Ximen Mining Corp Drilling Update: Brett Epithermal Gold Project - Vernon BC
Rhea-AI Summary
Ximen Mining Corp (TSXV: XIM) has provided an update on hole 2 of its current drill program at the Brett epithermal gold project near Vernon, BC. Hole B24-02 was drilled to test down dip of a previous intercept in hole 04-06, which reported 11.35 g/t gold over 1.3 meters. The new hole encountered alternating units of volcanic flow and breccia, followed by bedded tuff and more volcanic flow.
Several intensely clay-silica altered zones with abundant pyrite mineralization and fault gouge were intersected, totaling 18.34 meters or 16% of the hole length. The altered zones are related to the Main Zone, with minor amethystine quartz occurring in the last meter correlating with the target intercept in Hole B04-06.
The Brett project covers 20,043 hectares of low-sulfidation epithermal-style gold mineralization. The project's objective is to extend the Main Zone to the southeast and at depth, and to test for extensions to the New Discovery Zone.
Positive
- Encountered several intensely clay-silica altered zones with abundant pyrite mineralization
- Altered zones total 18.34 meters, representing 16% of the hole length
- Minor amethystine quartz found correlating with target intercept from previous drilling
- Brett project covers a large area of 20,043 hectares with multiple mineralized zones
Negative
- No porphyry dike intersected, indicating the hole may have missed the Main Zone
- Results are preliminary and require further verification
News Market Reaction
On the day this news was published, XXMMF declined 8.75%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Vancouver, British Columbia--(Newsfile Corp. - October 10, 2024) - Ximen Mining Corp. (TSXV: XIM) (FSE: 1XM) (OTC: XXMMF) (the "Company" or "Ximen") provides an update on hole 2 of its current drill program at the Brett epithermal gold project near Vernon in southern BC.
Photos of drill at hole B24-02
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Hole B24-02 has now been drilled from the same site as hole 1 just north of the Bonanza Zone. It was designed to test down dip of an intercept in hole 04-06, reported as 11.35 grams per tonne over a core length of 1.3 meters, hosted by volcanic tuff containing amethyst-bearing quartz calcite veinlets (see Figure 1 below).
Hole B24-02 encountered alternating units of volcanic flow and volcanic breccia to 74.67 m, then bedded tuff to 115.3 m, followed by volcanic flow with minor intervals of volcanic breccia to the end of the hole at 190.5 m. No porphyry dike was intersected, indicating that the hole may have passed just east of or beneath the Main Zone.
Figure 1. Cross Section showing trace of B24-02 targeting below intercept in B04-06
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Several intensely clay-silica altered zones with abundant pyrite mineralization and fault gouge were intersected between 37.46 and 155.12 meters. The total length of these altered intervals is 18.34 meters, amounting to
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. Interpretation, 3D modeling and target refinement were then completed in preparation for the 2024 drilling program.
The overall objective of the drill program is to extend the Main Zone to the southeast and at depth, and to test for extensions to the New Discovery Zone (located east of the Main Zone).
Map of Mineralized Zones at the Brett Project
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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
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 1XMA 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/226158
FAQ
What is the current status of Ximen Mining Corp's (XXMMF) drilling program at the Brett gold project?
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