Ximen’s Partner GGX Gold Starts - Drilling Geophysical Anomaly - Greenwood BC
Wednesday, October 2, 2019 3:05 AM
VANCOUVER, BC / ACCESSWIRE / October 2, 2019 / Ximen Mining Corp. (TSXV:XIM)(FRA:1XMA)(OTCQB:XXMMF) (the "Company" or "Ximen") announces that it's partner, GGX Gold Corp., has now started to drill test the Stargate II geophysical anomaly.
The Stargate II anomaly, as previously announced in a news release dated July 3, is an airborne 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. One drill hole is planned to test this anomaly this year and will be the deepest hole ever to be drilled on the Gold Drop property.
Exploration trenching and drilling is also planned for other areas of the property this year, conditional on weather conditions, to test C.O.D. parallel vein targets, propsects north of the C.O.D. vein, and around the historic Gold Drop gold mine.
As of September 26, a total of 2,486 metres have been drilled in 49 holes on the main C.O.D. vein, and an additional 705.2 metres drilled in 10 holes on the COD North vein and one hole on the Everest vein.
Assay results from GGX's first round of this season's drilling on the C.O.D. vein are pending.
Ximen retains a 2.5% net smelter return royalty (the "NSR Royalty") and for nine months after the option requirements were met by GGX Gold retains a right 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
About Ximen Mining Corp.
Ximen Mining Corp. owns 100% interest in three of its precious metal projects located in southern BC. Ximen`s two Gold projects The Amelia Gold Mine and The Brett Epithermal Gold Project. Ximen also owns the Treasure Mountain Silver Project adjacent to the past producing Huldra Silver Mine. Currently, the Treasure Mountain Silver Project is under option agreements. The option partner is making annual staged cash and stocks payments as well as funding the development of the project. The company has also recently acquired control of the Kenville Gold mine near Nelson British Columbia which comes with surface and underground rights buildings and equipment as well as a permit for the construction of an underground decline.
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.
SOURCE: Ximen Mining Corp.