VANCOUVER, British Columbia, Sept. 24, 2014 (GLOBE NEWSWIRE) -- Ximen Mining Corp. (the "Company" or "Ximen") (TSX-V: XIM ) is pleased to report that the 490 Gold Zone has been intersected in hole 2 of the current diamond drill program on the Brett epithermal gold property in southern B.C.
- Both drill holes completed thus far in this year's program have intersected the 490 Gold Zone
- The only previous drill hole into this zone is a 2004 drill hole that ran 4.9 ounces per ton or 168 grams per tonne over 1.3 metres
- The 490 Gold Zone is a moderate to steeply west dipping quartz-carbonate breccia that occurs along the contacts of an amethyst-altered feldspar porphyry dyke
- Hole 14-02 represents a 40 m step out, down dip from the intersection in hole 14-01
Hole 14-02 was collared from the same site as hole 14-01, and drilled at a steeper angle, to test the 490 Gold Zone at a deeper level than where tested by hole 14-01. In hole 14-02, drilling intersected 2.7 m of quartz-carbonate breccia, on the western contact of the amethyst-bearing feldspar porphyry dyke, at a vertical depth of 150 m below surface. This zone was intact and unaffected by late faulting. Core recovery through the zone was excellent. Fourteen metres further down-hole, a 1.3 m zone of fault gouge, alteration and pyrite mineralization was encountered, which may be part of the same 490 Gold Zone. All of hole 14-02 was cored by HQ sized drill core. Further drilling is needed to determine the strike, dip and true width of the zone.
Logging is complete on hole 14-02 and sampling is underway. Drilling has now started on hole 14-03, which will test mineralization 50 m on strike to the south from holes 14-01 and 14-02.
"We are extremely encouraged that we hit our new target (490 Gold Zone) in the first two drill holes. Although we are just at the beginning of the drill program it helps to begin to validate our geological model for the property.. Not only does this intersection help us define the geometry of the zone but it begins to build size to the target and it indicates potential for continuation to depth."
Linda Caron, MSc Peng, MBA – VP Exploration
To view this image of the Cross Section Looking North, please visit: https://orders.newsfilecorp.com/files/3028/11...hanced.jpg
Previously only one hole ever drilled #04-12 - ran 4.9 oz or 168g/t over 1.3 meters ( 490 Gold Zone)
Ximen's hole completed this week #14-01 intersection sent for sampling 2.65 meters (490 Gold Zone)
Ximen's hole just finished #14-02 intersections being sampled 2.7meters &1.3meters (490 Gold Zone)
Note: Other intersections in both recently drilled holes outside the 490 Zone are also being tested for Gold Mineralization.
Key Factors about the 490 Gold Zone and why its being tested
- The 490 Gold zone was named after one hole that was drilled below the main shear into a new structure and ran 4.9 oz or 168g/t over 1.3 meters until now this has yet to be followed up.
- Gold Grade is exceptional and may be indicating an elevation control for gold at a deeper level then ever previously tested on the property
- This is a new structural model as defined from Ximen's recent mapping completed in 2014
- These four holes if successful will define the size potential of a significant new gold zone the 490 Gold breccia zone.
- This recently mapped Dyke is associated to the mineralization and can be trace at surface over several 100's of meters.
- There seems to be a close spatial association with Amethyst altered dykes and gold mineralization on the property.
The first 4 holes of the 3000 m minimum drill program are testing a mineralized zone 50-100 m east of, and in the footwall to, the historically drilled Main Shear Zone. Drilling is HQ sized core, where possible, with reduction to NQ2 sized when rock conditions necessitate.
The 490 Gold Zone, which is the target of these first 4 holes, was discovered by a single deep historic diamond drill hole by a previous operator. While most of the historic drill holes on the property were relatively shallow holes that stopped when they had reached their target, hole 04-12 drilled much further into the footwall of the Main Shear Zone than most other holes. It intersected a structurally-controlled zone of quartz-carbonate breccia, 85 m into the Main Shear footwall, which returned 4.9 oz or 168g/t over 1.3 meters. In hole 04-12, the breccia zone is cut by an amethyst-bearing, altered, feldspar-porphyry dyke and is best developed on the western contact of the dyke. Until the current drill program, this hole remained the only hole drilled into this area.
To view this image, please visit: https://orders.newsfilecorp.com/files/3028/11...hanced.jpg .
To view the Plan View, Drill Holes 14-01 to 14-04, please visit: https://orders.newsfilecorp.com/files/3028/11...hanced.jpg .
Patrick Forseille, P. Geo., a Qualified Person as defined by NI 43-101 is responsible for the technical information contained in this release.
Highlights of 2014 Summer Work Program
- Company's results indicate District Scale potential similar to the Republic Gold District in Washington State.
- Ximen has increased land package from 2250 To 21,000 hectares.
- 1.1km x 1.1km magnetic low feature discovered still open to the north, coinciding with an IP survey produced two strong prominent chargeability anomaly that come together in the south near the know mineralization to create a chargeability anomaly that exceeds one kilometre in width.
- Numerous gold targets with potential for both high-grade veins and for larger lower grade bulk mineralization.
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. 604 488-3900
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
