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Ximen Mining set to increase footprint in British Columbia with Armelia gold mine acquisition

The land comprising 199.46 hectares, covers the historic Cariboo-Armelia gold mine

Gold pour
The average recovered gold grade was a very impressive 24.68 grams per tonne gold, according to BC Minfile

Ximen Mining Corp (CVE:XIM) (OTCMKTS:XXMMF) reveled Tuesday that it is set to bolster its footprint in southern British Columbia as it announced a deal to acquire properties in Camp McKinney near Baldy Mountain Resort.

The land comprising in all 199.46 hectares, covers the historic Cariboo-Armelia gold mine, which was British Columbia's first dividend-paying lode gold mine and the most significant producer in the camp.

It was mined intermittently from 1894 to 1962 and recovery included 81,602 ounces of gold, 32,439 ounces of silver, 113,302 pounds of lead and 198,140 pounds of zinc.

READ: Ximen Mining takes another step to acquire British Columbia gold mine

The average recovered gold grade was a very impressive 24.68 grams per tonne (g/t) gold, according to BC Minfile, Ximen told investors.

To buy 100% interest in the properties, Ximen will issue 212,888 shares on TSX approval.

The acquisition, said Ximen in  a regulatory release, includes the original Cariboo-Amelia Crown-granted claims: Molson, Paragon, Burley No 1, Edward VII, Wonder Y, Last Chance, Fontenoy, Emma, Alice, Cariboo, Amelia, Okanagan, Maple Leaf, Sawtooth, and Wiarton.

The properties Maple Leaf & Wiarton also include the surface rights as originally granted.

Busy spell

It's been a busy spell for Ximen.

Last month, it updated its plan to buy an option to acquire the Kenville gold mine, a formerly producing project in British Columbia. The mine, near Nelson, British Columbia was first discovered in 1888 and mined intermittently until 1954, during which it produced over 2,000 kilograms of gold and 861 kilograms of silver.

And last week, the group told investors that a new exploration program has begun at the company’s Treasure Mountain Silver Property in British Columbia.

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.

Contact Giles at [email protected]

Follow him on Twitter@Gile74

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Price: 0.36 CAD

TSX-V:XIM
Market: TSX-V
Market Cap: $12.6 m
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Ximen Mining preparing for summer drill program at Kenville Gold Mine in...

Ximen Mining (CVE:XIM) President and CEO Chris Anderson sat down with Steve Darling from Proactive Investors Vancouver to share news the company is embarking on their summer drilling program at the historic Kenville Gold Mine. Anderson talked about how much they plan on drilling and the...

on 07/04/2019

2 min read