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Ximen Mining Corp (2)
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Shares Issued 73,807,861
Close 2021-07-05 C$ 0.25
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Ximen Mining acquires Wild Horse Creek property

2021-07-06 10:59 ET - News Release

Mr. Christopher Anderson reports


Ximen Mining Corp. has acquired several mineral claims in the Wild Horse Creek area, located 15 kilometres northeast of Cranbrook in the Fort Steele mining division in Southern British Columbia.

Ximen recently acquired a total of 139 mineral claims covering 12,767 hectares near historic Fort Steele, named the Wild Horse Creek property. The Wild Horse Creek property adjoins Ximen's Hughes Range claims (seven claims and one lease, 453 hectares).

The land package is covered by two separate purchase agreements under which Ximen is required to issue 3,455,000 shares split among the vendors. Additionally, all the vendors have entered into voting trust agreements with regards to the shares being issued. In the first purchase agreement, a total of 43 mineral claims covering 3,221 hectares were purchased for an aggregate of 1,355,000 common shares of Ximen. Ximen acquired a 100-per-cent interest in the claims, subject to a 1-per-cent net smelter return royalty. In this agreement the vendor consists of six individuals.

In the second purchase agreement, a total of 96 mineral claims covering 9,546 hectares was purchased for an aggregate of 2.1 million common shares of Ximen. Ximen acquired a 100-per-cent interest in the claims, subject to a 1-per-cent net smelter return royalty with a $1-million buyout. Additional this land packed comes with current exploration permits approved for drilling. The deal also includes transfer to Ximen a total of $189,607 value in portable assessment credits. In this agreement the vendors consist of four individuals and two private corporations.

The Wild Horse Creek property lies within the Kimberley gold trend, a zone that extends southwestward from the Rocky Mountains into the western part of the Purcell Mountains. In 1864, gold was discovered in Wild Horse Creek and the 720-kilometre-long trail known as the Dewdney trail was started to connect Hope with the gold mining community known as Fisherville on Wild Horse Creek. More than 10 million ounces of gold are estimated to have been recovered from the gold-bearing streams in the East Kootenay area and the locations of more than 50 gold showings have been recorded. Placer gold operations continue to this day on several gold-bearing streams around Cranbrook.

The Wild Horse Creek claims cover several bedrock precious metal occurrences and potential source areas for the famous placer gold deposits. Several polymetallic silver-gold-lead-zinc and gold-quartz vein prospects occur on the claims. One of the most interesting prospects is the Lone 4 claim, where a 2016 diamond drill hole intersected elevated gold values in strongly hydrothermally altered rocks. The alteration intensity increases toward the bottom of the hole and the lower portion of the hole cored an auriferous breccia zone with gold values up to 3.26 grams per tonne gold over one metre. The results suggest that a source of the rich surficial gold placer deposits could be located on this claim.

Readers are cautioned that historical information including assay results referred to in this news release have been examined but not verified by a qualified person. Further work is required to verify that historical records referred to in this news release are accurate.

Dr. Mathew Ball, PGeo, vice-president of exploration for Ximen Mining and a qualified person as defined by National Instrument 43-101, approved the technical information contained in this news 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 are 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 an option agreement. The option partner is making annual staged cash and stocks payments as well as financing the development of the project. The company has also acquired control of the Kenville gold mine near Nelson, B.C., which comes with surface and underground rights, buildings and equipment.

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