020 – Ximen Mining Corp. (TSX.v: XIM) (FRA: 1XMA) (OTCQB: XXMMF) (the “Company” or “Ximen”) is pleased to provide the following update on its Brett property near Vernon in southern British Columbia.
Ximen recently received approval for surface drilling at its Brett property. A proposal for surface drilling was made to the Ministry of Mines earlier this year to allow work on the property to continue while the Ministry completes their review an underground exploration proposal that was filed last year. The purpose of the surface drilling program is to extend the known bonanza grade zones and test for lower grade, bulk mineable targets.
The Brett epithermal gold deposit is located 30 kilometres west of Vernon, in southern B.C. Ximen acquired the property late in 2013, and in 2014 acquired additional adjoining claims. Land holdings in this area now total 20,000 hectares.
Previous work on the Brett property was primarily from the early 1980’s through to 2004 and included over 15,000 metres of diamond drilling that resulted in discovery of several zones of epithermal-style gold mineralization with an approximate ratio of silver to gold of 2:1. Exploration work by Ximen included ground magnetics/VLF-EM, soil geochemistry, biogeochemistry, rock sampling, geological mapping, induced polarization and diamond drilling in 2014, followed by a second round of drilling in 2016.
The 2014 program discovered two new gold-bearing zones, with results including 34.18 g/t Au over 0.9 m from one zone and 16.7 g/t Au over 1.5 m from the second. Significant intervals of bulk tonnage gold mineralization were also intercepted, including 1.77 g/t Au over 31m, 1.88 g/t Au over 16.55m and 0.82 g/t Au over 33m. The 2016 program resulted in drill hole intercepts including 18.95 g/t Au over 1m, 3.13 g/t Au over 1.1 m, 13.35 g/t Au over 0.58 m 5.7 g/t Au over 0.5 m in holes 16-1, 2 , 11 and 17 respectively.
The Main Zone is where most of the previous exploration work was focussed and where high-grade epithermal gold mineralization has been defined. In 1993, reverse circulation hole RC93-19 returned a significant intersection of 16.76m grading 35.79 g/tonne Au (1.045 oz Au/ton) including 3.048 m grading 57.88 g/tonne Au (1.69 oz/ton Au ) and 4.57 m grading 107.88 g/ton Au (3.15 oz/ton Au) within the Main Zone. This sparked the 1994-5 program of exploration that included an underground adit that was driven 250 m to access the Main Zone, and extraction of 270 tonnes of mineralization (grade not reported). In 1996, surface mining of the Main zone resulted in a shipment of 291 tonnes to the Cominco smelter at Trail, BC that returned an average grade 27.74 gms Au/tonne and 63.7 gms Ag /tonne (Silver to gold ratio = 2.27). Ground magnetic surveys indicate the Main Zone is marked by a northwest-trending magnetic low anomaly.
A larger magnetic low anomaly occurs west of the Main Zone and is open to the west beyond the limits of the survey. This anomaly is coincident with a multi-element Au-Ag-As-Hg-Mo-Sb-Se-Te-Tl soil anomaly that extends over an area of approximately 250 m north-south by 100-200 m east west. The anomaly remains open to the north, south and west, beyond the limits of the survey.
Another large, strong magnetic low anomaly occurs in the northeast that measures 1.1 x 1.1 km and encompasses strongly altered rocks at the Gossan Zone. A 1 km long, strong north south trending IP chargeability anomaly was also defined at the Gossan Zone. The Gossan Zone is a large area of intense silicification and advanced argillic alteration.
Magnetic Survey Map over Brett Topography
An application for underground exploration development was made in 2019 and is still being reviewed. The proposed development program includes extension of the current mine for up to 200 metres and underground drilling from the existing workings and the new drift. The purpose is to explore the Main Zone to the northwest where significant gold intercepts were intersected in surface drill holes.
The table below lists significant diamond drill intercepts reported to date from the Brett Property:
The table below lists significant intercepts for reverse circulation drill holes from the Brett Property:
Readers are cautioned that historical records referred to in this News Release have been examined but not verified by a Qualified Person. Further work is required to verify that historical records referred to in this News Release are accurate.
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