Ximen Mining Corp. made the announcement today of aspiring to pour the first doré bar as early as the end of this year from its Kenville Gold Mine Property near Nelson in southern British Columbia, Canada.
Bulk sampling during the construction of a new decline is planned as at least 2 veins are expected to cross the new decline before reaching its target length of 506 m. After the decline has reached its target length, access to the center of a series of vein intercepts in historic holes drilled between 1995 and 2010 is expected to be provided. The end of the decline is planned to be in a favourable position for a raise to be driven to connect with the historic workings of the past producing Kenville Gold Mine, to be used for ventilation and as a secondary egress as the mine is progressively developed.
Although Ximen hopes to generate revenue from the processing of the proposed 10,000 tonnes bulk sample, the company nevertheless has recently secured equity financings of up to $8 million over 2 years with Alumina Partners LLC, structured to provide Ximen with relatively quick access to private placement financing as and when required, at its sole discretion.
As the gold price is appreciating strongly at the moment, the timing could be perfect for Ximen. Currently trading at $1,862 CAD, the gold price in Canadian Dollar has now successfully broken its previous all-time high of $1,855 CAD (2011).
Gold price in Canadian Dollar (source)
Full size / Satellite image of Kenville mine area showing locations of historic mine levels, planned new decline and diamond drill intercepts targets. Source: Ximen Mining
Full size / Plan map showing location of historic workings, drill intercepts and planned decline. Source: Ximen Mining
Ximen Mining today announced details about the proposed new decline with a total target length of 506 m. The published maps show that the Eagle Gold Veins could be reached after approximately 200 m of the newly constructed decline. As per today’s news:
“Underground diamond drilling from the decline is planned to begin at about 200 metres from the portal. This drilling will follow-up historic 1995 drill intercepts on the Eagle veins, in an area where mineralized shoots are projected down from historic mined areas on the 257 and 275 levels. If successful, stope blocks could be defined between the 200 and the target 500 metre mark in the decline. The following intercept are examples of target intercepts before the 500 metre mark in the decline.”
Note: The above table is based on information provided by previous operators that is considered historical. Although it is known that the drill programs were directed by experienced personnel and a quality control program was employed to monitor assay results, a qualified person has not verified the previous results on behalf of Ximen Mining Corp. Ximen believes the results are representative of the undeveloped mineralization at the Kenville property.
According to today’s news:
“The 500 metre end-position of the planned decline is in line with a projection of mineralized shoots from the historic mine. At the 500 metre mark there are a number of drill intersections in the Flat vein and South Zone areas that indicate excellent potential for a bulk sample to be outlined. The following are some of better target intercepts for the 500 metre mark in the planned decline:”
Full size / Cross section of planned decline (3.5 m width x 4 m height). Source: Ximen Mining
“It is estimated that 4500 metres of underground drilling will be required to appropriately outline material for a bulk sample of 10,000 tonnes. The 740 metre elevation will likely be the first level from which potential vein stope mining will take place, via ramps driven up and down to cross-cut projected veins indicated from the drilling. An area extending over a strike length of 300 metres and a vertical distance of 150 metres will be developed for trial mining of a bulk sample. Once a stope block has been delineated by underground drilling, it can be developed by access ramps driven down by as much as -20% grade. Then, up to four vertical cuts can be made by taking down the back until the fourth cut has a + 20% ramp to it. The plan is to remove the vein material in the stope face and slash it on the up-dip side, which will minimize the waste rock generated. After a stope is mined out, it can be back-filled with waste from an adjacent stope.”
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.
Link to updated chart (15 min. delayed): http://schrts.co/nVvegNqV
Ximen Mining Corp.
888 Dunsmuir Street – Suite 888
Vancouver, BC, Canada V6C 3K4
Phone: +1 604 488 3900
Shares Issued & Outstanding: 38,891,136
Canadian Symbol (TSX.V): XIM
Current Price: $0.74 CAD (07/19/2019)
Market Capitalization: $29 Million CAD
German Symbol / WKN (Tradegate): 1XMA / A2JBKL
Current Price: €0.496 EUR (07/19/2019)
Market Capitalization: €19 Million EUR
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“
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., Golden Dawn Minerals Inc., GGX Gold 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. and Golden Dawn Minerals Inc. Ximen Mining Corp. has paid Zimtu Capital Corp. to provide this report and other investor awareness services.
Stephan Bogner (Dipl. Kfm.)
8260 Stein am Rhein, Switzerland