VANCOUVER, Sept. 22, 2014 (GLOBE NEWSWIRE) -- Ximen Mining Corp. (TSX-V:XIM) (the "Company" or "Ximen") is pleased to provide an update of diamond drilling on the company's Brett epithermal gold property in southern B.C.
Key Factors about the 490 Gold Zone and why its being tested
- The 490 Gold zone was named after one hole that was drilled below the main shear into a new structure and ran 4.9 oz or 168g/t over 1.3 meters until now this has yet to be followed up.
- Gold Grade is exceptional and may be indicating an elevation control for gold at a deeper level then ever previously tested on the property
- This is a new structural model as defined from Ximen's recent mapping completed in 2014
- These four holes if successful will define the size potential of a significant new gold zone the 490 Gold breccia zone.
- This recently mapped Dyke is associated to the mineralization and can be trace at surface over several 100's of meters.
- There seems to be a close spatial association with Amethyst altered dykes and gold mineralization on the property.
The first 4 holes of the 3000 m minimum drill program are testing a mineralized zone 50-100 m east of, and in the footwall to, the historically drilled Main Shear Zone. Drilling is HQ sized core, where possible, with reduction to NQ2 sized when rock conditions necessitate.
The 490 Gold Zone, which is the target of these first 4 holes, was discovered by a single deep historic diamond drill hole by a previous operator. While most of the historic drill holes on the property were relatively shallow holes that stopped when they had reached their target, hole 04-12 drilled much further into the footwall of the Main Shear Zone than most other holes. It intersected a structurally-controlled zone of quartz-carbonate breccia, 85 m into the Main Shear footwall, which returned 4.9 oz or 168g/t over 1.3 meters. In hole 04-12, the breccia zone is cut by an amethyst-bearing, altered, feldspar-porphyry dyke and is best developed on the western contact of the dyke. Until the current drill program, this hole remained the only hole drilled into this area.
The first hole of the Ximen's 2014 drill program was designed to intersect the 490 Gold Zone at a vertical depth of 120 m below surface, with in 10m of the historic high grade drill intercept. Drill hole 14-01 is now complete. At the target depth, along the eastern contact of the amethyst-bearing dyke which has association to gold elsewhere on the property, drilling intersected 2.65 m of fault gouge, rubble and quartz-carbonate breccia. This breccia zone is visually similar to the high-grade gold intersection in the single historic drill hole that tested this zone and ran 4.9 oz or 168g/t over 1.3 meters. Core logging and sampling of hole 14-01 is complete and samples have been submitted for analysis.
"We are extremely pleased to have a highly experienced and confident exploration team working on Brett Property. Hole 14-01 was targeted and successfully completed as modelled. We believe this exciting new program on the Brett, the first comprehensive program on the property in 10 years, will begin to validate our teams belief of a District Scale potential at the Brett."
Drilling is underway on hole 14-02, a steeper hole from the same site as 14-01, which will test the zone 50 m down-dip from the 14-01 intercept.
To view an enhanced version of Cross Section Looking North, please visit: http://orders.newsfilecorp.com/files/3028/11775_ximen2.jpg
Previously only one hole drilled #04-12 - ran 4.9 oz or 168g/t over 1.3 meters ( 490 Gold Zone)
Ximen's hole just completed #14-01 intersection sent for sampling 2.65 meters (490 Gold Zone)
Holes 14-03 and 14-04 will test the 490 Gold Zone 50 m on-strike to the south and north, respectively, from the hole 14-01 intercept. These 4 holes will provide details to better understand the geometry and extent of mineralization on this exciting, under-explored target on the Brett property.
To view an enhanced version of Plan View, Drill Holes 14-01 to 14-04 please visit: http://orders.newsfilecorp.com/files/3028/11775_ximen4.jpg
Patrick Forseille, P. Geo., a Qualified Person as defined by NI 43-101 is responsible for the technical information contained in this release.
Highlights of 2014 Summer Work Program
- Company's results indicate District Scale potential similar to the Republic Gold District in Washington State.
- Ximen has increased land package from 2250 To 21,000 hectares
- 1.1km x 1.1km magnetic low feature discovered still open to the north , coinciding with an IP survey produced two strong prominent chargeability anomaly that come together in the south near the know mineralization to create a chargeability anomaly that exceeds one kilometre in width.
- Numerous gold targets with potential for both high-grade veins and for larger lower grade bulk mineralization.
Non Brokered Financing
Ximen Mining Corp. has arranged a non-brokered private placement of two million units at a price of 30 cents per unit for gross proceeds of $600,000. Each unit will comprise one common share and one full share purchase warrant that may be exercised for a period of two years at a price of 40 cents per share. Closing of this placement is conditional upon the approval of the TSX Venture Exchange. Certain insiders may sell a portion of their stock to participate in this financing.
About Ximen Mining Corp.
Ximen Mining Corp. owns 100 percent interest in its two projects, Gold Drop Project and Brett Gold Project located in southern British Columbia. Ximen is a publicly listed company trading on the TSX Venture Exchange under the symbol XIM, and is listed on the Frankfurt, Munich, and Berlin Stock Exchanges in Germany under the symbol 1XM and WKN number is A1W2EG as well in the USA on the OTCQX under the symbol XXMMF.
On behalf of the Board of Directors,
"Christopher R. Anderson."
Christopher R. Anderson, President, CEO and Director,
Ximen Mining Corp. 604 488-3900
This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include exploitation and exploration successes, continued availability of financing, and general economic, market or business conditions.
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.