VANCOUVER, British Columbia, June 19, 2014 (GLOBE NEWSWIRE) -- (TSX-V:XIM) (OTCQX:XXMMF) Ximen's 2014 work program on the Brett property near Vernon, B.C. continues to advance, with new discoveries and new interpretations that suggest greater up-side potential to the property than previously recognized.
The ground magnetometer/VLF-EM survey (70 line km) by Scott Geophysics is complete and has identified three prominent, previously unknown, northeast-striking structural trends, two of which are in the area of the Main Shear Zone, the historical center of exploration activity. The other is proximal to the Gossan Zone, 1 kilometer to the northwest of the Main Shear Zone. The Gossan Zone is a zone of very strong alteration, at least 350 m x 50 m in extent, which is open in all directions and has had minimal previous exploration. To the west of the surface expression of the Gossan Zone, is a large magnetic low feature, which is interpreted to represent an area of magnetite-destructive alteration related to the hydrothermal system, was identified by the geophysical survey. There is no outcrop in the vicinity of the mag-low feature, and it is a priority target for follow-up.
Dr. Michael Rasmussen commented on the significance of the Gossan Zone as follows: "The intensity and extent of alteration in the Gossan Zone is very impressive. It appears to be the high-level expression of a robust epithermal system, and with its spatial correlation to structures elicited by our recently-completed VLF-EM survey, the Gossan Zone constitutes a high-quality exploration target. Historical drill testing of the zone was minimal and was done without the benefit of geochemical studies and more deeply focused geophysical testing, deficiencies which we will correct in the coming weeks."
Previous drilling on the Brett property focused primarily on the northwest-trending Main Shear Zone. While some very good gold results occur at the Main Shear Zone, both on surface and from drilling, it has become apparent to the Brett geological team that the gold within this structure is caused by remobilized remnants from a previously-formed epithermal gold system. The Main Shear appears to be principally a late structure. It simply incorporates vein fragments from one or more pre-existing high-grade epithermal gold veins, rather than being a control structure to the mineralization. Prior drilling, for the most part, failed to explore for the in-situ source to the vein fragments within the shear. Geological mapping suggests that the (intact) veins are associated with a different structural regime than the Main Shear. One such intact vein has been identified by the company's review of historic drill core. This vein is located 80 m west of the Main Shear and had an intersected core length of 2.79 m in the hole drilled in 1989 (which targeted the Main Shear at depth). The vein was intersected near surface in the drill hole. Elevated gold values were returned from historic sampling of the vein (890 ppb Au) which is tested by this 1 hole only. The trend of this vein and its true width are unknown. It represents a high priority target for drill testing at greater depth. The northeast-trending structures identified by the ground geophysical survey may be important controls to the mineralizing event and are also priority targets for testing during 2014.
Regarding the vein identified in the historic drill core, geologist Linda Caron, M.Sc., P.Eng. said
"It was extremely exciting to find this example of a well preserved epithermal quartz breccia vein, well outside the influence of the Main Shear. The vein occurrence was not well described in historic drill records and as such, its significance had failed to be appreciated during previous work programs. The fact that this vein had elevated gold at a high elevation, makes it a great target to test at depth where the grade may be better developed."
Lithogeochemical studies of the volcanic host rocks to mineralization at Brett have been completed, with a focus on the chemistry of immobile elements. This work has demonstrated that the alteration on the property is much more extensive than previously thought, and that it has been under-recognized and under-appreciated by historical exploration efforts. Recognition of the extent and distribution of this alteration will help vector towards the source(s) of mineralization on the property. Geochemical sampling of alteration across the property has also revealed elevated epithermal pathfinder minerals which will also be useful vectors towards gold mineralization.
A 3D modeling project has been initiated, to build on the recently completed GIS compilation and to incorporate all known relevant geological and geochemical data. The 3D modeling program is being completed by M2 Technical Services, using LeapFrog software, and will provide a means for effectively analyzing the vast amount of information from historical drilling, with respect to the revised geological and alteration models and with respect to the newly acquired geophysical data. It will be key to developing drilling strategies for the upcoming 2014 diamond drill program at Brett.
About Ximen Mining Corp.
Ximen Mining Corp. owns 100 percent interest in its two projects, Gold Drop Project and Brett Gold Project located in southern British Columbia. Ximen is a publicly listed company trading on the TSX Venture Exchange under the symbol XIM, and is listed on the Frankfurt, Munich, and Berlin Stock Exchanges in Germany under the symbol 1XM and WKN number is A1W2EG, and trading on the OTCQX marketplace in the U.S. under the symbol XXMMF.
On behalf of the Board of Directors,
"Christopher R. Anderson."
Christopher R. Anderson, President, CEO and Director, Ximen Mining Corp.
For further information, please contact:
Ward Kondas 604-488-3900 or by email at firstname.lastname@example.org.
This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include exploitation and exploration successes, continued availability of financing, and general economic, market or business conditions.
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.