Ximen Mining Corp (CVE:XIM) (OTCMKTS:XXMMF) noted Thursday that its optionee GGX Gold Corp (CVE:GGX) (OTCMKTS:GGXXF) had hit mineralization in its drill test of the so-called Stargate II geophysical anomaly at the Gold Drop project in British Columbia.
As reported previously, the structure was identified by air by Earth Science Services Corporation of Oshawa, Ontario (ESSCO) and is interpreted to be a pipe-like structure that measures 1,834 metres (m) by 1,377 m in width.
As at October 19, the hole had reached 658 m depth, GGX reported, and after the first few hundred meters, mineralization was hit.
At approximately 479 m depth, magnetite mineralization appears in the form of fine disseminations and millimeter-scale veinlets, said the firm.
Magnetite mineralization continues intermittently to at least 577 m depth, while visible sulphide mineralization has not been identified in association with the magnetite, it added.
This magnetite mineralization could be the source of the geophysical anomaly, said GGX.
"Further investigations will be carried out, including geochemical analyses of the core and petrographic studies."
Contact the author at [email protected]