Vancouver, British Columbia--(Newsfile Corp. - October 20, 2017) - Ximen Mining Corp. (TSXV: XIM) (FSE: 1XM) (OTC Pink: XXMMF) has started the fall 2017 work program on the Brett Gold property. The 20,000-hectare Brett Gold Project is located about 30 kilometres west of Vernon and 70 kilometres southeast of Kamloops.
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The current program will focus on the Main Shear Zone, including the RW Pit, the portal site and trench 21.
The company will conduct chip/channel sampling within the RW pit to provide information on gold distribution within the pit. The resulting information will be used for bulk sample planning and open pit design.
A detailed chip/channel sampling survey is also planned for the Main Shear Zone at the Trench 21 area, to confirm reported gold grades. The gold bearing RW Vein is located northwest of the Main Shear Zone and is considered an extension of the Main Zone. The Main Shear Zone has been traced over 650 metres along strike with reported widths of 1 to 10 metres and a vertical extent of 250 metres.
Extensive exploration has been conducted on the Brett Property since the 1980s including multiple drilling programs, including drilling programs by Ximen during 2014 and 2016. Multiple drill intersections exceeding 1.0 ounce per ton gold have been reported.
During the mid-1990s, contractors completed 360 meters of underground development at the Main Shear Zone, with approximately 1,400 tonnes of mineralized muck being stockpiled on a dump. The estimated grade of this material was reported to average 4 to 5 grams per tonne gold.
Also during the mid-1990s a 115 metre length of the RW vein was excavated along with a 55 metre long length of the Main Shear Zone, at Trench 21. An estimated 291 tonnes of mineralized material averaging 27.74 grams per tonne gold and 63.7 grams per tonne silver from these excavations were shipped to a smelter.
Ximen owns 100% of all 3 of its precious metal projects in British Columbia, the Gold Drop and Brett Gold projects in southern British Columbia, and the Treasure Mountain Silver Project adjacent to the past producing Huldra Silver Mine.
The company announced plans to raise gross proceeds of up to $250,000 through the issuance of up to 5 million flow-through units, priced at $0.05 per unit. Each unit consists of 1 share and 1 warrant, with each warrant exercisable at $0.05 for 60 months, subject to an acceleration clause.
In addition to accredited investors, the offering is open to current shareholders. The company is also relying on other Securities Commission exemptions allowing non-accredited investors to purchase the private placement provided they have obtained advice from a registered investment dealer.
The shares are trading at $0.035 and with 87.6 million shares outstanding, the company is capitalized at $3.1 million.
For more information, please visit the company's website www.XimenMiningCorp.com, contact Wesley Warthe-Anderson at 604-488-3900 or email [email protected]
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