16:14:02 EDT Fri 05 Jun 2020
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or Name

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Ximen Mining Corp (2)
Symbol XIM
Shares Issued 39,962,564
Close 2019-10-01 C$ 0.435
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Ximen partner GGX starts drilling Stargate II

2019-10-02 06:11 ET - News Release

Mr. Christopher Anderson reports


Ximen Mining Corp.'s partner, GGX Gold Corp., has 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 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. 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 are also planned for other areas of the property this year, conditional on weather conditions, to test COD parallel vein targets, propsects north of the COD vein, and around the historic Gold Drop gold mine.

As of Sept. 26, a total of 2,486 metres have been drilled in 49 holes on the main COD 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 COD vein are pending.

Ximen retains a 2.5-per-cent net smelter return royalty (NSR) 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 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.

About Ximen Mining Corp.

Ximen Mining owns 100-per-cent interest in three of its precious metal projects located in Southern British Columbia. 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.

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