Ximen Mining Corp (CVE:XIM) (OTCMKTS:XXMMF) told investors it plans to extract a bulk sample this year from the formerly producing Kenville gold mine and carry out diamond drill exploration at its Brett epithermal gold property - both in British Columbia.
Kenville, acquired by the firm last year, in the West Kootenay region, has reportedly produced 65,236 oz gold from 158,842 tonnes processed, and 27,686 ounces of silver intermittently between 1889 and 1956.
READ: Ximen Mining outlines 2020 exploration plans for Amelia gold mine project; closes C$140,550 placing
Ximen wants to develop a new 1,200-metre decline and do underground drilling. Once this is underway, it will extract a bulk sample for offsite processing, the firm said in today's statement.
The previous workings have an estimated 360,000-plus troy ounces of gold based upon a historical NI 43 101.
Meanwhile, at Brett, which was acquired by Ximen in 2014, has a history of surface exploration drilling, surveys and underground. Bonanza high-grade and bulk low-grade types of gold mineralization have been identified on surface and in previous drill holes.
Bulk sample processed
A 291-tonne bulk sample was processed with a recovered grade of 27.7 grams of gold per tonne.
"In 2019, Ximen initiated a permit to extend the underground workings and do diamond drilling to further define the main zone and explore parallel zones. This program is expected to be started this year," the firm said in the statement.
Also on Wednesday, Ximen revealed it has hired Laurentian Bank Securities Inc to act as strategic financial advisors and to assist the Company to source capital and evaluate potential merger and acquisition opportunities.
Shares added over 15% to C$0.42 in Toronto.
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