Ecuador court gives green light for Silvercorp, Salazar’s El Domo project
The ruling removes the last major obstacle for the $250 million project, located 150 km northeast of Guayaquil.
In a further update to the underground development of its Kenville gold mine, Ximen Mining (TSXV: XIM) has now obtained the first draft of the two permits expected. Last Friday, the BC-focused precious metals miner received the draft environment permit for review, and had an initial look at the terms and conditions.
“Everything appears to be in order and as expected,” the company stated in a follow-up media release, adding that “most items have been discussed and agreed to over the last three years and have already been addressed, such as construction of the discharge channel.”
According to Ximen, once the remaining items have been addressed and the company has had time to give the permit a final review, the final EMS permit will be issued.
Meanwhile, Ximen is also waiting on a second draft permit from the mines department. “In calls and discussions last week, we can see the end is very near,” the company said.
“Currently the task at hand is to digitize some existing historic reports for the completion of determining the bond amount and precise boundary of the area of the permit. There is nothing unexpected and things appear to be straight forward from here. Once the bond amount in determined and the permit boundary defined, we expect to immediately receive a draft for final review,” it added.
In 2019, Ximen acquired 100% of the past-producing Kenville gold mine, consisting of Crown-granted mineral claims and surface rights, along with all existing permits, infrastructure and equipment.
The project is located 8 km west of the town of Nelson in BC’s West Kootenay region, and forms part of the company’s larger Nelson property that hosts as many as five historic mines (including Kenville). Between 1890-1954, the Kenville mine produced approximately 66,000 oz. of gold along with silver, copper, lead and zinc.
Drilling on the property between 2008 and 2012 has identified several new gold-bearing veins in widely spaced drill holes. In order to adequately define these veins and the grade continuity, Ximen decided to proceed with infill drilling from underground workings. New underground development is therefore being permitted that will access the new vein extensions.
Shares of Ximen rose 13% by 12:20 p.m. ET Thursday. The company’s market capitalization is approximately C$15.5 million.
