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InvestmentPitch Media Video Discusses Ximen Mining’s Identification of Geophysical Gold and Copper Drill Targets at the Bud-Elk Project at Greenwood Mining Camp British ColumbiaMar 23rd, 2022 6:00 EST
VANCOUVER, British Columbia, March 23, 2022 (GLOBE NEWSWIRE) — Ximen Mining (TSXV:XIM) (OTCQB:XXMMF) (FSE:1XMA) has completed its initial review of the VTEM geophysical survey conducted in 2021 at its Providence and Bud-Elk Properties in southeastern British Columbia. The purpose of the survey was to identify magnetic and conductive features as targets for gold-copper mineralization.
The company has an exploration permit in place at the Providence and Bud-Elk properties for drilling from a total of 24 drill sites, with multiple holes permitted from each site, allowing for up to approximately 14,000 metres of drilling.
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Known mineralization in and around Ximen’s Greenwood properties includes 24 mineral BC Minfile database occurrences of which 15 are historic mines. Mineralization can be grouped into two styles: copper-gold porphyry and related skarn deposits, and silver deposits in polymetallic quartz veins. Copper-gold deposits occur in the west and are covered by the Bud-Elk property, with silver deposits occurring in the east covered by The Providence group of claims.
The total magnetic intensity results show areas of very high magnetic response in the northwest, northeast and southeast. The Motherlode copper-gold skarn deposit is located on the edge of a magnetic high and is associated with a narrow linear conductive zone about 200 metres long. This area is a target for follow-up for extension of the motherlode deposit.
The Morrison, Buckhorn and Moreen copper-gold occurrences occur on the edges of areas of moderate magnetic intensity within the Knob Hill chert and Jurassic intrusions. These areas may reflect more magnetic intrusive bodies at depth.
The Providence, Elkhorn, Elkhorn Fr., Freemont, Don Pedro, Spotted Horse and Argo silver bearing polymetallic vein occurrences are in areas of magnetic low response. Management believes that possibly these areas were relatively distal and cooler with respect to nearby intrusions at the time of mineralization.
The Calculated Vertical Gradient magnetic map shows variable patterns with many of the mineral occurrences located on the margins of areas of high gradient. These areas may reflect the contact zones of relatively magnetic bodies.
The conductivity map shows a large high anomaly in the northwest that correlates with the Eocene Marron volcanic rocks. Another large high anomaly extends northwest from the Pluto and southeast to the Ah There copper-gold skarn occurrences. This anomaly coincides with mapped Quaternary sedimentary cover but beneath this is likely the margin of a Jurassic intrusion.
The southeast margin of the intrusion is in contact with Brooklyn limestone at the Ah There skarn occurrence. As such, this anomaly is an excellent target for additional skarn mineralization.
Ximen owns 100% of three of its precious metal projects located in southern BC, the Amelia Gold Mine and The Brett Epithermal Gold Project, and the Treasure Mountain Silver Project adjacent to the past producing Huldra Silver Mine. Currently, the Treasure Mountain Silver Project is under an option with the option partner making annual staged cash and stocks payments as well as funding the project. The company has also acquired control of the Kenville Gold mine near Nelson, BC, which comes with surface and underground rights, buildings and equipment.
Ximen’s shares are trading at $0.22. For more information, please visit the company’s website, www.XimenMiningCorp.com, contact Christopher R. Anderson, President and CEO, at 604-488-3900. For Investor Relations, contact Sophy Cesar, at 604-488-3900 or by email at [email protected].
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