Ximen's IP Survey Produces Strong Anomalies Brett Gold Property, Vernon, BC
Vancouver, British Columbia--(Newsfile Corp. - September 9, 2014) - Ximen Mining Corp. (TSXV: XIM) (Frankfurt: 1XM) (OTCQX: XXMMF) (the "Company" or "Ximen") is pleased to announce results from the recently completed IP (induced polarization) survey on the company’s Brett Gold property located near Vernon, BC, and to provide an update of the summer exploration program.
Highlights of Recent Exploration Activity
- IP survey produces two strong prominent features in conjunction with previous magnetic survey
- District scale potential for gold mineralization - Land position expanded from 2,250 to 21,000 hectares
- Brett property similar to the Republic district in North Washington – High Grade Epithermal gold mineralization within a graben
Induced Polarization Study
The IP survey tested the large magnetic low anomaly outlined earlier this summer. The mag-low anomaly measures 1.1 x 1.1 km in size and remains open to the north and east. It is a blind target under glacial till cover, with minimal rock exposed on surface. Elsewhere on the property, including at the Main Zone, similar (but much smaller) magnetic low anomalies were defined by the ground geophysical survey in areas with known gold-bearing epithermal veins and associated magnetite-destructive alteration. Intense, impressive epithermal alteration (advanced argillic alteration, silicification, pyrite mineralization, quartz stockwork veining and hydrothermal brecciation) occurs in several places in the limited outcrop exposed within the large magnetic low anomaly. The spatial relationship of the mag-low feature to these areas of alteration suggests that the mag-low is related to the same magnetite-destructive alteration seen in outcrop. The size and strength of the anomaly suggests a very large alteration zone, extending laterally well beyond the known exposures.
A total of 20 line km of IP was completed, using a pole-dipole array. The survey was designed for both shallow, near-surface definition and to provide information at greater depths, utilizing "a" spacings of both 50 and 100 m, and "n" spacings of 1-8. Line spacing was 100 m over the central portion of the mag-low feature, and 200 m at the northern and southern limits of the anomaly.
The company is extremely encouraged by two prominent features of the IP survey. First, a strong north-south trending IP chargeability anomaly was measured on 9 of the 10 survey lines, has a defined strike length of 1 km, and remains open to the south beyond the limits of the survey. Its surface trace, as projected from pseudo-sections, mimics the most intense zone of low magnetic response outlined by the earlier ground magnetic survey. Secondly, a sub-parallel chargeability anomaly was detected by the survey on the west margin of the large magnetic low. By the southernmost line of the survey, this western anomalous zone has merged with the north-south anomaly to create a chargeability feature that exceeds 1 km in width. The chargeability anomalies are accompanied by modest resistivity response.
Inversion of the IP chargeability and resistivity results is underway, to model the properties and geometry of a mineralized body that would create the responses depicted in pseudo-section. The results of the inversion will be used, in conjunction with structural modelling, geological mapping, spectral analysis of clay mineralogy within areas of exposed alteration, and the (pending) results of a biogeochemical survey, to define targets for testing by diamond drilling.
Advanced Geologic Model
Detailed and property-wide geological work by the company this summer has resulted in a new and exciting geological model for the Brett property. Our results indicate district-scale potential for gold mineralization in the area and suggest potential for both high-grade veins and for larger, lower grade bulk tonnage mineralization.
The Eocene volcanic rocks which host the known gold mineralization on the property are now recognized as occurring within a steep fault-bounded extensional basin or graben. The occurrence of epithermal gold mineralization in similar Eocene extensional basins in the Cordillera, and the genetic relationship of the gold mineralization to the extensional tectonic regime, is widely known. One example is the Republic graben in northern Washington, from which in excess of 2.5 million ounces of gold was historically mined from a number of distinct high-grade epithermal vein deposits. Features common to both the Republic district and the Brett district include style of veining and alteration, age of mineralization, age and character of host rocks, occurrence of gold along second-order structures within the graben, and trace element geochemistry within veins and alteration envelopes.
Expanded Area of Interest
Based on this new understanding and on limited exploration work by Ximen peripheral to the main Brett showings, Ximen has expanded its land position by staking and acquisition, from the original 2250 hectare package held at the beginning of the season, to in excess of 21,000 hectares. Strongly altered Eocene volcanics and intrusives have been identified in several areas within the expanded land package.
Part of the newly acquired ground includes the Gold Star property which covers the area immediately west of the Brett Main Zone. An area of intense alteration, with quartz veining, straddles the boundary between the (original) Brett claims and the newly acquired Gold Star claims (the Border Zone). As in other areas of the property, outcrop is limited at the Border Zone. A strong gold-silver-arsenic (plus Sb, Se, Te, Mo, Hg) anomaly was defined by a recently completed soil geochemical survey over the area. Elevated gold values, to 599 ppb Au, 417 ppb Au and 204 ppb Au, were returned from rock samples collected from this area. Results for additional rock samples collected from the Border Zone are pending. This area is a high priority target for testing in the company’s upcoming diamond drill program. Also on the Gold Star portion of Ximen’s property, a strong northwest trending shear zone has been defined (the Sunday Shear), which is visually similar and sub-parallel to the Brett Main Zone, located 750 m to the west, and similarly requires follow-up.
A further update will be provided shortly
Patrick Forseille, P. Geo., a Qualified Person as defined by NI 43-101 is responsible for the technical information contained in this release.
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.
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.
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