Today, Ximen Mining Corp. delivered gratifying news on the progress of the planned recommissioning of its Kenville Underground Mine Project near the city of Nelson in southern British Columbia.
According to the news, the company is working "non-stop" with its consultant geotechnical engineer and site manager to rebuild the entrance ("portal") to the existing underground mine to gain access to the 257 Level, whereupon some 5 meters of rock may have to be removed to extract expected high-grade material at an average grade of 31.72 g/t gold (historical "measured" resource, see here).
Source / Neither Ximen Mining Corp. nor Rockstone is not treating this historical estimate as current mineral resources or mineral reserves. A qualified person has not done sufficient work to classify the historic estimate as current mineral resources or mineral reserves. Significant additional drilling has been done since the effective date of this estimate. Ximen considers this historic mineral resource estimate to be relevant and reliable in that it was based upon the results of underground sampling and diamond drill information available at the time it was prepared. Measured and Indicated Resources are based on projections of mineralized veins exposed on the 257 Level. Inferred Resources in the historical estimate are based on assumed continuity beyond measured and (or) indicated resources. The inferred mineral resources are based on historical drill and assay information verified by underground channel samples collected in 2007/8. The resource tonnages were estimated using an assumed specific gravity. A cut-off grade of 1.1 grams per tonne was used. No allowance for dilution was included based on an anticipated “resue” mining method, which would separate mineralized material from waste rock. The historic estimate uses the categories of Measured, Indicated and Inferred mineral resources as defined by the Canadian Institute of Mining, Metallurgy and Petroleum. No more recent estimates have been prepared. In order to upgrade and verify the historical estimate as current mineral resources, a qualified person would need to verify the assay information and location of samples, combine this with information for drilling conducted after the report was prepared, and then model the deposit and conduct a new resource estimate. Cautionary Statement: Ximen Mining Corp. may decide to advance its projects into production without first establishing mineral resources supported by an independent technical report or completing a feasibility study. A production decision without the benefit of a technical report independently establishing mineral resources or reserves and any feasibility study demonstrating economic and technical viability creates increased uncertainty and heightens economic and technical risks of failure. Historically, such projects have a much higher risk of economic or technical failure.
When looking at the photo of the portal published today (see above) and comparing it with the photo that was news-released last week, you can see the rapid progress the company is making. The following photos also show that Ximen is eager to make it happen as fast as possible:
Ximen shareholders probably love the last sentence of following paragraph in today´s news:
"Work on the 257 portal is continuing non-stop under the direction of the company´s consultant geotechnical engineer and site manager. The slope above the portal has now been secured with geotechnical bolting to prevent any soil creep. Now the major excavation of gravel around the outside of the portal will start using an excavator and loader. Ximen recently purchased a new Hitachi 190 excavator for this work. Once the excavation is complete, screening will be installed and the bed for the steel culvert will be prepared. Preparation of the rock face and installation of steel and timber sets will be done prior to placement of the portal culvert. After the culvert is installed, the gravel backfill will be placed around the culvert. Finally, mine services (air and water lines) will be installed and connected to the underground workings. After everything that has been mentioned before has been completed the company can finally focus on producing the first Dore Bar."
When a $2 million CAD financing was closed last Friday, Ximen´s share price appreciated by 11% in Canada. What made that day special, however, was that 1.96 million shares were traded on the TSX Venture Exchange alone that day – a new all-time record!
Today´s news also mentioned that Ximen recently purchased a new Hitachi-190 excavator:
This latest acquisition adds to Ximen´s already impressive mining fleet on site at Kenville (source):
In the last few days, the gold price in US Dollar (bottom left) has confidently surpassed its 2011 all-time high (intraday: $1923.70; close: $1900.60) and currently trades at $1954:
The gold price in Canadian Dollar (top right) is currently also in rally mode, however with the 2011 high already surpassed in early 2019: The CAD gold price has so far been able to appreciate by 45% since surpassing that 2011 high last year.
Ximen´s CEO and President, Chris Anderson, recently commented on the completed financing, the ongoing work at the Kenville Gold Mine Project and the company´s other projects in southern BC:
Ximen Mining: Finding A New Mine In An Old Mine
Article in The Prospector Magazine July/August 2020 Edition
An article on Ximen Mining Corp. was published in the July/August 2020 edition of The Prospector Magazine. The PDF version of the article can be downloaded here
Link to updated chart (15 min. delayed): http://schrts.co/fUWANsSf
Ximen Mining Corp.
