VANCOUVER, British Columbia, July 24, 2014 (GLOBE NEWSWIRE) -- Ximen (TSX-V:XIM) (OTCQX:XXMMF) (Frankfurt:1XM) has received the results for the first batch of samples from its exploration program on the Gold Drop property near Greenwood. Of the 40 samples collected, 9 returned values greater than 10 g/t Au, to a maximum of 56.2 g/t Au over a 0.55 m true thickness. An additional 13 samples returned results greater than 1 g/t Au, but less than 10 g/t Au. A complete tabulation of analytical results follows.
All of the samples were collected from the Gold Drop-North Star vein system, from historic workings or from new exposures created by the company's excavator trenching program. To date, only the (the Upper North Star) has been tested by excavator trenching. The company is pleased with these initial rock sample results. Exploration, including trenching, is ongoing to explore other targets on the property.
|Gold Drop vein||m||FA-AA||FA-MeT||AR-MS||FA-Gra|
|6251||Upper Gold Drop adit||chip||0.66||> 10000||33.6||> 100||164|
|6252||Upper Gold Drop adit||chip||0.60||> 10000||43.6||> 100||141|
|6253||Upper Gold Drop adit||chip||0.37||1380||9.7|
|6254||Upper Gold Drop adit||chip||0.52||1280||9.4|
|6255||Upper Gold Drop adit||chip||0.35||1370||6.0|
|6256||Upper Gold Drop adit||chip||0.85||252||2.9|
|6257||Upper Gold Drop adit||grab||1190||3.9|
|6258||short prospect drift||grab||2560||28.3|
|6259||short prospect drift||grab||> 10000||n/a||92.0|
|6260||short prospect drift||chip||0.50||7550||7.1||78.7|
|6287||short prospect drift||grab||> 10000||26.5||67.1|
|6288||short prospect drift||grab||> 10000||35.2||82.7|
|North Star vein|
|6272||Ximen trench||grab||> 10000||55.4||> 100||186|
|6275||Ximen trench||chip||0.60||< 5||0.8|
|6285||Ximen trench||channel||0.55||> 10000||56.2||> 100||259|
|6286||Ximen trench||grab||0.05||> 10000||16.8||79.5|
|6261||Lower North Star adit||chip||2740||24.3|
|6262||Lower North Star adit||grab||6460||7.2||45.5|
|6263||pit 2 dump||grab||4250||2.4||49.8|
|6267||pit 5||grab||< 5||1.1|
|6268||pit 5||grab||< 5||0.5|
|6276||outcrop sample||chip||0.20||< 5||0.3|
The Upper North Star Vein has now been traced, intermittently in outcrop and in historic pits, for a strike length of 315 m. The Ximen trench exposes the vein, continuously along strike, for 40 metres. In this exposure, the vein varies in true width from several 10's of centimeters up to 2 m. It is a massive, low-sulfide quartz vein, with local patchy galena, chalcopyrite and possible tellurides.
Samples from the underground workings at the Upper Gold Drop adit were collected from areas of historic mining, from the base and margins of the historic stopes and raises. Analytical results confirm reported historically mined grades.
In addition to the above samples, 13 samples were collected from a 22.5 m long exploration drift that tests the Upper North Star vein approximately 2 m vertically below the southern end of the Ximen excavator trench. Samples were channel samples collected across the width of the vein, at approximately 2 m intervals along the drift. The vein averages 0.8 m true width in the exploration drift, and ranges up to 2.8 m in width. Results of the underground sampling were lower than the above surface samples, returning a maximum of 2.06 g/t Au over a vein width of 0.8 m.
Samples described in the above table as channel samples were collected across the width of the vein, using a micro-blaster rock breaker. Chip samples were collected across the width of the vein, using a hammer and chisel. Sample width listed in the table represents true width of the vein, where sampled. Analytical work for Ximen's 2014 work program is being completed by Actlabs, at their accredited Kamloops-based facility (ISO 9001:2008 accredited, ISO 17025 – pending). Ximen's analytical protocol has been designed to mitigate potential nugget gold issues, to provide representative gold analyses, and to provide multi-element information which may help understand zoning within the system. Large samples are collected in the field (2 – 7 kg). At the laboratory, the entire sample is finely crushed (90% passing 2 mm screen), then a 1 kg split of the crushed sample is pulverized to 95% passing 105 microns. All samples are tested for gold, using Fire Assay/AA finish on a 30 gm sample of pulverized material. All samples are also tested for a multi-element ICP/MS suite following aqua regia digestion. For all samples that return > 4 ppm Au based by FA/AA, metallic gold assays are completed on 500 gm samples of pulverized material. Samples returning > 100 ppm Ag are assayed by Fire Assay – Gravimetric finish.
The technical content of this news release has been approved by Patrick Forseille, P. Geo., a Qualified Person as defined by NI 43-101.
The Company further announces that it has arranged non-brokered private placement consisting of 1,818,181 units at a price of $0.55 per unit in the capital stock of the Company for gross proceeds of $1,000,000.
Each Unit will consist of one common share and one-half of one non-transferable common share purchase warrant. Each full Warrant will entitle the holder to purchase one further common share of the Corporation at the exercise price of $1.00 per Warrant Share for a period of 12 months from the closing date of the private placement. Finders' fees may be payable up to 8% and finders warrants of up to 8% may be payable on the financing. Closing of this placement is conditional upon approval of the TSX Venture Exchange.
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 as well in the USA on the OTCQX 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.
Ward Kondas 604-488-3900