Ximen Mining Commences Drilling Wild Horse Gold Project

Rhea-AI Summary

Ximen Mining Corp. has initiated a drill program at its Wild Horse Gold project in southeastern BC. The project covers source areas for the historic Wild Horse River placer gold deposit. Ximen will drill test an area with a gold in soil anomaly and abundant boulders of syenite. The area is transected by the Boulder Creek fault, associated with gold deposits in the Kimberley Gold Trend.

Positive

• Ximen Mining Corp. has initiated a drill program at its Wild Horse Gold project
• The project covers source areas for the historic Wild Horse River placer gold deposit
• Ximen will drill test an area with a gold in soil anomaly
• The area is transected by the Boulder Creek fault, associated with gold deposits in the Kimberley Gold Trend

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / July 26, 2023 / Ximen Mining Corp. (TSX.v:XIM)(FRA:1XMA)(OTCQB:XXMMF) (the "Company" or "Ximen") announces that it is initiated a drill program at its Wild Horse Gold project near Cranbrook in southeastern BC.

The Wild Horse project covers source areas for the famous historic Wild Horse River placer gold deposit near Fort Steele and Cranbrook, in southeastern B.C. Bedrock gold was first discovered in this area as early as 1895 but an economic deposit has yet to be defined. Gold-bearing quartz veins and breccias were drilled in 2016 and 2021, on Ximen's Lone 4 claim, where there is potential for a bulk-minable gold deposit.

Gold (ppb) in soil samples from 2009 Boulder Grid (Report 30952)

This year, Ximen will drill test an area to the northeast on its Boulder Claim, where a 700 x 300 meter gold in soil anomaly was previously identified (BC Assessment report 30952).

The drill will also test beneath an area of abundant boulders of syenite observed on the soil grid. In 2009 it was reported that four boulders of this syenite float were sampled, of which "three were anomalous in gold and one ran 4.1 grams of gold per ton" (Assessment report 34920). The syenite is believed to be part of the mid-Cretaceous felsic intrusive Bayonne plutonic suite that is spatially and possibly genetically related to gold mineralization in the Kimberley Gold Trend.

Cross section of 3D model of Boulder Creek drill target (azimuth 056 degrees).

The area is transected by the Boulder Creek fault, a regional high-angle reverse fault that dips 60° to 65° to the northwest and is interpreted as an eastward continuation of the St. Mary fault (BC Geology Survey Bulletin 84). These faults are dominant structures associated with gold deposits in the Kimberley Gold Trend (Geoscience BC Map: 2015-13-01). The St. Mary-Boulder Creek structure is a major transverse fault system that is interpreted as a surface expression the Vulcan Low, a fundamental Precambrian basement transverse structure (McMechan, 2012; Canadian Journal of Earth Sciences, 2012 Vol. 49, p693). This provides a most favourable lithospheric architecture for controlling the location of gold deposits in terms of mineral systems modeling.

Readers are cautioned that historical records 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, P.Geo., VP Exploration for Ximen Mining Corp. and a Qualified Person as defined by NI 43-101, approved the technical information contained in this News Release.

On behalf of the Board of Directors,

"Christopher R. Anderson"

Christopher R. Anderson,
President, CEO and Director
604 488-3900
Investor Relations: 604-488-3900, ir@XimenMiningCorp.com

About Ximen Mining Corp.

Ximen Mining Corp. owns 100% interest in three of its precious metal projects located in southern BC. 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. 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 funding the development of the project. The company has also acquired control of the Kenville Gold mine near Nelson British Columbia which comes with surface and underground rights, buildings and equipment and is now permitted for development.

Ximen is a publicly listed company trading on the TSX Venture Exchange under the symbol XIM, in the USA under the symbol XXMMF, and in Frankfurt, Munich, and Berlin Stock Exchanges in Germany under the symbol 1XMA and WKN with the number as A2JBKL.

This press release contains certain "forward-looking statements" within the meaning of Canadian securities This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, including statements regarding the receipt of TSX Venture Exchange approval and the exercise of the Option by Ximen. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective," "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include the possibility that the TSX Venture Exchange may not accept the proposed transaction in a timely manner, if at all. The reader is urged to refer to the Company's reports, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Ximen Mining Corp
888 Dunsmuir Street - Suite 888, Vancouver, B.C., V6C 3K4 Tel: 604-488-3900

SOURCE: Ximen Mining Corp

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https://www.accesswire.com/770406/Ximen-Mining-Commences-Drilling-Wild-Horse-Gold-Project

FAQ

What is Ximen Mining Corp. drilling for?

Ximen Mining Corp. is drilling at its Wild Horse Gold project in southeastern BC.

What is the significance of the Wild Horse River placer gold deposit?

The Wild Horse River placer gold deposit is a historic source of gold in the area.

What will Ximen drill test in the area?

Ximen will drill test an area with a gold in soil anomaly and abundant boulders of syenite.

What is the significance of the Boulder Creek fault?

The Boulder Creek fault is associated with gold deposits in the Kimberley Gold Trend.