logo-loader
viewXimen Mining Corp

Ximen Mining to buy two properties close to its Kenville gold mine in BC

The Stewart and Rozan properties lie close to its Kenville gold mine and consist of 60 mineral claims covering 7,739 hectares

Ximen Mining Corp -
Ximen has an acquisition option on the Kenville mine, which produced 65,236 ounces of gold, and 27,686 ounces of silver between 1889 and 1956

Ximen Mining Corp (CVE:XIM) (OTCMKTS:XXMMF) revealed it is to acquire two properties from Emgold Mining Corp, which are close to its Kenville gold mine in British Columbia. 

The Stewart and Rozan properties lie close to Ximen's Kenville gold mine and consist of 60 mineral claims covering a total of 7,739 hectares, the firm said in a statement. 

Ximen has an acquisition option on the Kenville mine, which produced 65,236 ounces of gold, and 27,686 ounces of silver between 1889 and 1956, and it wants to bring it back to life to establish a high-grade, 20-year, producing gold mine, while concurrently exploring the limits of the reserve.

Rozan spans 1,950 hectares and comprises 32 claims. It lies 8 kilometers southeast of Kenville.

Emgold has previously completed 18 diamonds holes, totaling 1,906.8 metres that resulted in a number of significant gold intercepts, it said.

Meanwhile, Stewart is a 5,789-hectare property comprised of 28 claims, which lies 20 km south of the Kenville project and has been explored for gold, molybdenum, base metals and tungsten and has known occurrences of gold, silver, molybdenum, and tungsten.

A total of 103 diamond drill holes totaling 13,737 metres have been sunk there, most of which targeted moly and tungsten.

Significant intercepts were obtained for moly and gold and potential exists for high-grade vein and disseminated gold deposits, and for base metal deposits, said Ximen.

The terms of the acquisition included that Ximen will pay C$100,000 to Emgold at closing, along with 1.275 million Ximen shares.

In addition, it will issue 1.275 million share purchase warrants to Emgold at closing, which allow it to buy Ximen shares at C$0.45 each, exercisable for three years, increasing to C$0.55 per unit and exercisable in years four and five.

The transaction is subject to TSX Venture Exchange approval.

Shares were unchanged at C$0.44 on the day.

Contact the author at [email protected]

Quick facts: Ximen Mining Corp

Price: 0.38 CAD

TSX-V:XIM
Market: TSX-V
Market Cap: $18.94 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Ximen Mining Corp named herein, including the promotion by the Company of Ximen Mining Corp in any Content on the Site, the Company receives...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

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