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VANCOUVER, British Columbia, March 16, 2022 (GLOBE NEWSWIRE) -- Ximen Mining (TSXV:XIM) (OTCQB:XXMMF) (FSE:1XMA) has provided an update on permitting and activities for its 100%-owned Kenville Gold Mine project at Nelson in southeastern British Columbia.
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Surrounding and extending from Kenville mine, the company currently controls 20,749 hectares of mineral properties along a 33-kilometre stretch of fertile ground. Ximen will be exploring this package, which covers 25 historic past-producing mines and 30 mineral occurrences in the Nelson mining camp, to extend the Kenville deposit and/or discover new resources. In addition, a drill permit is in place for the California mine property, and an application has been made for the area covering the Star and Venus properties.
Ximen has been advised by the Ministry of Energy, Mines and Low Carbon Innovation that a draft permit for the proposed mine development and underground drilling will be made available within 30 days. The company will then review the permit conditions and either accept the draft or request revisions. Upon acceptance by both parties, the permit will be issued. Concurrently, an environmental discharge permit is expected to be issued.
The company is taking further steps including connecting a 600-volt line from the local grid to the mine powerhouse, installing a 75 HP fan for mine ventilation and a mine air compressor, in order to begin operations upon receipt of permits.
Christopher Anderson, President and CEO, stated: “With the Development Permit near at hand and US$5,000,000 funding arranged for development, as well as the additional financial support of a Mid-Tier Gold producer, 2022 should mark the start-up of the Kenville Gold Mine. The Kenville Gold Mine will have an extremely small environmental footprint, while creating the opportunity for many high paying, impactful and meaningful jobs for the area and the community. The spin-off of multiple economic benefits for the region once we go into full production will be a catalyst for job stability for years to come. We believe the Kenville Mine will be one of the greenest producing Gold Mines in southern, BC.”
The Kenville Gold Mine was the first recorded underground mine in British Columbia, having started production in 1890 and mined into the 1950’s. The historical production records show 65,381 ounces gold produced from 158,842 tonnes milled, for a recovered grade of 12.8 grams per tonne, or 0.37 ounces per ton gold. Management cautions that these are historic estimates and Ximen is not treating them as current mineral resources.
In 2009, previous operators conducted detailed sampling on the 257 Level of the Kenville mine and based on the results, an historic mineral resource was estimated, showing 16,289 ounces gold in the measured and indicated categories, along with 356,949 ounces gold in the inferred category. Significant additional diamond drilling was conducted between 2009 and 2012, which identified at least 4 new veins with potential strike lengths of over 700 metres.
In 2021, Ximen engaged Micon International Limited, which, following the review of available information, identified two areas where existing drilling could be upgraded to be sufficient for estimation of mineral resources. Micon recommended an estimated 1,800 metres of drilling in 18 drill holes at a spacing of 20 metres should be drilled from underground in the new decline. This drilling is anticipated to appropriately outline material for a proposed bulk sample.
Ximen has negotiated a term sheet with a Swiss-based metals trading firm for US$5.0 million in the form of a secured gold loan for the planned development of a 1200-meter decline and extraction of a 10,000-tonne bulk sample at the Kenville Gold Mine property. This gold loan is subject to the issuance of the permits and the completion of a CDN$1.5 million equity financing.
Ximen also owns 100% of three precious metal projects located in southern BC, the Amelia Gold Mine, 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 with the option partner making annual staged cash and stocks payments as well as funding the project.
Ximen’s shares are trading at $0.20. 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 [email protected].
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