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Ximen Mining starts drilling in Border Zone

Published: 05:19 10 Oct 2014 EDT

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Canadian junior Ximen Mining (CVE:XIM) has started drilling to test the Border Zone, a previously undrilled target between the Brett property and the former Gold Star property to the west.

Ximen said the hole is in an area of intense alteration, with quartz veining just west of the Main Zone.

A strong gold-silver-arsenic anomaly was defined by a recently completed soil geochemical survey over the area and elevated gold values, to 599 ppb (parts per billion) Au, 417 ppb Au and 204 ppb Au, were returned from limited rock samples.

The company added it had also increased its non-brokered private placement financing announced on 22 September.

The financing will now consist of 2.5mln units at a price of 30c per unit for gross proceeds of US$750,000. All other terms will remain the same.

A first tranche of this financing totalling around 1.39mln units has closed. Each unit consists of one common share and one share purchase warrant.

Ximen owns two projects, Gold Drop and Brett Gold, in southern British Columbia.

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