Sourcing and mining precious metal assets in British Columbia Ximen’s Partner GGX Gold Intersects Mineralized Geophysical Target
Sourcing and mining precious metal assets in British Columbia
Ximen’s Partner GGX Gold Intersects Mineralized Geophysical Target
Vancouver, B.C. – October 24, 2019 - Ximen Mining Corp. (TSX.v: XIM) (FRA: 1XMA)
(OTCQB:XXMMF) (the “Company” or “Ximen”) announces that it ’s optionee, GGX Gold
Corp., has intersected mineralization in its drill test of the Stargate II geophysical anomaly.
As of October 19, hole AMT19-01 had reached a depth of 658m. Magnetite mineralization was
intersected at approximately 479 meters depth and continues intermittently to at least 577 meters
depth (crews are continuing to log). The magnetite is disseminated and occurs in millimeter-scale
veinlets (see photos below). Its appearance at 479 meters closely corresponds to the predicted
start of the modeled anomalous zone (the start of the zone was predicted at 441 metres depth by
ESSCO) so it appears the magnetite mineralization is the source of the Stargate II geophysical
anomaly.
Photos of drill core from AMT19-01 showing pencil magnet deflected by magnetite disseminated
in greenstone with epidote alteration (left) and magnetite occurring in veinlets (right).
October 24, 2019 TSX.v : XIM
FRA : 1XMA
OTCQB : XXMMF
Ximen Mining Corp News Release
2
The origin of the magnetite mineralization is unknown at this time. It is too abundant to be an
original accessory mineral in the host rocks and its occurrence in veinlets suggests a hydrothermal
genesis. Also, patches of epidote-calcite-garnet alteration up to 10 centimeters in length occur
throughout the hole, possibly indicative of a skarn-type deposit. Further investigations will be
carried out, including geochemical analyses of the core and petrographic studies.
As previously announced in a news release dated July 24, an airborne audio magnetotelluric
(AMT) geophysical anomaly was identified on the property by Earth Science Services
Corporation of Oshawa, Ontario (ESSCO). The anomaly is interpreted as a pipe-like structure
that measures 1834 by 1377 metres in width. For more information, see the video posted on the
corporate website.
Ximen retains a 2.5% net smelter return royalty (the “NSR Royalty”) and for nine months after the option
requirements were met by GGX Gold retains a right to elect to form a joint venture by paying GGX Gold
an amount of money equal to 30% of the total amount expended on the property by GGX Gold. If Ximen
exercises this joint-venture right, GGX Gold and Ximen will enter into a joint venture for the exploration
and development of the property.
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
Investor Relations: Sophie Cesar, 604-488-3900 [email protected]
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 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.
The securities referred to herein have not been and will not be registered under the United States Securities Act of
1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption
from registration requirements.
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