IRW-PRESS: Ximen Mining Corp .: Ximen Mining Corp provides news from the Treasure Mountain Silver Property in Tulameen (BC)
Vancouver, B.C., January 2, 2020. Ximen Mining Corp. (TSX.v: XIM) (FRA: 1XMA) (OTCQB: XXMMF) (the company or Ximen – https://www.commodity-tv.com/?id=88&tx_kesearch_pi1%5Bsword%5D=ximen) provides information on current developments from the Treasure Mountain Silver Property, currently under an option agreement from New Destiny Mining Corp. (TSX.v: NED) is processed. Results from drilling completed last season in its Treasure Mountain Silver Property near Tulameen (BC) have been received.
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The results of the analysis of the holes drilled in the coppergold-Target area Lucky Todd have been carried out are now available. Four diamond holes (102 meters) were drilled that intersected granodiorite with quartz ore strings containing chalcopyrite. The analysis results indicate increased copper and molybdenum values in places. The copper values were up to 833 ppm Cu, the molybdenum values up to 88.3 ppm Mo. The analysis for other metals of interest showed gold values of up to 0.08 ppm Au and silver values of 1.59 ppm Ag. The results are shown in the table below.
Bohrlovon bis AbschniAu Ag Cu Mo
ch (m) (m) tt ppm ppm ppm ppm
TN19-03.51 4.51 1.00 0.01 0.0770.21.39
TN19-04.51 4.95 0.44 0.05 1.59833.25.8
TN19-04.95 5.66 0.71 0.01 0.31288.5.18
TN19-05.66 6.66 1.00
TN19-09.00 9.50 0.50
TN19-012.0612.740.68 0.08 0.3448,220.5
TN19-020.5521.671.12 0.01 0.23140.22.1
TN19-021.6722,100.43 0.01 0.20102.38.9
TN19-022,1022,590.49 0.04 0.24129.5.95
TN19-03.66 6.36 2.70 0.01 0.0546,575.5
TN19-06.73 7.39 0.66
TN19-07.93 8.90 0.97 0.01 0.0886,688.3
TN19-015.2416.761.52 0.02 0.25119.70.6
TN19-010.5911.781.19 0.04 0.40 116.31.1
TN19-014.151541.19 0.01 0.5678.63.04
Another sample was also taken from a small historic gallery that was uncovered at Railroad Creek, the suspected location of the Lucky Todd / Superior deposit recorded on Minfile. The analysis results showed increased copper values (1,240 ppm Cu).
The previously reported results of excavations at Superior / Lucky Todd provided increased values for gold (up to 1.96 ppm Au), copper (up to 250 ppm Cu) and molybdenum (up to 156.5 ppm Mo) on thicknesses between 0, 2 and 0.8 meters; a 10 meter slot sample contained 0.15 ppm gold. A sample provided 3.99 ppm (grams per ton) gold, 96.8 ppm silver, 3560 ppm (0.36%) copper and 45.1 ppm molybdenum. The results of slot tests in the nearby Railroad copper-silver target area included 116.0 ppm silver and 0.64% copper over 4.2 meters thick, including 264 ppm silver and 1.06% copper over 1.7 meters.
Mineralization at Superior / Lucky Todd and Railroad is believed to consist of porphyry veins with copper, molybdenum and / or gold-silver mineralization and related peripheral veins. Additional exploration work is required to determine the center of the mineralized system.
The Jim Kelly Creek claims are a previously untested area of the property; a sample from 2018 delivered 11.3 grams of gold per ton. An orogenous mineralization system with gold ore veins appears to exist.
The geochemical analyzes were carried out by ALS Laboratories in North Vancouver, British Columbia – an independent commercial laboratory with corresponding certification. The gold analysis was carried out using a flame sample followed by atomic absorption using 50 g subsamples. Copper and other elements were evaluated using a four acid digestion process followed by an ICP-MS analysis. All samples with silver values above the upper limit were evaluated again using HF-HNO3-HClO4 digestion with HCl leaching, followed by ICP-AES or AAS analysis. For all samples with copper values above the upper limit, the total copper was determined using a digestion of four acids, followed by an ICP and AAS analysis. The field samples intended for quality control were not added to the sample batch due to the limited number of samples available.
The company also announces that it has completed its unsecured private placement, previously announced on December 23, 2019. The private placement included 132,564 flow-through shares at a price of $ 0.39 per share and gross proceeds of $ 51,700. Each flow-through share consists of one common share, which is considered a flow-through share in accordance with subsection 66 (15) of the Income Tax Act.
The company uses the net proceeds from the private placement for exploration expenditures in the company’s British Columbia mineral properties. All securities issued as part of the flow-through private placement are subject to a holding period until April 28, 2020.
For the Board of Directors:
Christopher R. Anderson
Christopher R. Anderson,
President, CEO & Director
Investor Relations: Sophy Cesar, 604-488-3900, [email protected]
About Ximen Mining Corp.
Ximen Mining Corp. owns all rights to three of his precious metal projects located in southern British Columbia. Ximen’s two gold projects are the Amelia gold project and the epithermal gold project Brett. Ximen also owns the Treasure Mountain silver project, which borders the former Huldra Silver Mine production facility. The Treasure Mountain silver project is currently subject to an option agreement. The option partner makes staggered payments in the form of cash and shares each year and also finance the development of this project. The company recently took control of the Kenville gold mine near Nelson British Columbia, which includes all surface and underground rights, buildings and equipment.
Ximen is a listed company that is listed under the symbol XIM on the TSX Venture Exchange, under the symbol XXMMF in the USA and under the symbol 1XMA and the WKN number A2JBKL in Germany on the Frankfurt, Munich and Berlin stock exchanges.
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This press release contains certain forward-looking statements within the meaning of Canadian securities law, including statements regarding the receipt of approval by the TSX Venture Exchange and the exercise of the option. Although the company believes that such statements are based on reasonable assumptions, it cannot be guaranteed that these expectations will be met. Forward-looking statements are statements that are not based on historical facts and are generally, but not always, presented with terms as expected, plans, anticipates, believes, intends, estimates, forecasts, tries, potentially, goal, promising and similar expressions or in which it is expressed that events or circumstances will, would, may, can, or should occur. These are also statements that naturally relate to future events. The Company notes that forward-looking statements are based on management’s assumptions, estimates and opinions at the time these statements are made and involve a number of risks and uncertainties. It can therefore not be guaranteed that such statements will prove to be true. Actual results and future events may differ materially from such statements. If management’s assumptions, estimates or opinions or other factors change, the company is not obliged to adapt these forward-looking statements to the current state, unless this is expressly required in the applicable securities laws. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include the possibility that the TSX Venture Exchange may not approve the proposed transaction in a timely manner or at all. For more details on risk factors and their potential impact, we encourage readers to consult the company’s reports, which are publicly available through the Canadian Securities and Exchange Agency’s Electronic Document Analysis and Query System (SEDAR) at www.sedar.com.
This news release constitutes an offer to sell or brokerage to purchase the securities in the relevant U.S. state where such an offer or sale would be illegal.
The TSX Venture Exchange and its regulatory bodies (referred to in the statutes of the TSX Venture Exchange as Regulation Services Provider) accept no responsibility for the adequacy or accuracy of this report.
Ximen Mining Corp.
888 Dunsmuir Street- Suite 888, Vancouver, B.C., V6C 3K4 Tel: 604-488-3900
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