VANCOUVER, BC / ACCESSWIRE / May 20, 2016 / Ximen Mining Corp. (TSX-V: XIM) (the "Company" or "Ximen") is pleased to announce that its Board of Directors has decided to divest of its non-core precious and base metal assets and solely focus on its key asset, The Brett Gold Project and all the surrounding ground that make up this Gold District.
The Brett Gold Project is located near Vernon in southern B.C. (Vernon Mining Division) and has easy access and good infrastructure in place. Multiple gold-bearing bearing zones occur at the Brett Gold Project, being part of a gold-bearing epithermal system. One such zone referred to as the Main Shear Zone has been traced over a 1300 metre strike length. Bonanza grade drill intersections are reported. A bulk sample of 291 tonnes was extracted during the 1990s with reported smelter recoveries averaging 27.74 g/t Au and 63.7 g/t Ag. Since 2014, Ximen has conducted geochemical and geophysics surveys and over 3000 meters of diamond drilling, testing multiple zones.
The Company will be looking for partners to JV or Acquire in whole or part the Gold Drop Precious Metal Project near Greenwood, B.C. and the Treasure Mtn. Precious and Base Metal Project located adjacent to the past producing Treasure Mountain Mine in the Tulameen River area near Hope, B.C. Ximen management feel that both these assets can stand alone on their own merit and are not served justice under the shadow of the Brett Gold Project.
Ximen is now in a position where by all three projects are all in good standing. The Company now owns all of its assets 100% and no longer has any cash payments or work commitments to fulfill on any of its projects.
The Gold Drop Project covers geologically prospective ground in the well-mineralized Greenwood Mining Division of southern British Columbia. The Project hosts at least 8 low-sulfide, gold-silver bearing quartz veins or quartz vein systems, four of which were mined. These B.C. MINFILE gold-silver occurrences are the North Star and Gold Drop veins in eastern region of the Project and Amandy, Alice, Lady of the Lake, Roderick Dhu, Moonlight and Lake View veins in the northwest region of the Project. All have reported underground workings varying from shallow shafts to extensive underground workings (North Star). Other gold (plus or minus silver) bearing quartz veins are reported within the Property. The Project covers an area of approximately 2150 hectares. Ximen has received drilling and trenching permits for the Project.
Small-scale intermittent mining was conducted at the Gold Drop, North Star, Amandy and Roderick Dhu veins during the period of 1919 - 1940. This included:
- North Star: 6,178 tonnes mined with 3.8 g/t Au and 76.9 g/t Ag recovered.
- Amandy: 1,059 tonnes mined with 10.0 g/t Au and 185.2 g/t Ag recovered.
- Gold Drop: 180 tonnes mined with 23.9 g/t Au and 143.4 g/t Ag recovered.
- Roderick Dhu: 25 tonnes mined with 19.9 g/t Au and 275 g/t Ag recovered
Minor production of Gold Drop dump material is reported in 1941 and 1980s. The Dentonia gold-silver quartz vein, the site of the historic Dentonia Mine, occurs in close proximity to the Gold Drop Project, located on an adjacent property.
The Gold Drop Project has been sporadically explored since 1980, with only one diamond drilling program being conducted during that time at the Gold Drop - North Star vein system. With the exception of very limited prospecting, the northwest region of the Project and area of 6 MINFILE gold-silver veins has not been explored since the 1980s.
Trenching by Ximen in the area of the Gold Drop and North Star workings exposed gold and silver bearing veins. Rock samples were collected in and adjacent to these trenches during 2015 (News Release of September 18, 2015). The highlight was a grab sample of quartz vein rubble with galena adjacent to a trench near the North Star workings. This sample returned 159 g/t Au (or 159 ppm Au) and 744 g/t Ag. Two grab samples from a 30-40 cm wide quartz vein (with galena) in this trench returned 12.2 g/t Au and 78 g/t Ag; and 12.55 g/t Au and 100 g/t Ag. Gold- bearing quartz veins were exposed in trenches in the area of the Gold Drop workings. The highlight was grab sample from a 30 cm wide quartz vein (with galena and chalcopyrite) that returned 19.95 g/t Au.
Ximen's Treasure Mtn. Project covers geologically prospective ground in the Similkameen and / or New Westminster Mining Divisions. The Project is adjacent to Nicola Mining Inc.'s Treasure Mountain property, site of the historic Treasure Mountain Silver-Lead-Zinc Mine (polymetallic veins). The Project also occurs within the Intermontane Tectonic Belt, which hosts numerous porphyry copper deposits. The Project covers an area of approximately 9500 hectares and hosts seven gold, silver, lead, zinc and / or copper B.C. MINFILE occurrences in various regions. These include gold-quartz vein, polymetallic vein and porphyry type occurrences. Some of these mineral occurrences have associated historic underground workings.
During 2011 and 2012 Canadian International Minerals Inc. reported grab dump samples near historic adits at two of the MINFILE occurrences. At the Cedarflat polymetallic vein occurrence in the north-central region of the Project, dump samples were reported to return 6.5, 7.4 and 11.9% Zn. In the area of the Superior (Lucky Todd) porphyry type copper-gold occurrence, dump samples were reported to exceed 1% Cu. Three gold-quartz vein type MINFILE occurrences (Spokane, Marsellaise and John Bull) are documented in the northern region of the Project. A 66 cm sample across the Marsellaise Vein was reported to return 0.32 oz. / ton Au (1937 Annual Report of B.C. Minister of Mines). At Spokane, a 0.9 meter sample across a zone of quarts stringers was reported to return 0.12 oz. / ton Au (1913 Annual Report of B.C. Minister of Mines). The same report stated a 20 cm sample at John Bull to return 0.70 oz. / ton Au. Ximen has not verified these results.
Ximen has only explored one area of the Treasure Mtn. Project. The Company conducted a soil – till geochemical survey during late 2015 in the northeast region of the Project in the area of the Superior (Lucky Todd) porphyry type copper - gold MINFILE occurrence. The 2015 geochemical survey identified two main zones of copper soil anomalies defining targets. One zone of copper anomalies includes the area of reported copper mineralization (by Canadian International Minerals) and historic workings. Soil samples in this zone returned up to 730 ppm Cu (News Release of May 13, 2016). The 2015 soil and till samples have not been analyzed for gold as of the date of this news release.
An update and the 2016 Work Program for the Brett Gold Project shall be announced shortly.
Christopher Anderson, CEO of Ximen, stated "This last two years have been extremely difficult waters to navigate but now appears that the tide is turning and we are all very optimistic about Ximen and the potential for the Brett Gold Project over the next few years as we enter what we believe to be a new Gold Bull market."
David Martin, P.Geo. is the Qualified Person under NI 43-101 who has reviewed and approved the technical content of this news release.
On behalf of the Board of Directors,
"Christopher R. Anderson"
Christopher R. Anderson
President, CEO and Director
Ximen Mining Corp.
604 488-3900
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SOURCE: Ximen Mining Corp.