Ximen recently signed an option agreement to acquire 100% interest in 25 Crown Granted mineral claims covering 363 hectares in the Nelson camp, collectively referred to as the Star Properties.
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I’m Ashton Addison for Investmentpitch Media
Ximen Mining has acquired the Star properties in the Nelson mining camp in southern British Columbia.
Ximen recently signed an option agreement to acquire 100% interest in 25 Crown Granted mineral claims covering 363 hectares in the Nelson camp, collectively referred to as the Star Properties.
To acquire its 100% interest, subject to an NSR, Ximen is paying $400,000 over 9 years, and incurring $1 million in expenditures over 10 years.
The Star properties include a group of 22 contiguous Crown Grants situated south of the Kenville gold mine property, 2 Crown Grants that adjoin the Kenville Gold mine property on its west side, and one Crown Grant situated east of Kenville.
The Star Crown Grants cover the historic Eureka and Star mines.
Historic production at the Eureka was 617 ounces gold, 36,161 ounces silver, 350, 910 pounds of copper and minor lead from 8,995 tonnes mined, of which 3,603 tonnes were milled.
Calculated grades for tonnage mined are 125 grams per tonne silver, 1.8 grams per tonne gold and 1.77% copper.
The historic Star mine produced 180 ounces of gold and minor silver and copper from 1,163 tonnes mined.
The calculated gold grade is 4.81 grams per tonne.
The property has been held since the 1950’s when underground development was done at the historic Eureka mine to test high-grade copper-silver bearing fracture zones.
Between 1984 and 1988, soil geochemical surveys, geophysical surveys (IP and magnetic) and drilling were done (rotary reverse circulation and core drilling).
From 1989 through 1992 the property was further tested.
In 1990, three zones were trenched at the Star claim and copper-gold mineralization was traced over an area of 800 by 200 metres, which was then tested by 26 diamond drill holes totalling 5880 metres.
Between 2008 and 2011 aerial geophysical surveys and fifteen more holes were drilled.
Significant drill intercepts from historic data are listed here including 56 meters of 1.2 grams per tonne gold.
Several holes from the Alma north zone reported intercepts as high as 47 meters of 4.3 grams per tonne gold and 44 meters of 2.12 grams per tonne gold.
This drill core from hole VST09-009 assayed 14.45 grams per tonne gold, 15 grams per tonne silver and 0.59% copper from a one meter wide sample.
Management believes the group of Star claims, which straddles the margin of the Eagle Creek pluton, which hosts the high-grade gold-quartz veins at Ximen’s Kenville property, is one of the key properties in the Nelson camp.
On the Star ground, widespread disseminated mineralization occurs over a south-southeast trending zone approximately two kilometers in strike length and one half to one kilometer wide.
In addition to the Kenville Gold Mine, Ximen Mining also owns 100% interests in 3 other precious metal projects located in southern BC., the Amelia Gold Mine and The Brett Epithermal Gold Project, and the Treasure Mountain Silver Project adjacent to the past producing Huldra Silver Mine.
Currently, the Treasure Mountain Silver Project is under an option agreement, with the option partner making annual staged cash and stocks payments as well as funding the development of the project.
Ximen’s shares are trading at $0.355.
For more information, please visit the company’s website, www.XimenMiningCorp.com, contact Christopher R. 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.
I’m Ashton Addison for Investmentpitch Media
