Ximen’s Partner GGX Gold Set to Drill Geophysical Anomaly
Thursday, September 5, 2019 3:30 AM
VANCOUVER, BC / ACCESSWIRE / September 5, 2019 / Ximen Mining Corp. (TSX.v:XIM)(FRA:1XMA)(OTCQB:XXMMF) (the “Company” or “Ximen”) announces that it recently received a new 5-year area-based permit for continued exploration trenching and drilling its Gold Drop property in the Greenwood Mining Camp, British Columbia. This new permit includes drill sites over the Stargate II geophysical anomaly. One of these sites is permitted for this year and the remaining sites are in next year’s plan. Option partner GGX Gold Corp. is now set to drill test this target.
The Stargate II anomaly. as previously announced in a news release dated July 3, is an airborne an enhanced, deep-penetrating ultra-sonic audio magnetotelluric (AMT) geophysical anomaly that was identified by Earth Science Services Corporation of Oshawa, Ontario (ESSCO). The anomaly is interpreted as a pipe-like structure that measures 1834 by 1377 metres, with a target zone at depths between 500 and 800 metres. Three drill holes are planned to test this anomaly at different directions from separate locations. The proposed holes are included in the new permit work plan. This will be the deepest depth ever to be drilled on the Gold Drop property.
Stargate II Anomaly Map:
The new permit also allows exploration trenching and drilling in other areas of the property this year, including an area west of the C.O.D. vein on parallel vein targets, at the Rhoderick Dhu prospect located north of the C.O.D. vein, and at multiple sites at the historic Gold Drop gold mine.
As of September 2, a total of 2,284 metres have been drilled in 48 holes on the main C.O.D. vein, and an additional 685 metres drilled in 10 holes on the COD North vein. Assay results from GGX’s first round of this season’s drilling on the C.O.D. vein are pending.
Photo of C.O.D. vein quartz containing pyrite and gold-telluride mineralization in hole COD19-45 at 167 feet (50.9 meters) depth.
The Company is also pleased to announce that GGX Gold Corp. has completed all payments of shares and cash to earn a 100% interest in the Gold Drop Property located about nine kilometers northeast from Greenwood, British Columbia, in the Greenwood Gold Mining district. The final payment to Ximen Mining Corp. consisted of 600,000 common shares with a value of $150,000 and a $100,000 cash payment.
Ximen will retain a 2.5% net smelter return royalty (the “NSR Royalty”) which GGX Gold may buy down 1% of the NSR Royalty by paying $1,000,000. Upon completion of the option requirements by GGX Gold, Ximen will have a right for nine months thereafter to elect to form a joint venture by paying GGX Gold an amount of money equal to 30% of the total amount expended on the property by GGX Gold. If Ximen exercises this joint-venture right, GGX Gold and Ximen will enter into a joint venture for the exploration and development of the property.
Dr. Matt Ball, P.Geo., a Qualified Person as defined by National Instrument 43-101 and consultant to the Company, approved the technical information in this release.
On behalf of the Board of Directors,
“Christopher R. Anderson”
Christopher R. Anderson,
President, CEO and Director
Sophie Cesar, 604-488-3900
Ximen is a publicly listed company trading on the TSX Venture Exchange under the symbol XIM, in the USA under the symbol XXMMF, and in Frankfurt, Munich, and Berlin Stock Exchanges in Germany under the symbol 1XMA and WKN with the number as A2JBKL.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Ximen Mining Corp
888 Dunsmuir Street - Suite 888,
Vancouver, B.C., V6C 3K4
SOURCE: Ximen Mining Corp.