Vancouver, British Columbia--(Newsfile Corp. - February 27, 2020) - Ximen Mining (TSXV: XIM) (OTCQB: XXMMF) (FSE: 1XMA) continues to add to its extensive property portfolio in Southeastern British Columbia with the acquisition of 100% of Emgold Mining's (TSXV:EMR) Rozan and Stewart properties, located near Nelson in southern British Columbia. The 1,950 hectare Rozan property is located 8 kilometers southeast of the Kenville Property, with the 5,789 hectare Stewart property located 20 kilometers southeast of the Kenville Property.
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Exploration by Emgold and others on Rozan had identified several gold targets and the mineralized structures found at the Kenville mine appear to trend southeast onto the Rozan Property. Emgold completed 18 diamond drill holes totaling 1,907 meters that resulted in a number of significant gold intercepts. Gold is associated with quartz sulphide veins and sheeted stockwork quartz veining with potential existing for both high grade vein and bulk disseminated gold mineralization.
The Stewart Property has known occurrences of gold, silver, molybdenum, and tungsten. A total of 103 diamond drill holes totaling 13,737 meters have been drilled on the property, most of which targeted molybdenum and tungsten. Significant intercepts were obtained for molybdenum and gold, with potential existing for high grade vein and disseminated gold deposits, and for base metal deposits associated with porphyry intrusions and related breccia pipes.
Ximen paid $100,000 and issued 1,275,000 shares along with 1,275,000 warrants exercisable at $0.45 for 3 years, increasing to $0.55 in years 4 and 5. As part of the transaction, Emgold will transfer approximately $943,000 in B.C. Portable Assessment Credits related to previous exploration on the 2 properties.
Just last week, Ximen acquired 100% of Klondike Gold's four properties in British Columbia. The Ron Gold property adjoins Ximen's Kenville Gold Mine, with the Clubine property about 25 kilometers south of the Kenville Mine. The Hughes Range property, located approximately 20 kilometers northeast of Cranbrook, BC, includes the past-producing Kootenay King mine. The Quartz Mountain property, located 20 kilometers northwest of Cranbrook includes two past producers, Price's Pit and Golden Egg, which in total produced 1,767 ounces of gold.
In late January Ximen acquired the California Gold Nelson claim, 6.5 kilometers southeast of the Kenville, which covers the historic California Mine, as well as the CMM mineral claim which further consolidated Ximen's holdings surrounding its historic Caribou-Amelia gold mine.
In addition to all these projects, Ximen also owns the Caribou-Amelia Gold Mine properties, the Brett Epithermal gold project, the Gold Drop Project and the Treasure Mountain Silver Project adjacent to the past-producing Huldra Silver Mine. Currently both the Gold Drop Project and the Treasure Mountain Silver Project are under option agreements, with the option partners making annual staged cash and stock payments as well as funding the development of these projects.
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 ir@XimenMiningCorp.com.
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