Ximen Mining Corp One Step Closer to Start of Development at Kenville Gold Mine - Nelson BC

Rhea-AI Summary

Ximen Mining Corp (TSXV: XIM, OTC: XXMMF) has reported progress at its Kenville Gold Mine project near Nelson, BC. The company successfully completed an Archaeological Impact Assessment with no significant findings, and finished geological logging of two groundwater monitoring wells. The wells, drilled to depths of 100.0 and 47.0 meters, revealed dark grey diorite with a minor mafic dike and one mineralized quartz vein. The company is now finalizing engineering design for a culvert crossing at Fisherman Road, which is required before underground mine development can begin.

Positive

• Archaeological Impact Assessment completed successfully with no issues
• Completion of required groundwater monitoring wells
• Discovery of mineralized quartz vein with pyrite and chalcopyrite in monitoring well

Negative

• None.

Vancouver, British Columbia--(Newsfile Corp. - November 27, 2024) - Ximen Mining Corp. (TSXV: XIM) (FSE: 1XM) (OTC: XXMMF) (the "Company" or "Ximen") is pleased to provide this update on activities at its Kenville Gold Mine project near Nelson in southeastern BC.

Photo of geological team logging drill core from monitoring wells at Kenville

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"We are highly encouraged by the recent developments at the Kenville Gold Mine," stated Christopher R. Anderson, President, CEO, and Director of Ximen Mining Corp. "The completion of the Archaeological Impact Assessment with no significant findings is a pivotal step forward. Additionally, the completion of geological logging of drill core from the recently completed groundwater monitoring wells has provided additional valuable insights as well. These two key accomplishments bring us one step closer to closing off final conditions in our permit and starting underground development. We are currently now proceeding to finalize the completion of the engineering design for a culvert crossing at Fisherman Road."

Photo of personnel at Kenville mine portal

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The Company reports that an Archaeological Impact Assessment (AIA) for a proposed construction site was recently completed successfully with no archaeological sites identified. The AIA involved excavation of five test pits over approximately 25 meters for a planned stream diversion involving an excavated channel. The next step is an engineering design for a culvert crossing Fisherman Road and the channel, which will be sent to the BC Ministry of Transportation and Infrastructure for approval before construction can proceed. The diversion is required to be in place before starting the mine development.

The Company also recently completed geological logging of drill core from two groundwater monitoring wells drilled earlier this fall, which were required to be installed prior to starting the mine development. The pair of groundwater monitoring wells include one deep well and one shallow well. Hole 1 was drilled to 100.0 meters depth and Hole 2 was drilled to 47.0 meters depth. The wells have been capped and equipped for monitoring. Both holes were drilled into dark grey, massive to locally foliated, medium grained, equigranular diorite of the Eagle Plutonic Complex. A minor late-stage, cross-cutting mafic dike approximately 3 meters thick was also intersected near the top of the holes, which is composed of coarse grained, clinopyroxene with minor biotite. No major faults were observed in either hole. Hole 1 intersected a quartz vein (0.1 meter thick) mineralized with disseminated pyrite and chalcopyrite. A half-core sample of this vein was cut and collected for assay.

In summary, work is progressing well towards completing all engineering and environmental requirements before the underground mine construction can start.

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 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/231444

FAQ

What was the result of Ximen Mining's (XXMMF) Archaeological Impact Assessment at Kenville Gold Mine?

The Archaeological Impact Assessment was completed successfully with no archaeological sites identified in the proposed construction site area.

How deep are the groundwater monitoring wells drilled by Ximen Mining (XXMMF) at Kenville?

Ximen Mining drilled two monitoring wells: Hole 1 to 100.0 meters depth and Hole 2 to 47.0 meters depth.

What is the next step for Ximen Mining (XXMMF) before starting Kenville mine development?

The next step is completing the engineering design for a culvert crossing at Fisherman Road, which requires approval from the BC Ministry of Transportation and Infrastructure.