Ximen Mining Updates Exploration Results Gold Drop Project
Advancing precious metal assets in British Columbia
January 7, 2020
TSX.V: XIM
FRA: 1XMA
OTCQB: XXMMF
Ximen Mining Updates Exploration Results Gold Drop Project
Historic Greenwood Mining Camp
Vancouver, B.C., January 7, 2020 – Ximen Mining Corp. (TSXV:XIM)
(FRA:1XMA)(OTCQB:XXMMF) (the “Company” or “Ximen”) is pleased to announce the last assay
results from 2019 obtained by its option partner GGX Gold Corp. at the Gold Drop property in the
Greenwood Mining Camp. Results are provided for the last hole drilled on the COD vein, surface
prospecting samples, and the deep drill hole that tested a large geophysical anomaly.
The last hole drilled on the COD vein, Hole COD19-49 was drilled to test the COD vein at depth
below other holes drilled in 2019. This hole intersected two quartz veined zones containing pyrite
that have elevated gold contents. The results are provided in the table below.
Hole From To Length
(m)
Gold
(g/t)
Silver
(g/t)
Tellurium
(ppm)
Description
COD19-
49
119.27 119.84 0.57 2.48 24.2 9.7 Quartz veinlets,
pyrite
COD19-
49
128.62 129.06 0.44 3.33 4.7 13.7 Quartz veinlets,
pyrite
Prospecting was done to evaluate targets for trenching and drilling in 2020. One sample assayed
55.8 grams per tonne gold, 379 grams per tonne silver and 270 ppm tellurium. This grab sample
was from a previously unknown occurrence of frost-heaved blocks of vein quartz containing
pyrite. This site is a priority for follow-up trenching.
Ximen Mining Corp News Release
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Hole AMT19-01 was a designed to test a large geophysical anomaly and was drilled to a depth of
718.8 meters (2,358 feet). The core was logged for geological features and sampled at intervals
ranging up to 3.05 meters in length. Geochemical results indicate elevated copper, zinc and iron
between 90.31 and 718.7 meters (628 meters). Copper values averaged 249 ppm Cu in 38 of 62
samples that contained 100 ppm or greater copper, with values ranging from 102 to 837 ppm Cu.
The highest copper value was for a 0.32 meter sample at 714.06 meters depth, where sulphide
mineralization (pyrrhotite and pyrite) was observed. Zinc averaged 175 ppm Zn in 48 of 62
samples containing ppm 100 or greater zinc, with values ranging from 102 to 572 ppm Zn. Iron
averaged 10.0% Fe in 48 of 62 samples containing 5% or greater iron, with values ranging from
5.27 to 12% Fe.
The elevated values for copper, zinc and iron are associated with calc-silicate altered rocks and
magnetite mineralization in the drill core. These features are interpreted as weak, skarn-type
mineralization formed by iron-rich fluids that also carried copper and zinc. Historically, skarn-
type copper-gold deposits were the main source of metals produced in the Greenwood camp. The
Phoenix deposit produced 28,341 kg of gold, 183,036 kg of silver and 235,693 tonnes of copper
and the Motherlode produced 6,648 kg gold, 22,083 kg silver, and 34,918 tonnes copper.
Skarn mineralization typically occurs at or near the margins of porphyry-type intrusions, which
likely generated metal-rich hydrothermal fluids that replaced and reacted with calcareous rocks
(limestone or dolomite). Porphyry dikes were intersected in hole AMT19-01, and although
calcareous units were not seen in the core, limestone is known to be a minor component of the
Knob Hill Group, through which this drill hole passed. Hence the geological environment is
favourable for skarn deposits. The alteration and mineralization are interpreted as distal since
they are weakly developed. The conclusion is that the hole passed through a skarn-type magnetite
calc-silicate replacement zone, possibly on the periphery of a larger skarn deposit. Hole AMT19-
01 may have intersected the edge of a major skarn deposit that is yet to be identified.
Further investigations will be done, including petrographic studies of the alteration minerals. A
review of the geophysical results is also planned. Additional geophysical surveying may be done
prior to drilling additional holes. Note that hole AMT19-01 was the first of three holes originally
planned to target the geophysical anomaly (see image below).
Ximen Mining Corp News Release
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Location of hole AMT19-01, geophysical anomaly boundary (red) and location of C.O.D. veins
(green).
Analytical results reported above were provided by ALS Laboratories in North Vancouver, BC.,
which is an independent and accredited commercial laboratory. Analyses for gold were done by
fire assay with AA finish on 50 gram sub-samples, or by metallics sieve analyses. Analyses for
silver and tellurium were by four acid digestion with ICP-MS finish. Silver results greater than
100 ppm, and Tellurium results greater than 500 ppm, were reanalyzed using a four-acid digestion
and ICP-AES or AAS finish on a 0.4g sub-sample. Quality control was monitored using
analytical results for reference standards and blank samples inserted into the sample stream at a
frequency of 5% each.
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: Sophy Cesar, 604-488-3900, [email protected]
Ximen Mining Corp News Release
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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 a 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
recently 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 1XMA and WKN with the number as A2JBKL.
Ximen Mining Corp News Release
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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 Compan y 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 num ber 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