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

Rhea-AI Summary

Ximen Mining Corp (TSXV: XIM) has completed hole 4 of its ongoing drill program at the Brett epithermal gold project near Vernon, BC. The hole, B24-04, was drilled to follow up on a historic intercept of 62.06 g/t Au in hole B87-42. Key findings include:

- Four sections of feldspar-hornblende porphyry dike
- Four clay-pyrite altered sections, with the most significant being a 5.18m zone with 2% disseminated pyrite
- A silicified fault breccia with 7% fine pyrite from 67.15 to 68.0 meters

The Brett project covers 20,043 hectares of low-sulfidation epithermal-style gold mineralization. A historical bulk sample averaged 27.74 g/t gold and 63.7 g/t silver. The current drilling program aims to extend the Main Zone and test parallel altered zones.

Positive

• Completion of hole 4 in the ongoing drill program at Brett epithermal gold project
• Identification of multiple clay-pyrite altered sections, including a significant 5.18m zone
• Discovery of a silicified fault breccia with 7% fine pyrite, potentially indicating high-grade mineralization
• Large project area of 20,043 hectares with multiple zones of mineralization over a two-kilometer strike
• Historical bulk sample yielded high-grade results of 27.74 g/t gold and 63.7 g/t silver

Negative

• None.

Vancouver, British Columbia--(Newsfile Corp. - October 22, 2024) - Ximen Mining Corp. (TSXV: XIM) (FSE: 1XM) (OTC: XXMMF) (the "Company" or "Ximen") has now completed hole 4 of its on-going drill program at the Brett epithermal gold project near Vernon in southern BC.

Photo of drill at hole B24-04 

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3028/227343_d39b069ef436cb24_001full.jpg

Hole B24-04 was drilled to the northeast across the Main zone and was designed to follow-up an interval of 62.06 g/t Au in historic hole B87-42. (see Figure 1).

Figure 1. Plan view of hole B24-04 (left) and cross-section (right). This hole was drilled to confirm intercept of 62.06 g/t Au in hole B87-42.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3028/227343_d39b069ef436cb24_002full.jpg

Hole 4 drilled through porphyritic basalt with minor basalt breccia. The hole intersected four sections of feldspar-hornblende porphyry dike, and four clay-pyrite altered sections. The first clay-pyrite altered zone from 27.25-28.33 (1.08m) was entirely within the volcanic unit and had moderate disseminated pyrite (2%). The second clay altered zone was a large zone from 50.12-55.30 (5.18m) with 2% disseminated pyrite and occurs at the upper contact of the first porphyry dike. The third zone of clay-pyrite was from 67.15 to 68.0 meters is a silicified fault breccia with clay altered rock fragments in a siliceous breccia matrix containing abundant fine pyrite (7%). This zone occurs between the second and third sections of porphyry dike. The fourth clay-pyrite altered zone from 107.7 to 109.22 was entirely within volcanic rock and contained 3-5% pyrite. This zone was a strong fault that was difficult to drill through. The target zone correlates with the pyritic breccia zone at 67.15 meters.

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.

The overall objective of the drill program is to extend the Main Zone to the southeast and at depth, and to test altered zones that border and parallel the Main Zone.

Map of Mineralized Zones at the Brett Project

.To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3028/227343_d39b069ef436cb24_003full.jpg

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.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3028/227343_d39b069ef436cb24_004full.jpg

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 1XM 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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/227343

FAQ

What is the latest update on Ximen Mining Corp's (XXMMF) drilling program at the Brett gold project?

Ximen Mining Corp has completed hole 4 (B24-04) of its ongoing drill program at the Brett epithermal gold project near Vernon, BC. The hole intersected four sections of feldspar-hornblende porphyry dike and four clay-pyrite altered sections, including a significant 5.18m zone with 2% disseminated pyrite.

What were the key findings in hole B24-04 of Ximen Mining Corp's (XXMMF) Brett project?

Key findings in hole B24-04 include four clay-pyrite altered sections, with the most significant being a 5.18m zone with 2% disseminated pyrite. Additionally, a silicified fault breccia with 7% fine pyrite was discovered from 67.15 to 68.0 meters, potentially indicating high-grade mineralization.

What are the historical gold grades reported from the Brett project owned by Ximen Mining Corp (XXMMF)?

A historical 291-tonne surface bulk sample from the Brett project averaged 27.74 grams per tonne gold and 63.7 grams per tonne silver. Additionally, the current drilling program is following up on a historic intercept of 62.06 g/t Au in hole B87-42.

What are the objectives of Ximen Mining Corp's (XXMMF) current drilling program at the Brett project?

The overall objective of Ximen Mining Corp's current drilling program at the Brett project is to extend the Main Zone to the southeast and at depth, and to test altered zones that border and parallel the Main Zone.