Ximen Mining Identifies New Exploration Targets from Airborne Magnetic Survey at Amelia Gold Project
VANCOUVER, September 19, 2023 - Ximen Mining Corp. (TSX.v:XIM)(FRA:1XMA)(OTCQB:XXMMF) (the "Company" or "Ximen") announces an initial interpretation of results from an airborne magnetic survey has been completed for its Amelia property, located at historic Gold Camp McKinney near Rock Creek in southern British Columbia.
The Amelia property covers the historic Cariboo-Amelia gold mine in Camp McKinney near Rock Creek, BC in the Greenwood Mining Division. Over its history, the Cariboo-Amelia mine produced 81,602 ounces of gold and 32,439 ounces of silver from 112,254 tonnes milled (BC Minfile). The mine is part of a 4-kilometer system of gold-quartz veins and historic workings. Ximen is exploring for extensions to the historic mine and to discover new parallel mineralized zones.
A drone UAV magnetic survey was completed over the core part of Ximen's Amelia property (Figure 1 above). The survey was flown at a height of 35 m on lines oriented at azimuth 80° and spaced 50 m, for a total of 127.92 line km. The purpose of the survey was to aid interpretation of the geological units beneath cover, and to identify de-magnetized areas potentially associated with alteration and mineralization.
Several magnetic anomalies (high and low) were identified in the survey. The western area shows a higher magnetic signature in the TMI-RTP map (Figure 2 above), that is interpreted as a Jurassic granodioritic intrusion, which has been mapped in the western area of the project. The magnetic high indicates it extends further east than mapped. Two other magnetic highs were identified towards the central-northern area as well as one in the northeast that are interpreted as possible intrusive bodies.
Magnetic lows were identified in the central area as well as in the northeast (2). The stratigraphy of the central and eastern area consists of Paleozoic (Anarchist Schist) comprised of interlayered quartzite and metavolcanic units, and a limestone unit. The magnetic lows possibly represent areas where non-magnetic quartzites are predominant.
Lineaments were identified using the 1st vertical derivative map (Figure 3 Above). The lineaments were separated in high and low magnetic lineaments. The high magnetic lineaments are interpreted as either highly magnetic layers within the interlayered Anarchist Schist unit or magnetic dikes and intrusions. The low magnetic lineaments are interpreted either as faults, lesser magnetic units within the interlayered quartzite, metavolcanic, and limestone package, or known and previously mined quartz veins.
The known mineralized veins at Amelia show a moderate correlation with low magnetic lineaments. In the southwestern area that is dominated by magnetic highs, a prominent low magnetic lineament coincides with the Anarchist vein that is hosted within granodiorite. This magnetic low may correspond to hydrothermally altered granodiorite associated with the quartz vein.
New exploration target areas were selected based on the correlation of magnetic low lineaments with quartz veins (Figure 3 Above). They include two located north of the Anarchist vein, two west of the Eureka and Gold Hill veins, one that is the southern extension of the Fontenoy vein, and one that is located southwest of the Fontenoy vein.
Readers are cautioned that historical records referred to in this News Release have been examined but not verified by a Qualified Person. Further work is required to verify that historical records referred to in this News Release are accurate.
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: 604-488-3900, ir@XimenMiningCorp.com
About Ximen Mining Corp.
Ximen Mining Corp. owns 100% interest in three of its precious metal projects located in southern BC. Ximen`s two Gold projects, The Amelia Gold Mine and The Brett Epithermal Gold Project. Ximen also owns the Treasure Mountain Silver Project adjacent to the past producing Huldra Silver Mine. Currently, the Treasure Mountain Silver Project is under an option agreement. The option partner is making annual staged cash and stocks payments as well as funding the development of the project. The company has also acquired control of the Kenville Gold mine near Nelson British Columbia which comes with surface and underground rights, buildings, and equipment.
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 contains certain "forward-looking statements" within the meaning of Canadian securities This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, including statements regarding the receipt of TSX Venture Exchange approval and the exercise of the Option by Ximen. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective," "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include the possibility that the TSX Venture Exchange may not accept the proposed transaction in a timely manner, if at all. The reader is urged to refer to the Company's reports, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects.
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.
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 Tel: 604-488-3900
SOURCE: Ximen Mining Corp.
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