VANCOUVER, British Columbia, Feb. 27, 2014 (GLOBE NEWSWIRE) -- Ximen Mining Corp. (TSX-V:XIM) (the "Company" or "Ximen") is pleased to announce an update on its 100% owned Brett Gold Project situated in the North Okanagan region of Southwest British Columbia approximately 29 kilometers West of Vernon.
The Vendor of the property, Running Fox Resource Corp. currently holds an approved, multi-year, area-based Notice of Work permit from the Ministry of Energy and Mines for surface exploration on the Brett property. The permit covers excavator trenching and diamond drilling (22 drill sites and up to 35 drill holes). This permit is valid until September 17, 2016 and is transferrable to Ximen Mining Corp. Ximen has initiated the process of transferring the exploration permit into the company's name.
The Brett Gold Property
One of the largest Gold Bearing Epithermal systems in southern British Columbia
which has produced multiple bonanza grade drill hole results.
To date, the Main Shear Zone has been traced for a strike length of over 1300 meters and down dip to a depth of 150 meters (possibly as deep as 500 meters, based on a single hole drilled on the neighboring property) and is open in on-strike and down dip. Based on the review of all available data, the Brett property hosts epithermal style gold mineralization containing coarse gold and has excellent potential of hosting an economically viable gold deposit.
The last drill program on and around the Main Shear zone at the Brett was in late 2004 and produced Visible Gold in 15 of the 17 holes drilled. Five shears zones have been identified on the property through drilling and perhaps up to an additional 15 more shear zones traced via surface work. Ximen has been working over the last few weeks gathering all of the historic data on the property, and compiling this information into an up-to-date digital database. Previous work includes in excess of 12,000 m of diamond drilling (128 holes) and almost 3000 m (53 holes) of rc drilling. Once the database is completed over the next few weeks and all of the previous information can be analyzed and interpreted, the company will have a better understanding of the nature of the epithermal system and will then be in a position to produce an execution plan for the 2014 season.
In 1996 a small (291 tonne) bulk sample, from the RW vein and Main Shear Zone, was shipped to Trail and returned an average grade 27.74 gms Au/tonne and 63.7 gms Ag /tonne. The Gold price at the time was approximately $380.00 / ounce.
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Work was stopped in late 1996 and the property was tied up in litigation for several years.
The land package that has been assembled is over 2,700 hectares and is located in proximity to several mills, in particular, Kinross' Kettle River Operations mill which is currently operating at about half capacity and looking for additional feed.
Patrick Forseille, P. Geo., a Qualified Person as defined by NI 43-101 is responsible for the technical information contained in this release.
XIMEN MINING CORP.
Per: "On behalf of the board"
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.
Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
CONTACT: For more information, please contact: Ximen Mining Corp. 604-488-3900Source:Ximen Mining Corp.