Ximen to Drill Amelia Gold Property

Rhea-AI Summary

Ximen Mining Corp (OTCQB: XXMMF) announced plans to initiate drilling at its Amelia gold property near Greenwood, BC, with an area of 3,425 hectares. The company controls over 21,450 hectares in the Greenwood Mining Camp. The drilling permit allows for up to 11,400 meters this year, with initial tests below the historic Cariboo-Amelia gold mine, which previously produced 81,602 ounces of gold. Assays show gold grades up to 103 grams per tonne. The press release emphasizes the need to verify the historical data mentioned.

Positive

• Planned drilling at Amelia gold property with 38 drill sites, allowing for 11,400 meters of drilling this year.
• Historical production includes 81,602 ounces of gold, indicating strong potential.
• High assay results of up to 103 grams per tonne gold from grab samples, suggesting valuable mineralization.

Negative

• Historical records mentioned have not been verified by a Qualified Person.
• Potential risk if TSX Venture Exchange does not approve the proposed drilling in a timely manner.

VANCOUVER, BC / ACCESSWIRE / June 9, 2022 / Ximen Mining Corp. (TSXV:XIM) (FRA:1XMA) (OTCQB:XXMMF) (the "Company" or "Ximen") announces that drilling is planned to start this month at its Amelia gold property near Greenwood in southern British Columbia.

Ximen now controls over 21,450 hectares of mineral properties in the Greenwood Mining Camp. The Amelia gold property is located west of Rock Creek and consist of 3,425 hectares of claims surrounding the historic Cariboo-Amelia gold mine (see figure below). Historic production was 81,602 ounces of gold, 32,439 ounces of silver, 113,302 pounds of lead and 198,140 pounds of zinc. The average recovered gold grade was 24.68 grams per tonne gold.

Map of Amelia Gold property showing mineral occurrences and major gold-quartz veins.

Photo of historic Amelia mine head frame on Cariboo quartz vein.

The Amelia drill permit is for a total of 38 drill sites, with 19 sites approved for the first year. Multiple holes can be drilled from each of the sites, so the permit allows for approximately 11,400 meters to be drilled this year. Drill holes are planned initially to test at depth below the mine, followed by testing for an extension of the veins to the east.

Perspective view of the 3D model for the historic Cariboo-Amelia mine showing the vein models (red) and planned drill holes.

Assays up to 103 grams per tonne gold were obtained by Ximen for grab samples of mineralized vein material from the historic mine area (news release dated Oct. 22, 2020).

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:
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.

View source version on accesswire.com:
https://www.accesswire.com/704428/Ximen-to-Drill-Amelia-Gold-Property

FAQ

What are the drilling plans for Ximen Mining Corp's Amelia gold property?

Ximen Mining Corp plans to begin drilling at the Amelia gold property this month, with a permit for 38 drill sites allowing approximately 11,400 meters of drilling in the first year.

What is the historical gold production from the Amelia gold mine?

The Amelia gold mine has a historical production record of 81,602 ounces of gold, along with silver, lead, and zinc extraction.

What is the significance of the assay results for Ximen Mining Corp?

The assay results for grab samples from the historic mine area showed values up to 103 grams per tonne gold, indicating strong potential for valuable mineralization.

What is the size of Ximen Mining Corp's mineral properties?

Ximen Mining Corp controls over 21,450 hectares of mineral properties in the Greenwood Mining Camp, including the Amelia gold property.

Are the historical records for the Amelia gold property verified?

No, the historical records referred to in the press release have been examined but not verified by a Qualified Person, and further work is required.