Vancouver, B.C., July 13, 2021 – Ximen Mining Corp. (TSX.v: XIM) (FRA: 1XMA) (OTCQB: XXMMF) (the “Company” or “Ximen”) is pleased to announce an exploration program to evaluate the gold content of tailings from the historic Wilcox gold mine, located near Nelson in southeastern British Columbia.
Ximen’s mineral claims near Ymir cover a tailings deposit from the historic Wilcox mine, located on the north side of Ymir Creek approximately 30 kilometres southeast of Nelson, British Columbia. The Wilcox was a high-grade gold producer that processed about 14,555 tonnes between 1900 and 1940 of material from high grade gold veins situated within granodiorite of the Middle Jurassic Nelson Batholith. Ore was processed at a stamp mill located adjacent to the mine site. Mill processing in the early 1900’s yielded low gold recoveries with unrecovered gold remaining in the tailings material.
In 2005, the resource potential of the tailings deposit was estimated in a report titled “Wilcox Mine Tailings – Gold Resource Evaluation” by Doug Warkentin, P.Eng., of Crucible Engineering Services, Vancouver, B.C. Canada., dated September 17, 2005 (B.C. Assessment Report 27963). The average grade of the tailings deposit was estimated at 3.09 grams gold per tonne, based on assays of 65 samples collected on a grid pattern. The tonnage was estimated at 12,387 tonnes, based on depth and specific gravity measurements. The in-situ gold potential was then estimated as 1,230 ounces of gold. An average gold recovery rate of 80% was projected based on metallurgical test results available.
This season, Ximen is planning to carry out a detailed survey and sampling program of the tailings area to better define the physiography and resource potential of the Wilcox tailings. Activities include grid surface sampling, auger drilling, high resolution drone photogrammetry, metallurgical testing, and detailed GPS surveys. The results will be used to evaluate the possibility of custom treatment to recover the gold from the tailings deposit. In addition, mine waste dumps from the Ymir mine and others will be sampled to check their precious metal content.
Note: Ximen Mining Corp., is not treating this historical estimate as current mineral resources or mineral reserves. A qualified person has not done sufficient work to classify this historic estimate as current mineral resources or mineral reserves. Ximen considers this historic mineral resource estimate to be relevant and reliant to the extent it was based upon the results of detailed sampling and metallurgical test work. The historic estimate does not use the categories of Measured, Indicated and Inferred mineral resources as defined by the Canadian Institute of Mining, Metallurgy and Petroleum and is non-compliant with National Instrument 43-101. A new sampling campaign would be required to establish a current resource estimate.
Readers are cautioned that historical information including assay results 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.
On behalf of the Board of Directors,
Christopher R. Anderson,
President, CEO and Director
Investor Relations: Sophy Cesar, 604-488-3900, ir@XimenMiningCorp.com