viewXimen Mining Corp

Ximen Mining buys more ground near its Kenville gold mine project

It struck a deal with 49er Creek Gold Corp to buy 107 mineral claims covering around 4,276 hectares

Ximen Mining Corp -
The Kenville mine reportedly produced 65,236 ounces of gold and 27,686 ounces of silver intermittently between 1889 and 1956

Ximen Mining Corp (CVE:XIM) (OTCMKTS:XXMMF) has bought more claims near its Kenville gold mine project in British Columbia. 

The Kenville mine reportedly produced 65,236 ounces of gold and 27,686 ounces of silver intermittently between 1889 and 1956. 

Ximen has now struck a deal with private company 49er Creek Gold Corp to buy its properties for cash and shares, which comprise 107 mineral claims, and eight occurrences, covering around 4,276 hectares in the Nelson mining district.

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

Four of the eight areas were past producers, including the Queen Victoria occurrence, which generated 246 ounces of gold, 20,544 ounces of silver and around 1.48 million pounds of copper.

On Wednesday this week, Ximen announced the acquisition of two properties from Emgold Mining Corp, which are also close to  Kenville. The Stewart and Rozan properties consist of 60 mineral claims covering a total of 7,739 hectares, the firm had said.

Also this month, Ximen revealed it was to buy four new properties in British Columbia from Klondike Gold Corp (CVE:KG), including two past producers.

One of the sites - the Ron gold (Nelson) property - adjoins Kenville and consists of 29 mineral claims and one crown grant covering 1,176 hectares.

On today's 49er Creek Gold deal and the four past producers, Ximen said: "The Gold Hill, Good Hope and Northern Light are vein deposits and the Queen Victoria is a copper-gold skarn deposit.

It added that from 1983 to the mid-1990's, multiple exploration programs were conducted on the property, which included soil geochemical sampling, rock sampling, and geophysical surveys.

The highest assay from exploration in 1984 was 207.4 grams per tonne (g/t) gold, 168.3 g/t silver and 4.2% copper, it reported.

"Ximen believes the property holds excellent exploration potential for gold-silver veins and porphyry-related copper gold deposits."

Ximen paid 49er Creek C$100,000 in cash and issued 1.4 million of its shares, 700,000 of which will become free trading six months and one day after the receipt of exchange approval.

The remaining 700,000 shares will become free trading after one year and one day.

Shares of Ximen nudged up 2.2% to C$0.46 in Toronto on the day.

---Updates for share price---

Contact the author at [email protected]

Quick facts: Ximen Mining Corp

Price: 0.315 CAD

Market: TSX-V
Market Cap: $22.3 m

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on 07/29/2020

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