Ximen Mining Evaluating Gold Tailings at Wilcox Property - Nelson BC

Rhea-AI Summary

Ximen Mining Corp. (OTCQB: XXMMF) has initiated an exploration program to assess the gold content in tailings from the historic Wilcox gold mine in southeastern British Columbia. The project aims to evaluate a tailings deposit estimated at 3.09 grams of gold per tonne, totaling 12,387 tonnes, with the potential for 1,230 ounces of gold. A detailed survey and sampling campaign will be conducted this season, employing various techniques including auger drilling and drone photogrammetry. The historical resource estimate is not classified as current and requires further verification.

Positive

• Exploration program launched for evaluating gold in Wilcox mine tailings.
• Historical tailings deposit estimated at 3.09 grams gold per tonne.
• Potential recovery of approximately 1,230 ounces of gold from tailings.

Negative

• Historical estimates are not compliant with National Instrument 43-101.
• A qualified person has not yet classified historical estimates as current resources.

VANCOUVER, BC / ACCESSWIRE / July 13, 2021 / Ximen Mining Corp. (TSXV:XIM)(FRA:1XMA)(OTCQB:XXMMF) (the "Company" or "Ximen") is pleased to announce an exploration program to evaluate the gold content of tailings from the historic Wilcox gold mine, located near Nelson in southeastern British Columbia.

Ximen's mineral claims near Ymir cover a tailings deposit from the historic Wilcox mine, located on the north side of Ymir Creek approximately 30 kilometres southeast of Nelson, British Columbia. The Wilcox was a high-grade gold producer that processed about 14,555 tonnes between 1900 and 1940 of material from high grade gold veins situated within granodiorite of the Middle Jurassic Nelson Batholith. Ore was processed at a stamp mill located adjacent to the mine site. Mill processing in the early 1900's yielded low gold recoveries with unrecovered gold remaining in the tailings material.

Image of Joshua Hendry stamp mill similar to the mill that was used at the Wilcox mine

In 2005, the resource potential of the tailings deposit was estimated in a report titled "Wilcox Mine Tailings - Gold Resource Evaluation" by Doug Warkentin, P.Eng., of Crucible Engineering Services, Vancouver, B.C. Canada., dated September 17, 2005 (B.C. Assessment Report 27963). The average grade of the tailings deposit was estimated at 3.09 grams gold per tonne, based on assays of 65 samples collected on a grid pattern. The tonnage was estimated at 12,387 tonnes, based on depth and specific gravity measurements. The in-situ gold potential was then estimated as 1,230 ounces of gold. An average gold recovery rate of 80% was projected based on metallurgical test results available.

Map showing location of Wilcox Tailings, mineral occurrences and claims near Ymir, B.C.

This season, Ximen is planning to carry out a detailed survey and sampling program of the tailings area to better define the physiography and resource potential of the Wilcox tailings. Activities include grid surface sampling, auger drilling, high resolution drone photogrammetry, metallurgical testing, and detailed GPS surveys. The results will be used to evaluate the possibility of custom treatment to recover the gold from the tailings deposit. In addition, mine waste dumps from the Ymir mine and others will be sampled to check their precious metal content.

Note: Ximen Mining Corp., is not treating this historical estimate as current mineral resources or mineral reserves. A qualified person has not done sufficient work to classify this historic estimate as current mineral resources or mineral reserves. Ximen considers this historic mineral resource estimate to be relevant and reliant to the extent it was based upon the results of detailed sampling and metallurgical test work. The historic estimate does not use the categories of Measured, Indicated and Inferred mineral resources as defined by the Canadian Institute of Mining, Metallurgy and Petroleum and is non-compliant with National Instrument 43-101. A new sampling campaign would be required to establish a current resource estimate.

Readers are cautioned that historical information including assay results 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:
Sophy Cesar,
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.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.

SOURCE: Ximen Mining Corp.

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FAQ

What is Ximen Mining Corp. planning to evaluate at the Wilcox mine?

Ximen Mining Corp. is evaluating the gold content of tailings from the historic Wilcox gold mine.

What is the estimated gold recovery from the Wilcox mine tailings?

The estimated recovery from the Wilcox mine tailings is approximately 1,230 ounces of gold.

What methods will Ximen Mining use for the tailings evaluation?

Ximen Mining will employ grid surface sampling, auger drilling, drone photogrammetry, and metallurgical testing.

What is the average grade of the tailings deposit at the Wilcox mine?

The average grade of the tailings deposit is estimated at 3.09 grams of gold per tonne.

Is the historical estimate of gold resources at Wilcox mine verified?

The historical estimate is not currently classified as compliant and requires further verification by a qualified person.