Ximen Mining Corp Drilling Update: Brett Epithermal Gold Project - Vernon BC

Rhea-AI Summary

Ximen Mining Corp (TSXV: XIM, OTC: XXMMF) has completed the first hole of its 2024 drill program at the Brett epithermal gold project near Vernon, BC. The program aims to extend the Main Zone and test extensions of the New Discovery Zone. Hole B24-01 targeted the Main Zone, intersecting a hydrothermally altered and faulted zone with clay alteration and fault gouge containing vein quartz fragments with disseminated pyrite.

A second hole is being drilled to test down dip of a previous intercept in hole 04-06, which reported 11.35 g/t gold over 1.3 meters. The Brett project covers 20,043 hectares of low-sulfidation epithermal-style gold mineralization. Historical records indicate a 291-tonne surface bulk sample averaged 27.74 g/t gold and 63.7 g/t silver. Multiple mineralization zones occur over a two-kilometer strike, including bulk-mineable and high-grade styles.

Positive

• Completion of first hole in 2024 drill program at Brett epithermal gold project
• Second hole targeting previous high-grade intercept of 11.35 g/t gold over 1.3 meters
• Historical bulk sample averaged 27.74 g/t gold and 63.7 g/t silver
• Multiple mineralization zones over a two-kilometer strike

Negative

• Results from the first completed hole not yet reported
• Historical records not yet verified by a Qualified Person

Vancouver, British Columbia--(Newsfile Corp. - September 4, 2024) - Ximen Mining Corp. (TSXV: XIM) (FSE: 1XMA) (OTC: XXMMF) (the "Company" or "Ximen") announces that it has completed its first hole of the 2024 drill program at its Brett epithermal gold project near Vernon in southern BC.

Figure 1. Cross Section (right) showing planned hole 2 targeting below intercept in B04-06

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The objective of the drill program is to extend the Main Zone to the southeast and at depth, and to test for extensions to the New Discovery Zone (located east of the Main Zone).

2024 Brett Project: Moving drill to site of first hole

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Hole B24-01 targeted the Main Zone and intersected a hydrothermally altered and faulted zone in the hanging wall (from 38.43 to 42 m) and footwall (51.84 to 58.66 m) of an altered and amethyst-bearing feldspar porphyry dike. This is the Main zone, which consists of clay alteration and fault gouge containing fragments of vein quartz with disseminated pyrite. Outside of the zone, rock types include light green basalt (weakly altered with calcite, hematite, jasper and 2-5% disseminated pyrite), mafic volcanic breccia (locally clay altered clast with disseminated pyrite), and dark green basalt that is locally calcite altered with disseminated pyrite 2-4%. This hole confirmed that the Main Zone consists of a fault zone that cuts hydrothermally altered and veined rocks intruded by a porphyry dike. A western zone of anomalous gold may correlate with altered volcanic rocks containing disseminated pyrite.

A second drill hole is being drilled from the same site, which is designed to go through the Main Zone and test down dip of an intercept in hole 04-06, reported as 11.35 grams per tonne over a core length of 1.3 meters. This intercept is hosted by volcanic tuff containing amethyst-bearing quartz calcite veinlets (see Figure 1).

Map of Mineralized Zones at Ximen's Brett Project

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The Brett project (20,043 hectares) covers low-sulfidation epithermal-style gold mineralization hosted in Eocene Penticton Group volcanic rocks. Epithermal-style gold mineralization was discovered in 1983, and a 291 tonne surface bulk sample was shipped to the smelter at Trail, BC in the 1990's that averaged 27.74 grams per tonne gold and 63.7 grams per tonne silver (Brett 2017 NI 43-101 report). Multiple zones of mineralization occur over a two kilometer strike, including both bulk-mineable and bonanza high grade styles. Ximen conducted LiDAR and airborne magnetic surveys over parts of the Brett property in 2022. Interpretation, 3D modeling and target refinement were then completed in preparation for the 2024 drilling program.

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.

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.sedarplus.ca 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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/222025

FAQ

What is the main objective of Ximen Mining's 2024 drill program at the Brett gold project?

The main objective is to extend the Main Zone to the southeast and at depth, and to test for extensions to the New Discovery Zone located east of the Main Zone.

What were the findings from the first completed hole (B24-01) in Ximen Mining's 2024 drill program?

Hole B24-01 intersected a hydrothermally altered and faulted zone in the hanging wall and footwall of an altered and amethyst-bearing feldspar porphyry dike, confirming the Main Zone consists of a fault zone cutting hydrothermally altered and veined rocks.

What is the significance of the second drill hole in Ximen Mining's (XXMMF) Brett project?

The second hole is designed to go through the Main Zone and test down dip of a previous intercept in hole 04-06, which reported 11.35 grams per tonne gold over a core length of 1.3 meters.

What were the historical gold and silver grades from the Brett project's surface bulk sample?

A 291-tonne surface bulk sample shipped to the smelter in the 1990s averaged 27.74 grams per tonne gold and 63.7 grams per tonne silver.