Ximen Mining Corp. Provides Drilling Update, Brett Gold Property, Vernon, BC
VANCOUVER, British Columbia, Nov. 5, 2014 (GLOBE NEWSWIRE) -- Ximen Mining Corp. (TSX-V:XIM) (OTCQX:XXMMF) (the "Company" or "Ximen") is pleased to announce that Ximen's 2014 work program on the Brett property has successfully identified potential for both high-grade veins and for lower grade, bulk tonnage mineralization on the property. In order to secure this emerging gold district, the property land position has been increased from the 2400 hectares held at the beginning of 2014, to over 21,000 hectares.
Ximen is presently completing a 3000 m diamond drill program on the property. Drilling is being guided, in part, by the results of the company's ground magnetic survey, the first ever done on the property, and by the results of a follow-up IP chargeability/resistivity survey. Drilling has confirmed that magnetic-low, chargeability-high anomalies tested to date are caused by intensely altered and sulfidic rocks. Multiple intercepts of such altered rock, up to 42 m in core length, have been intersected in drill holes collared over 1 km apart. In historic drilling and in limited surface outcrop, elevated gold values occur in similarly altered rocks. The company believes the rocks intersected by this years' drill program show the potential for low grade, bulk tonnage gold mineralization related to a large epithermal system.
To date, 10 holes totalling 2200 m have been drilled. The first 5 holes (1033 m) of the program tested a new high-grade vein-style target, the 490 Gold Zone. The 490 Gold Zone is located east of the Main Zone, which was the subject of most of the historic drilling on the property, and is a sub-parallel zone located 85 m into the footwall of the Main Zone. The only previous drill hole into the 490 Gold Zone is one historic drill hole that assayed 4.9 oz/t gold, or 168 g/t gold, over 1.3 m. Epithermal quartz +/- carbonate veining and breccia zones were intersected in all 5 holes drilled by Ximen in 2014. Veining is best developed in hole 14-04, where the intercept measures 4.7 m (core length). The 490 Gold Zone can be traced on surface for several hundred metres and was tested by drilling for only a 100 m strike length near the southern portion of its known strike extent. It remains open on-strike and to depth. In addition to veining, several drill holes intersected intervals of strong silica-flooding within more permeable tuffaceous units. In historic drilling, similar zones of silicification near the Main Zone host gold mineralization. The balance of the assays from Holes 1 to 5 are pending. Once received they will be compiled and released, representing one of the many vein targets on the property. This one, located subparallel to the Main Zone, is known as the 490 Gold Zone.
To view an image of the 490 Gold Zone intersected, please visit: https://orders.newsfilecorp.com/files/3028/12386_ximen1enhanced.jpg
To view an image of DDH 14-01 and 14-02 Section Looking North, please visit: https://orders.newsfilecorp.com/files/3028/12386_ximen2enhanced.jpg
Hole 14-06 was drilled to test the Border Zone, another new discovery on the property. It is the first hole ever to test this target and encountered multiple zones of strong to intense silicification, brecciation and pyrite mineralization, measuring up to 28 m in core length. The size and strength of alteration encountered exceeds what accompanies known veins on the property, and suggests potential for bulk tonnage mineralization. The Border Zone straddles the boundary between the (original) Brett claims and Ximen's newly acquired Gold Star claims to the west. Strong silicification occurs in limited scattered outcrop exposed on surface, and the few surface rock samples collected returned elevated gold values including 417 ppb Au, 394 ppb Au, 204 ppb Au, 196 ppb Au and 105 ppb Au. A strong gold-silver-arsenic (plus Sb, Se, Te, Mo, Hg) anomaly was defined by Ximen's recent soil geochemical survey over the area, and remains open to the west. The Border Zone was also defined as a magnetic low anomaly on the company's recent ground magnetometer survey. This mag low anomaly similarly remains open to the west. Assays from hole 14-06 are pending.
To view an image of Cross Section DDH 14-06, please visit: https://orders.newsfilecorp.com/files/3028/12386_ximen3enhanced.jpg
To view an image of Border Zone intersected in hole 14-06, please visit: https://orders.newsfilecorp.com/files/3028/12386_ximen4enhanced.jpg
To view this image, please visit: https://orders.newsfilecorp.com/files/3028/12386_ximen5enhanced.jpg
Based on the success of Hole 14-06, the drill was moved 1 km to the northeast, to a zone of strong chargeability within the large magnetic low anomaly defined by the 2014 ground magnetic survey. Three holes were drilled from one set-up, several hundred metres west of the Gossan Zone. Intensely silicified and pyritic rock is exposed on surface at the Gossan Zone and elevated gold values, plus anomalous epithermal pathfinder elements, have been returned from surface rock samples. As with hole 14-06, multiple zones of strong to intense silicification, brecciation and pyrite mineralization, up to 42 m in core length, were intersected in drilling. As above, assays are pending.
To view an image of Cross Section DDH 14-08, -09, -10, please visit: https://orders.newsfilecorp.com/files/3028/12386_ximen6enhanced.jpg
To view this image, please visit: https://orders.newsfilecorp.com/files/3028/12386_ximen7enhanced.jpg
Ximen is extremely encouraged by the initial work completed to date within a small quadrant of its current land holdings that now make a new emerging gold district. The results of the 2014 drill program have demonstrated that the property contains a very large, strong epithermal system and has potential for both high-grade veins and for low-grade, bulk tonnage gold mineralization.
Patrick Forseille, P.Geo., a Qualified Person as defined by NI 43-101, is responsible for the technical information contained in this release.
On behalf of the Board of Directors,
"Christopher R. Anderson."
Christopher R. Anderson, President, CEO and Director,
Ximen Mining Corp. 604 488-3900
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.
To view this image, please visit: https://orders.newsfilecorp.com/files/3028/12386_ximen8enhanced.jpg
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.
