October 12, 2023

Press Release

Ximen Mining Airborne Magnetic Survey at Brett Epithermal Gold Project — Vernon BC

Vancouver, B.C., October 12, 2023 – Ximen Mining Corp. (TSX.v: XIM) (FRA: 1XMA) (OTCQB: XXMMF) (the “Company” or “Ximen”) announces that it has conducted an interpretation of a new airborne magnetic survey completed over part of the Brett Property, located near Vernon in southern British Columbia.

The Brett epithermal gold property, located west of Vernon in southern B.C., is one of Ximen’s prime exploration assets.  Exploration to date has identified a low-sulphidation epithermal gold (+ silver) deposit with vein-hosted and disseminated mineralization.  Ximen believes the Brett project is on the brink of discovery of an economic gold deposit due to the fact that bonanza-grade vein-hosted and low-grade, bulk-mineable disseminated epithermal styles of gold mineralization are present in multiple zones over a 2 kilometer square area.

The airborne magnetic survey was done using a UAV (Unmanned Aerial Vehicle or drone).  A total of 484.16 km was flown, with data collected along 50 m spaced east-west oriented lines with 500 m spaced north-south tie lines.  The sensor was set to 35 m above the ground level.  The UAV aeromagnetic survey generally results in high-quality, high-resolution data. The increased flight line density and lower flight elevation possible with the use of a UAV platform results in superior resolution data products when compared to conventional airborne magnetic data.

For the interpretation, the airborne survey results were combined with results from a 2014 ground magnetic survey.

Airborne Magnetic Survey – Total Magnetic Intensity map

Magnetic high and low anomalies were identified using the Total Magnetic Intensity (TMI) – reduced to pole product.  East of the Main zone, a magnetic high is identified that is interpreted as Middle Jurassic granodioritic rocks that possibly extend to the west at depth. Several magnetic highs are evident north, west and south of the Main zone that are interpreted as highly magnetic units within the Penticton Group volcanic rocks. A magnetic low east of the Main zone is interpreted to be a non-magnetic zone at the contact between the Middle Jurassic granodiorite and the Penticton Group volcanic rocks.  A magnetic low in the southeastern survey area coincides with a syenite intrusion of the Coryell Plutonic suite. Magnetic lows in the western and southwestern areas are interpreted as low-magnetic units within the Penticton Group volcanics.

Airborne Magnetic Survey – (1st vertical derivative) map

Lineaments were identified using a combination of the TMI, 1st vertical derivative, and the Analytic Signal products.  Three sets of lineaments are identified, 1) structures parallel and subparallel to the Brett Main zone that trend NNW-SSE, 2) structures oriented ENE-WSW that dominate the northern part of the survey, and 3) structures oriented ESE-WNW that dominate in the southern part of the survey.

The lineaments in Set 1 are of interest as they are magnetic lows within higher magnetic areas that possibly reflect de-magnetized zones related to hydrothermal alteration.  This pattern is similar to that around the Main zone. The NNW to N trending lineaments west of the Main zone are targets for further exploration work such as geochemical soil or biochemical bark surveys and IP geophysical surveys.

Airborne Magnetic Survey – Analytic Signal map

The Brett Gold Project

A total of 160 surface diamond drill holes (20,945 meters) and several reverse circulation holes have been completed since the initial discovery in 1983.  This work has defined a total of 13 mineralized zones, including the TR-21, Bonanza Zone, RW vein, Tuff Zone and North Extension Zone along the Main Fault Zone, with parallel zones including the TR-1, Stockwork, 490 and Border zones.  East of these are the New Discovery and East Zones, and bordering the vein zones on the east and west are large areas of altered rocks with gold geochemical anomalies named Gossan and West Zones.

In the 1990’s a 291 tonne surface bulk sample was shipped to the smelter at Trail, BC that averaged 27.74 grams per tonne gold and 63.7 grams per tonne silver (Brett 2017 NI 43-101 report).  In the mid-1990’s, a Mine Adit and underground drift and raise development was done to access bonanza grades intersected in surface drill holes.  High-grade vein mineralization within the Bonanza Zone was encountered, disrupted within the Main Fault Zone.  In 1995, metallurgical test work was done on a 4 kg sample with a head grade of 20.3 grams per tonne gold and 50.3 grams per tonne silver.  Flotation of gravity concentration tails resulted in overall gold and silver recoveries of 91.3% and 72.8%, respectively (BC Assessment Report 25351).

Since acquiring the property, Ximen conducted surface drilling programs in 2014 and 2016 that resulted in discovery of new gold-bearing vein zones.  Highlights included 34.18 g/t Au over 0.9 m, 16.7 g/t Au over 1.5 m, 18.95 g/t Au over and 1m, and 13.35 g/t Au over 0.58 m.  Large intervals of disseminated 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.

Previous portal at Brett Epithermal Gold Project — now closed

“Our journey at the Brett Gold Project is a testament to resilience and dedication. Over the years, we’ve unearthed a glimmer of the hidden treasures of nature’s vault, faced challenges head-on, and embraced innovation. With unwavering commitment, we continue to explore, driven by the vision of unlocking the project’s full potential, even when faced with adversity. Together, we’ll shape a golden future.” — Mr. Anderson, CEO of Ximen Mining Corp.

Further exploration drilling from surface and underground is planned by the Company to advance the project to establish a maiden resource.  The Company’s efforts have been hampered over recent years due to the pandemic and wildfires, and this year the access road was washed out during spring flooding.

Samples collected by Ximen in 2014 were analyzed by Activation Laboratories Ltd. (Actlabs) in Kamloops, B.C.  Actlabs is an ISO 17025 accredited laboratory.  Samples were analysed for gold by Fire Assay with AA finish on a 30 gram sample.  Samples that returned greater than 2 ppm Au by FA/AA were subsequently tested by metallic gold assay on a 500 gram sample of pulverized material. Other elements were determined by a multi-element suite using ICP-MS, and for mercury by cold vapour-FIMS.

Samples collected by Ximen in 2016 were submitted to ALS Canada Ltd. and analyzed for gold, silver, and a 32-element package by ICP analysis. This ALS facility is certified to standards within ISO 9001:2008 and has received accreditation to ISO/IEC 17025:2005. Analyses for gold were by Fire Assay and Inductively Coupled Plasma – Atomic Emission Spectrometry (ICP-AES).  Silver and other elements were analyzed in a multi-element package using four-acid digestion and determination using ICPAES. Selected samples were also analyzed for gold by Fire Assay – Atomic Absorption Spectroscopy (AAS). High grade gold samples were analyzed for gold by Fire Assay and Gravimetric Finish and re-analyzed for silver by four-acid and ICP-AES.

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.

On behalf of the Board of Directors,

Christopher R. Anderson,
President, CEO and Director
604 488-3900

Investor Relations: 604-488-3900, ir@XimenMiningCorp.com

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