Vancouver, B.C., February 20, 2020 – Ximen Mining Corp. (TSX.v: XIM) (FRA: 1XMA) (OTCQB: XXMMF) (the “Company” or “Ximen”) announces that that it has entered into a Property Purchase Agreement (the “Agreement”) dated February 14, 2020 with Klondike Gold Corp. (“Klondike Gold”) for the acquisition of 100% of all of Klondike’s British Columbia properties totalling 98 mineral claims covering 4,171 hectares and one Crown Granted mineral claim of 8.7 hectares located in the southeastern part of the province. The agreement covers four properties, namely Ron Gold (Nelson), Clubine, Hughes, and Quartz Mountain.
Satellite Image showing Ron (upper) and Clubine (lower) properties (purple)
and Ximen’s Kenville and California mine properties (Red).
The Ron Gold (Nelson) property adjoins Ximen’s Kenville Gold Mine near Nelson, BC and consists of 29 mineral claims and one crown grant covering 1,176 hectares. Historically explored for structurally controlled gold-bearing vein mineralization related to the Silver King shear zone, the property also has potential gold-bearing porphyry-related mineralization. Several historic mineral occurrences occur within the property. A gold and copper soil anomaly was defined in 2017, with gold values ranging up to 1634.8 ppb (1.6 g/t Au) and averaging 49.8 ppb Au, and copper values ranging up to 1614.3 ppm Cu and averaging 189.8 ppm Cu (BC Assessment report 37345).
The Clubine property comprises 5 claims covering an area of 232 hectares, located just north of Salmo, BC. and situated about 25 kilometers south of the Kenville Mine. Mineralization on the property includes the historic Clubine-Comstock mine and the Maggie zone. The Clubine-Comstock historic mine production totaled 3,964 ounces gold, 7,699 ounces silver and 818 kilograms zinc from quartz and quartz-carbonate veins containing pyrite, chalcopyrite, galena and minor sphalerite and pyrrhotite (BC Minfile). The Maggie zone high has high silver but low gold contents and consists of quartz and quartz-carbonate veins mineralized with galena, sphalerite and minor pyrite. In 2009, Klondike Gold drilled nine holes to test the Clubine vein system down dip to the east of the historic mine and intersected a mineralized zone with gold grades ranging up to 38.19 g/T Au across 0.95 meters (CB09-1).
Satellite Image showing location of Quartz Mountain (lower left) and Hughes (upper right right)..
The Hughes Range property is located approximately 20 km northeast of the town of Cranbrook, BC and consists of 6 claims covering 411 hectares and including one mining lease covering the past-producing Kootenay King mine. Work prior to 2012 was focused on a massive sulphide target like the Sullivan deposit, related to the Kootenay King stratiform lead-zinc deposit. Placer gold has been recovered in the area as well, and there are several gold occurrences on the property. In 2012, a widespread zone of disseminated copper sulphide mineralization was discovered within a southwest trending structural corridor that is marked by Cretaceous intrusive rocks and base and precious metal vein mineralization.
The Quartz Mountain Property, also known as Anderson, Price’s Pit or Golden Egg, is located 20 km northwest of Cranbrook and just southeast of Kimberley. It consists of 58 claims covering 2,361 hectares. Two past producers, Price’s Pit and Golden Egg, which in total produced 1,767 ounces of gold are present on the property. Mineralization consists of chalcedonic quartz veins that occur in argillaceous quartzites of the mid-Proterozoic Creston Formation of the Purcell Supergroup. The veins contain specular hematite, pyrite, galena, sphalerite, chalcopyrite and native gold. Klondike Gold’s 2004 drilling intersected 0.49 meters grading 16.5 g/tonne gold.
The terms for the Agreement are as follows:
• Payment of $100,000 in cash,
• Payment of 1,000,000 Ximen shares and 1,000,000 warrants to purchase 1,000,000 shares of Ximen at $0.45 per share for a period of 24 months from date of issuance.
Completion of the property purchase is subject to the satisfaction of a number of conditions, including approval from the TSX Venture Exchange.
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