Proactive Investors - Run By Investors For Investors

Ximen Mining eyeing busy year of exploration at its British Columbia properties

In Tuesday's statement, the Vancouver-based company also said it had closed the previously announced flow through placing
Gold pour
The Kenville mine was first discovered in 1888 and mined intermittently until 1954

Ximen Mining Corp (CVE:XIM) (OTCMKTS:XXMMF) is looking at a busy year of exploration in 2019 as it revealed it has programs underway on multiple properties.

In Tuesday's statement, the  Vancouver-based company also said it had closed the previously announced flow through placing at $0.60 per share for gross proceeds of $405,000 for exploration at its British Columbia (BC) properties.

READ: Ximen Mining adds former producing British Columbia gold mine to portfolio

Concerning the recently announced deal to acquire the Kenville gold mine near Nelson, BC, the group is planning to compile details of historic work in a bid to define targets for possible trial mining.

The Kenville mine was first discovered in 1888 and mined intermittently until 1954 . It was the first hard rock gold mine in British Columbia, with recorded production of 2,029 kilograms (kg) of gold, 861 kg of silver, 23.5 tonnes of lead, 15 tonnes of zinc, 1.6 tonnes of copper and 37kg of cadmium from 181,395 tonnes processed.

Ximen on Tuesday also said that at its Brett property, also in British Columbia, it will apply this month to extend the historic mine drift along the trend of the Main Zone and conduct underground drilling.

A 291 tonne bulk sample was previously mined from the Main Zone, from which the average grade from the smelter was 27.74 g/t (grams per ton) gold and 63.7 g/t silver.
Ximen is also kicking off field work to generate targets at the recently acquired Providence property of 12,900 hectares near Greenwood, British Columbia.

This property surrounds the Gold Drop property, where GGX Gold Corp (CVE: GGX). is currently diamond drilling under an option agreement.

Providence covers 11 known mineral occurrences including the historic past producing Providence mine that produced 183 kilograms of gold, 42,552 kilograms of silver, 183 tonnes of lead, 118 tonnes of zinc from 10,426 tonned mined.

Generating targets

Geological reconnaissance and rock sampling are planned to further investigate the historic mine dumps initially identified. Soil geochemistry and trenching is then planned to generate drill targets.

For Kenville, Ximen entered into an option agreement with Don Althen, an arm’s length individual to the company, enabling the company to purchase all of Althen’s interest in the property.

It will pay Althen a total of 1.4 million shares and around nearly C$1.7 million in cash and debt settlements.

The Kenville property was the first underground lode gold mine in British Columbia, and was once the largest producer in the Nelson mining camp, according to the company.

There have been multiple new targets and veins discovered recently.

Contact Giles at [email protected]

Follow him on Twitter@Gile74

View full XIM profile View Profile

Ximen Mining Corp Timeline

Related Articles

Drilling work at Cinovec
April 29 2019
Here we take a deep dive into the mechanics of European Metals Holdings PLC (LON:EMH) (ASX:EMH), which in the Cinovec project has a tiger by the tail
Lake Way in Western Australia's Goldfields
February 01 2019
The company expects to spend up to $5.5 million this quarter as it advances a sulphate of potash agenda.
Gold  nuggets
January 28 2019
Maverix’s sole aim is to deliver shareholder returns through building an attractive precious metals royalty and streaming portfolio
Copyright © Proactiveinvestors.com, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use