Field exploration work is being conducted through Ximen’s option partner New Destiny Mining Corp (CVE:NED), with drilling and trenching soon to begin under the current work permit.
The Treasure Mountain Silver Property consists of 10,700 hectares of ground near the historic Treasure Mountain silver-lead-zinc mine. The property hosts at least seven gold, silver, lead, zinc or copper documented occurrences in various regions.
Some of these mineral occurrences have associated historic underground workings, according to Ximen. The property is in an area which hosts a number of porphyry copper deposits.
New Destiny has mobilized equipment and commenced the clearing of trench sites and construction of drill pads on three target areas to follow-up on previous exploration with trenching and drilling.
The current work program will consist of trenching and rock sampling in the three target areas, followed by diamond drilling in selected areas.
Targets include areas of soil and rock geochemical anomalies. One area is located in the east region of the property in the Vuich Creek area, where a recent sample returned 8.8 grams per ton (g/t) gold. Copper anomalies were also present in other samples.
Last year’s exploration work by New Destiny identified a new target area in the northeast section of the property, where rock samples from an old mine assayed 11.3 g/t gold. Another priority area is at Railroad Creek, where the company found rock geochemical anomalies for copper.
In addition to Treasure Mountain, Ximen owns 100% interest in all three of its precious metal projects located in southern BC, including two gold projects, Gold Drop and Brett.
Both the Gold Drop Project and the Treasure Mountain Silver Project are under option agreements. The option partners are making annual staged cash and stocks payments as well as funding the development of these projects.
Shares of Ximen slipped 3.9% on Monday in Toronto to sit at C$0.50.
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