Ximen Announces Probable Source of High-Grade Veins
VANCOUVER, British Columbia, Aug. 19, 2014 (GLOBE NEWSWIRE) -- When Ximen Mining Corp. (TSX-V:XIM) became involved in the Brett Gold Property earlier this year it was to further explore a number of previously discovered high grade bonanza style gold veins. While examining the historical data Ximen's technical team initiated the first ever ground magnetic and VLF-EM survey on the property.
The recently completed survey outlined a previously undiscovered magnetic low anomaly measuring 1.1 kilometres by 1.1 kilometres with potential extension to the north and east beyond the surveyed area.
What makes this so exciting is that it suggests a very large gold bearing mineralized system, potentially the source of multiple high grade bonanza style gold veins. Based on the age of the host rocks and the location relative to known gold mineralization elsewhere on the property, this most likely means the new find is a significant epithermal system. The anomaly in theory could be the main feed source for the high grade veining that has always been the focus on the property to date. It appears that the surrounding veins are or could be leaked from this anomaly only 100's of meters away.
Several possibilities have been examined and reviewed to explain this discovery. The key potential explanation for this size of anomaly is a very large bulk tonnage gold epithermal system that hosts several high grade gold veins within it. This similar to New Gold's Blackwater deposit in central BC, which has an NI 43-101 compliant measured and indicated mineral resource (effective December 31, 2013) of 9.5 million ounces gold and 70.1 million ounces silver. The newly discovered anomaly on the Brett property is large enough to host a deposit of this scale.
"We are pleased with the results that are becoming available from our spring and summer work program," says Christopher Anderson, president and CEO. "Our technical team has done an excellent job of analysing and compiling all of the historical data, which has allowed them to build a comprehensive knowledge base on the property."
Ximen's 100% owned Brett property, located near Vernon BC, has been explored on and off since 1983 when coarse placer gold was discovered in creeks draining the property. In 1984, follow-up prospecting located visible bonanza style gold in quartz veins exposed in outcrops in an area where virtually all work was focused from 1985 to 2004. The property has been in a deadlock of fractional ownership for over a decade with very little work being completed. Late in 2013, Ximen managed to untangle the obstacles that kept this property at a standstill. 2014 became the first year in over a decade that this property has been given a dignified work program that it respectfully deserves. Ximen has put together a world class technical team drawn from the human capital pool usually tapped by the majors. The team has compiled, examined and reviewed all the previous work; this includes an impressive amount of work mostly focused on one of the shears, including 12,000 m of diamond drilling, 3000 m of RC drilling, a 1700 foot drift and a positive bulk sample. There were multiple holes with Bonanza style gold grade like 55 feet of 1 oz, or 1.3 meters of 4.9 oz gold.
"The property hosts several different styles of gold mineralization and several new epithermal veins have been discovered to-date," explains Anderson. "With the current drill permit in place, the company will be focusing on identifying targets that will advance and expand the multiple high grade gold targets we currently have. The opportunity is to identify as many high grade zones in what now appears to be a new and significant gold district."
Ximen Mining has initiated several different testing methods to assist in prioritizing drill targets, both within the newly discovered anomaly and on the multiple epithermal veins known and discovered. Some of those methods are auger soil sampling, an IP survey, biogeochemical surveys and a study of clay minerals in alteration from different parts of the property. These are all designed to better understand the system and identify drill targets.
Ximen Mining Corp. is a publicly listed company trading on the TSX Venture Exchange (XIM), Frankfurt, Munich and Berlin Stock Exchanges (1XM) and in the USA on the OTCQX (XXMMF). For more information or to see maps of the property, call them at 604-488-3900, or go to http://www.ximenminingcorp.com.