Ximen Mining Identifies Geophysical Gold and Copper Targets at The Bud-Elk Project
Ximen Mining Corp (OTCQB: XXMMF) has completed a VTEM geophysical survey over its Providence and Bud-Elk properties in southeastern BC, identifying potential targets for gold and copper mineralization. The survey revealed significant magnetic and conductive features associated with known mineral deposits, including historic mines. High magnetic responses suggest areas of interest for further exploration, with the company holding permits for up to 14,000 meters of drilling. The results warrant follow-up investigations, enhancing the prospectivity of the properties.
- Completion of a VTEM geophysical survey, identifying significant targets for gold and copper mineralization.
- High magnetic responses indicate promising areas for further exploration.
- Exploration permits in place for up to 14,000 meters of drilling across the properties.
- No results available for the eastern survey area due to interference from power lines.
Greenwood BC
VANCOUVER, BC / ACCESSWIRE / March 22, 2022 / Ximen Mining Corp. (TSXV:XIM)(FRA:1XMA)(OTCQB:XXMMF) (the "Company" or "Ximen") announces that it has completed an initial review and target selection based on the VTEM geophysical survey of the Providence and Bud-Elk Properties, situated in the Greenwood Mining Camp in southeastern BC.
Ximen recently completed a review of the results from a helicopter VTEM survey flown over the Providence and Bud-Elk properties, located around the townsite of Greenwood in southeastern BC. The purpose of the survey was to identify magnetic and conductive features as targets for gold-copper mineralization.
Known mineralization in and around Ximen's Greenwood properties includes 24 mineral BC Minfile database occurrences of which 15 are historic mines. Mineralization can be grouped into two styles: 1) copper-gold porphyry and related skarn deposits, and 2) silver deposits in polymetallic quartz veins. Copper-gold deposits occur in the west and are covered by the Bud-Elk property. Silver deposits occur in the east and are covered by The Providence group of claims. The mineral occurrences are indicated on the accompanying figures.
GEOPHYSICAL SURVEY RESULTS
Magnetic and electromagnetic survey results were investigated considering the bedrock geology and distribution and styles of known mineral occurrences.
The total magnetic intensity results (image 2 below) show areas of very high magnetic response in the northwest, northeast and southeast. The northwest zone correlates with the Eocene Marron volcanic rocks, which are characteristically highly magnetic but generally not mineralized. In the very northeast corner of the claims, a high magnetic response correlates with a Jurassic intrusion. Just west of this is another magnetic high that is mapped as underlain by chert of the Knob Hill Complex. This area could also be underlain by a Jurassic intrusion that has not been recognized previously. The Combination mineral occurrence lies on the margin of this magnetic anomaly. In the southeast, a high magnetic response correlates in part with ultramafic rocks (serpentinite) and partly with Jurassic granodiorite. The EPU and Dynamo polymetallic vein occurrences are associated with edges of the magnetic highs.
The Motherlode copper-gold skarn deposit is located on the edge of a magnetic high that extends about 220 meters southeast from the recorded position. This anomaly is underlain by Brooklyn Formation limestone at the contact with unit Trbs (tuffaceous sandstone).
The Morrison, Buckhorn and Moreen copper-gold occurrences occur on the edges of areas of moderate magnetic intensity within the Knob Hill chert and Jurassic intrusions. These areas may reflect more magnetic intrusive bodies at depth.
The Providence, Elkhorn, Elkhorn Fr., Freemont, Don Pedro, Spotted Horse and Argo silver bearing polymetallic vein occurrences are in areas of magnetic low response. Possibly these areas were relatively distal and cooler with respect to nearby intrusions at the time of mineralization.
The Calculated Vertical Gradient magnetic map (image 3 below) shows variable pattern with many of the mineral occurrence located on the margins of areas of high gradient. These areas may reflect the contact zones of relatively magnetic bodies.
The conductivity map (image 4 below) shows a large high anomaly in the northwest that correlates with the Eocene Marron volcanic rocks. Another large high anomaly extends northwest from the Pluto and southeast to the Ah There copper-gold skarn occurrences. This anomaly coincides with mapped Quaternary sedimentary cover but beneath this is likely the margin of a Jurassic intrusion. The southeast margin of the intrusion is in contact with Brooklyn limestone at the Ah There skarn occurrence. As such, this anomaly is an excellent target for additional skarn mineralization.
The Motherlode deposit is associated with a narrow linear conductive zone about 200 meters long just south of its recorded location. This area is a target for follow-up for extension of the Motherlode deposit.
No results are available for the eastern part of the survey area around the Providence and Barbara occurrences due to interference from power lines.
Overall, the geophysical survey results correlate with the bedrock geology and new exploration targets are highlighted in specific areas for follow-up ground investigations. The Company has an exploration permit in place at the Providence and Bud-Elk properties for drilling from a total of 24 drill sites. Multiple holes can be drilled from each of the sites, so the current permits allow for a total of up to approximately 14,000 metres.
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.
Technical disclosure in this news release has been approved by Dr. Mathew Ball, P.Geo., President of the Company and a Qualified Person as defined by National Instrument 43-101,
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
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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