VANCOUVER, British Columbia, March 25, 2022 (GLOBE NEWSWIRE) -- Ximen Mining (TSXV:XIM) (OTCQB:XXMMF) (FSE:1XMA) has plans to begin drilling at its Bud-Elk property in the Greenwood Mining camp in west of the city of Greenwood, British Columbia.
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The 2022 exploration program of trenching and drilling is designed to test targets for disseminated gold-copper mineralization. The company is permitted to drill a total of 24 drill sites of which 10 are approved for this year. As multiple holes can be drilled from each of the sites, the current permits allow for a total of 40 holes or up to approximately 10,000 metres this year. Drilling is planned to start after the annual survey of species and ecosystems at risk is completed in April.
The Bud Elk property covers 7 mineral occurrences of which the Morrison is recorded as a past producer, with total production of 230 ounces of gold, 837 ounces of silver and 23,637 ponds of copper from 2,637 tonnes. Both disseminated copper-gold porphyry and copper-gold skarn mineralization are present at Bud-Elk.
Since acquiring the property, Ximen conducted check rock sampling in 2020, and soil geochemistry and airborne geophysics in 2021. Results from last year's soil sampling are still pending review and compilation.
At the Buckhorn showing, disseminated pyrite, pyrrhotite and chalcopyrite occurs in diorite. Grab samples from the Buckhorn retuned values ranging from 0.14% to greater than 1% copper, and from 0.09 to 2.7 grams per tonne gold. Trenching by the previous owner in 2008 exposed mineralization including 43.5 metres grading 0.37% copper and 0.60 g/t gold and 45.0 metres grading 0.57% copper and 0.40 g/t gold.
At Morrison, disseminated pyrite and minor chalcopyrite, and narrow massive sulfide zones were encountered in trenching and drilling by previous owners in 2003 and 2005. The most significant gold, silver and copper values from that program were obtained in zones of massive sulfide mineralization.
At the Moreen showing, 400 metres south of the Buckhorn, trenching by the previous owner in 2008 exposed quartz diorite with disseminated copper-gold mineralization, including 32 metres grading 0.23% copper and 0.12 g/t gold.
Two additional showings were reported by the previous operators. The first is the Iron Top showing, where disseminated chalcopyrite occurs in in an east-west trending zone that can be traced over 500 metres. Grab samples collected by the previous owner in 2012 returned results up to 0.91% copper and 1.41 g/t gold from disseminated mineralization, and 0.58% copper and 0.82 g/t gold from skarn-type mineralization. One grab sample collected from the Iron Top showing returned values of 0.42% copper and 0.35 grams per tonne gold. The second is the XLCR showing, where one grab sample collected in 2012 by previous owners of disseminated pyrite and chalcopyrite returned a value of 0.28% copper and 0.28 g/t gold. These results confirm the presence of disseminated gold-copper mineralization. Management cautions that historical numbers have been examined but have not been verified.
Ximen owns 100% of three of its precious metal projects located in southern BC, the Amelia Gold Mine and The Brett Epithermal Gold Project, and the Treasure Mountain Silver Project adjacent to the past producing Huldra Silver Mine. Currently, the Treasure Mountain Silver Project is under an option with the option partner making annual staged cash and stocks payments as well as funding the project. The company has also acquired control of the Kenville Gold mine near Nelson, BC, which comes with surface and underground rights, buildings and equipment.
Ximen's shares are trading at $0.22. For more information, please visit the company's website, , contact Christopher R. Anderson, President and CEO, at 604-488-3900. For Investor Relations, contact Sophy Cesar, at 604-488-3900 or by email at ir@XimenMiningCorp.com.
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