Ximen Mining Corp Completes 2024 Drill Program at Its 100% Owned Brett Epithermal Gold Property - Vernon BC

Rhea-AI Summary

Ximen Mining Corp (TSXV: XIM) has completed its 2024 drill program at the Brett epithermal gold project near Vernon, BC. The final hole, B24-08, was drilled northwest to test the West Zone alteration, intersecting multiple zones of intense clay-silica alteration with clay-gouge faults and silica-pyrite mineralization. The program completed 1,356.5 meters of drilling, with a shift in focus to the West Zone following the discovery of visible gold in hole 7. The Brett project covers 20,043 hectares of low-sulfidation epithermal-style gold mineralization, with historical bulk samples averaging 27.74 g/t gold and 63.7 g/t silver.

Positive

• Historical bulk sample yielded high-grade results of 27.74 g/t gold and 63.7 g/t silver
• Discovery of visible gold mineralization in hole 7
• Multiple mineralization zones identified over two-kilometer strike length
• Successful completion of 1,356.5-meter drill program

Negative

• Current drilling results pending analysis and verification
• Program scope by approaching winter conditions

Vancouver, British Columbia--(Newsfile Corp. - November 14, 2024) - Ximen Mining Corp. (TSXV: XIM) (FSE: 1XM) (OTC: XXMMF) (the "Company" or "Ximen") announces it has completed hole 8 and is concluding its drill program at the Brett epithermal gold project near Vernon in southern BC.

Photo of Ximen's drill rig at hole B24-08 on the Brett Epithermal Gold Property

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Hole B24-08 was drilled from the same collar location as holes 5, 6 and 7 but was drilled to the northwest to test the extent of the West Zone alteration zone (see Figure 1). The hole passed approximately 100 meters along strike northwest of the visible gold intercept in hole 7.

Figure 1. Plan view of hole B24-08 (left) and cross-section (right)
Hole was drilled to test the extent of the West Zone alteration towards the west

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Hole B24-08 intersected volcanic rocks throughout the hole, including massive basalt, basalt breccia and ash and lapilli tuff. An oxidized leached zone of argillic alteration was intersected from the top of bedrock at 4.5 meters to 8.3 meters depth. Multiple zones of intense clay-silica alteration with clay-gouge faults and silica-pyrite mineralization in veinlets and as breccia matrix were intersected, totalling 68.3 meters or 35% of the hole. The breccia is characterized in places by wavy and circular concentric bands of silica and pyrite (see pictures below) and is interpreted to be a highly altered volcanic breccia.

Photos of silica-pyrite alteration and breccia in core from hole B24-08

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The initial oxidized zone intersected in hole B24-08 correlates with weathered and argillic altered volcanic rocks in the tops of holes 5, 6 and 7. The underlying extensive zones of intense hydrothermal alteration and silica-pyrite veining and breccia appear to be characteristic of the West Zone. Hole 8 further demonstrates that the West Zone is a major alteration zone containing all the typical features of gold-bearing zones at the Brett property.

Map showing the location of Mineralized Zones at the Brett Project

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Hole 8 completes the 2024 drill program at the Brett property, with a total of 1,356.5 meters having been drilled. The drilling equipment will be demobilized before winter conditions set in, and core cutting and sampling will continue at the site. The initial objective of the drill program was to extend the Main Zone to the southeast and at depth, and to test altered zones that border and parallel the Main Zone. Recognition of extensive alteration and the discovery of visible gold mineralization in hole 7 in the West Zone shifted the focus for 2024 to this zone.

The Brett project (20,043 hectares) covers low-sulfidation epithermal-style gold mineralization hosted in Eocene Penticton Group volcanic rocks. Epithermal-style gold mineralization was discovered in 1983, and a 291 tonne surface bulk sample was shipped to the smelter at Trail, BC in the 1990's that averaged 27.74 grams per tonne gold and 63.7 grams per tonne silver (Brett 2017 NI 43-101 report). Multiple zones of mineralization occur over a two kilometer strike, including both bulk-mineable and bonanza high grade styles. Ximen conducted LiDAR and airborne magnetic surveys over parts of the Brett property in 2022.

Readers are cautioned that historical records referred to in this News Release have been examined but not verified by a Qualified Person. Further work is required to verify that historical records referred to in this News Release are accurate.

Dr. Mathew Ball, P.Geo., VP Exploration for Ximen Mining Corp. and a Qualified Person as defined by NI 43-101, approved the technical information contained in this News Release.

On behalf of the Board of Directors,

"Christopher R. Anderson"

Christopher R. Anderson,
President, CEO and Director
604 488-3900

Investor Relations: 604-488-3900, ir@XimenMiningCorp.com

About Ximen Mining Corp.

Ximen Mining Corp. owns 100% interest in three of its precious metal projects located in southern BC. Ximen`s two Gold projects, The Amelia Gold Mine and The Brett Epithermal Gold Project. Ximen also owns the Treasure Mountain Silver Project adjacent to the past producing Huldra Silver Mine. Currently, the Treasure Mountain Silver Project is under an option agreement. The option partner is making annual staged cash and stocks payments as well as funding the development of the project. The company has also acquired control of the Kenville Gold mine near Nelson British Columbia which comes with surface and underground rights, buildings and equipment. Ximen is a publicly listed company trading on the TSX Venture Exchange under the symbol XIM, in the USA under the symbol XXMMF, and in Frankfurt, Munich, and Berlin Stock Exchanges in Germany under the symbol 1XM and WKN with the number as A2JBKL.

This press release contains certain "forward-looking statements" within the meaning of Canadian securities This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, including statements regarding the receipt of TSX Venture Exchange approval and the exercise of the Option by Ximen. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective," "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include the possibility that the TSX Venture Exchange may not accept the proposed transaction in a timely manner, if at all. The reader is urged to refer to the Company's reports, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Ximen Mining Corp
888 Dunsmuir Street - Suite 888, Vancouver, B.C., V6C 3K4 Tel: 604-488-3900

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/229830

FAQ

What were the results of Ximen Mining's (XXMMF) 2024 Brett property drill program?

The program completed 1,356.5 meters of drilling, with hole B24-08 intersecting multiple zones of intense clay-silica alteration and silica-pyrite mineralization. Final assay results are pending.

What historical gold grades were reported at Ximen Mining's (XXMMF) Brett property?

A historical 291-tonne bulk sample from the 1990s averaged 27.74 grams per tonne gold and 63.7 grams per tonne silver.

How many meters did Ximen Mining (XXMMF) drill in their 2024 Brett property program?

Ximen Mining completed 1,356.5 meters of drilling in their 2024 Brett property program.