888 Dunsmuir Street – Suite 888
Vancouver, BC, Canada V6C 3K4
Phone: +1 604 488 3900
Shares Issued & Outstanding: 60,730,731
Canadian Symbol (TSX.V): XIM
Current Price: $0.66 CAD (07/28/2020)
Market Capitalization: $40 Million CAD
German Symbol / WKN (Tradegate): 1XMA / A2JBKL
Current Price: €0.41 EUR (07/28/2020)
Market Capitalization: €25 Million EUR
Report #21: "High Gold Recovery at Ximen‘s Kenville Gold Mine Project in Southern BC"
Report #20: "Hooray, Hooray: Ximen Mining is Back!"
Report #19: "Stock Market Crash and Gold Stocks: The X-Factor Poised to Separate the Wheat from the Chaff Now"
Report #18: "Shallow and deep drilling at Gold Drop produce highly promising results and findings"
Report #17: "Shallow and deep drilling at Gold Drop produce highly promising results and findings"
Report #16: "The Drill is Turning to Uncover the Stargate II Anomaly: A Large Gold Pipe?"
Report #15: "Ximen targets first gold bar pour this year from bulk sampling at Kenville"
Report #14: "All Eyes on Gold Drop and Stargate II: Deep drilling to test for a large gold deposit near Greenwood in British Columbia"
Report #13: "Ximen is pressing ahead aggressively with its goal of becoming a gold producer: Mining plan now revealed"
Report #12: "Ximen frees Kenville Gold Mine from royalty burden, making it more attractive for development"
Report #11: "The Beauty of High-Grade Gold (and Silver!): Ximen Cuts to the Chase, Expands Work Efforts on Multiple Properties in Southern British Columbia"
Report #10: “Ximen Mining: Paving the road(s) to success“
Report #9: “Ximen takes a shot at history, focuses on acquiring the Kenville Gold Mine“
Report #8: “Industry inquiries persuade Ximen‘s partner to re-assay drill core for tellurium“
Report #7: “Ximen Hires B.C. Mining Expert Dr. Mathew Ball“
Report #6: “Location is Key for Ximen‘s Treasure Mountain Project in Southern British Columbia“
Report #5: “The Unprecedented Gold-Silver-Tellurium Strikes in the Historic Greenwood Mining Camp Continue“
Report #4: “Record-Breaking Gold Hit in Southern British Columbia“
Report #3: “Strong drill results and appreciating precious metals prices may herald golden times for Ximen Mining“
Report #2: “Ximen Mining reveals striking drill core observations ahead of assays“
Report #1: “Ximen Mining: Hunting for Multi-Million Ounces in British Columbia“
Stephan Bogner (Dipl. Kfm.)
8260 Stein am Rhein, Switzerland
Cautionary Statement: Ximen Mining Corp. may decide to advance its projects into production without first establishing mineral resources supported by an independent technical report or completing a feasibility study. A production decision without the benefit of a technical report independently establishing mineral resources or reserves and any feasibility study demonstrating economic and technical viability creates increased uncertainty and heightens economic and technical risks of failure. Historically, such projects have a much higher risk of economic or technical failure. Disclaimer: This report contains forward-looking information or forward-looking statements (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "potentially" and similar expressions, or are those, which, by their nature, refer to future events. Rockstone Research, Ximen Mining Corp. and Zimtu Capital Corp. caution investors that any forward-looking information provided herein is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors. The reader is referred to the Ximen Mining Corp.´s and Zimtu Capital Corp.´s public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through the Ximen Mining Corp.´s and Zimtu Capital Corp.´s profile on SEDAR at www.sedar.com. Please read the full disclaimer within the full research report as a PDF (here) as fundamental risks and conflicts of interest exist. The author, Stephan Bogner, holds a long position in Ximen Mining Corp., and Zimtu Capital Corp., and is being paid by Zimtu Capital Corp. for the preparation, publication and distribution of this report, whereas Zimtu Capital also holds a long position in Ximen Mining Corp. Note that Ximen Mining Corp. pays Zimtu Capital Corp. to provide this report and other investor awareness services.