19:03:00 EDT Sun 24 May 2020
Enter Symbol
or Name

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Ximen Mining Corp (2)
Symbol XIM
Shares Issued 39,412,564
Close 2019-09-04 C$ 0.425
Recent Sedar Documents

Ximen optionee to drill Gold Drop anomaly

2019-09-05 07:51 ET - News Release

Mr. Christopher Anderson reports


Ximen Mining Corp. has recently received a new five-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 enhanced, deep-penetrating ultrasonic audio magnetotelluric (AMT) geophysical anomaly that was identified by Earth Science Services Corp. of Oshawa, Ont. (ESSCO). The anomaly is interpreted as a pipe-like structure that measures 1,834 by 1,377 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.

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 Sept. 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.

The company is also pleased to announce that GGX Gold has completed all payments of shares and cash to earn a 100-per-cent interest in the Gold Drop property located about nine kilometres northeast from Greenwood, B.C., in the Greenwood gold mining district. The final payment to Ximen Mining consisted of 600,000 common shares with a value of $150,000 and a $100,000 cash payment.

Ximen will retain a 2.5-per-cent net smelter return royalty which GGX Gold may buy down 1 per cent of the NSR royalty by paying $1-million. 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 per cent 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, PGeo, a qualified person as defined by National Instrument 43-101 and consultant to the company, approved the technical information in this release.

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