Vancouver, British Columbia–(Newsfile Corp. – October 6, 2021) – Ximen Mining (TSXV: XIM) (OTCQB: XXMMF) (FSE: 1XMA) has received permit approval for exploration drilling on its Amelia Property, which is located near Mt. Baldy in southeastern British Columbia, within trucking distance of a gold processing facility at Greenwood. The general area, originally known as Camp McKinney, is host to fifteen known polymetallic and precious metal quartz vein, skarn and placer mineral occurrences on the property.
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In October 2020, the company reported results from a total of 34 rock chip grab samples, with 10 of the samples returning significant gold results, as high as 103 grams per tonne, 3 of which also returned significant silver results.
The Amelia Multi-Year Area Based permit is for a total of 38 drill sites, with 19 sites approved for this year. Multiple holes can be drilled from each of the sites, so the permit allows for approximately 11,400 meters to be drilled this year out of a total of up to 22,800 metres. Drill holes are planned initially to test at depth below the mine, followed by testing for an extension of the veins to the east.
The company announced a non-brokered private placement and plans to raise up to $500,000 from the placement of up to 2.5 million units priced at $0.20 per unit. Each unit consists of one share and one unit with each unit exercisable at $0.35 for a period of 36 months, subject to an acceleration clause. The net proceeds will be used for exploration expenses on the company’s mineral properties in British Columbia and for general working capital.
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 a 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.
For more information, please visit the company’s website, www.XimenMiningCorp.com, contact Christopher Anderson, President and CEO, at 604-488-3900. For Investor Relations, contact Sophy Cesar, at 604-488-3900 or by email at [email protected].
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