InvestmentPitch Media Video Discusses Ximen Mining’s Conceptual Mine Model & Underground Exploration Plan for its 100% Owned Brett Epithermal Gold Project near Vernon B.C.

Rhea-AI Summary

Ximen Mining (OTCQB:XXMMF) is advancing underground mine exploration at its Brett epithermal gold property in southern British Columbia, after surface exploration delays due to the pandemic and natural disasters. The development aims to enhance drilling access to the mineral-rich Main Zone and explore parallel structures. A permit application for the project is currently under review. Historical data indicates high gold grades, with notable intersections of up to 69.52 g/t gold. Shares are trading at $0.13, reflecting ongoing interest in the company's strategic development plans.

Positive

• Underground development will facilitate drilling in the high-grade Main Zone.
• Historical drilling shows significant gold grades, with historic intersections up to 69.52 g/t gold.
• The company is advancing its conceptual fast-track development schedule for the Kenville Bulk Sample.

Negative

• None.

VANCOUVER, British Columbia, Jan. 12, 2023 (GLOBE NEWSWIRE) -- Ximen Mining (TSXV:XIM) (OTCQB:XXMMF) (FSE:1XMA) ) is proceeding with its plan for underground mine exploration development at its Brett epithermal gold property, which is located 30 kilometres west of Vernon, in southern British Columbia, where surface exploration has been delayed over recent years, first due to the pandemic and then due to access issues resulting from wildfire and flooding events. Airborne magnetic and LIDAR surveys were the only activities conducted.

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The new mine development will provide access for underground drilling and explore the Main Zone to the northwest. This development will follow the Main Zone and provide points from which to test parallel structures by underground diamond drilling. It is anticipated that this program will result in definition of mineralized zones for underground bulk sampling. A permit application for the work has been submitted and is now in the early stage of review.

In 1996, a surface bulk sample was collected from the RW and TR-21 zones. A total of 291 tonnes at an average grade of 27.74 g/t gold and 63.7 g/t silver were smelted in Trail.

Significant mineralization in the Bonanza Zone is substantiated by several diamond drill holes, including historic hole 87-29, which intersected 25.24 g/t gold over a length of 8.62 metres.

Historic reverse circulation hole R88-11 intersected 69.52 g/t gold (2 oz per ton) over 71.6 metres in the Bonanza Zone, which prompted underground development to test the possibility of developing a high-grade gold mine.

Significant intercepts from 2016 were 18.95 g/t gold over 1 metre, 3.13 g/t Au over 1.1 m, 13.35 g/t Au over 0.58 m and 5.7 g/t Au over 0.5 m in holes 1, 2, 11 and 17.

Ximen is continuing to advance its conceptual fast-track development schedule for the Kenville Bulk Sample.

In addition to the Brett Epithermal Gold Project and the Kenville Gold Mine, 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, with the option partner making annual staged cash and stocks payments as well as funding the development of the project.

The shares are trading at $0.13. 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 ir@XimenMiningCorp.com.

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FAQ

What is Ximen Mining's current exploration plan for the Brett epithermal gold property?

Ximen Mining is proceeding with underground mine exploration development at its Brett epithermal gold property after delays in surface exploration.

What are the key historical gold grades reported by Ximen Mining?

Ximen Mining has reported significant intersections, including 69.52 g/t gold over 71.6 metres and 25.24 g/t gold over 8.62 metres.

What is the current share price of Ximen Mining?

As of the latest report, Ximen Mining shares are trading at $0.13.

What challenges have affected Ximen Mining's exploration activities?

Exploration activities faced delays due to the pandemic and access issues caused by wildfires and flooding events.

What is the status of the permit application for the underground development?

The permit application for the underground development is currently under review.