While the gold price has increased by around $100 USD over the last 2 months and a strong year for precious metals might be on the horizon, there are more good news for Ximen Mining Corp. Its option partner GGX Gold Corp. today released the first round of lab results from the 2018 Fall drilling program at the Gold Drop Project near the historic mining town of Greenwood in British Columbia, Canada.
According to the news, hole COD18-63 intersected high-grade mineralization near surface: “28.0 g/t gold and 424 g/t silver over 1.17 meter core length... incl. 49.7 g/t gold and 787 g/t silver from 26.72 m to 27.31 m.” Visible gold and tellurides are observed locally. A high-grade southern extension of the COD Vein has now been confirmed successfully. More drill results from the 2018 Fall drill program (total of 11 holes completed) are expected to be released shortly.
With around 27 million shares in the market and a current market capitalization of $8 million CAD, Ximen Mining aims to create shareholder value.
Full size / Today´s announced drill results.
According to today’s news:
“The 2018 Fall diamond drilling program tested the COD vein, located in the Gold Drop Southwest Zone. The program followed up on results from earlier 2018 diamond drilling at the southern extension of the COD vein. Two earlier 2018 holes at the southern extension, COD18-45 and COD18-46 (which were drilled at 45 and 50 degree dips to the west from the same site), intersected high grade gold and silver plus significant amounts of tellurium.
COD18-45 intersected of 50.1 grams per tonne (g/t) gold and 375 g/t silver over 2.05 meter core length including 167.5 g/t gold, 1,370 g/t silver and >500 g/t tellurium over 0.46 meter core length (News Release of August 15, 2018).
COD18-46 intersected 54.9 g/t gold and 379 g/t silver over a 1.47 meter core length, including 223 g/t gold, 1,535 g/t silver and greater than 500 g/t tellurium over a 0.30 meter core length (News Release of August 22, 2018).
Intersections exceeding 1 g/t gold for drill holes COD18-61 to COD18-64 are listed in the table below [see above]. Since true widths cannot be accurately determined from the information available the core lengths (meters) are reported.
All of the 2018 Fall drill holes were collared within 25 meters of holes COD18-45 and COD-46. Holes COD18-61 to COD18-66 were drilled to the west and slightly northwest at dips of 45 to 60 degrees to intersect the approximately northeast striking COD vein. Holes COD18-67 to COD18-71 were drilled at dips of 45 to 60 degrees slightly northeast to intersect the COD vein at a shallower angle, the purpose being to test the continuity of the quartz veining and mineralization. The high grade intercept of drill hole COD18-63 is at approximate 20 meter vertical depth (similar depth of high grade intercept of drill hole COD18-45) and approximately 5 meters north of the high grade intercept of drill hole COD18-45. The COD vein system is open to the northeast and at depth and possible open to the southwest.“ (See GGX’s January 9, 2019 News Release for Qualified Person’s review of technical information.)
Ximen Mining Corp.
888 Dunsmuir Street – Suite 888
Vancouver, BC, Canada V6C 3K4
Phone: +1 604 488 3900
Shares Issued & Outstanding: 26,751,025
Canadian Symbol (TSX.V): XIM
Current Price: $0.31 CAD (01/08/2019)
Market Capitalization: $8 Million CAD
German Symbol / WKN (Frankfurt): 1XMA / A2JBKL
Current Price: €0.20 EUR (01/09/2019)
Market Capitalization: €5 Million EUR
Report #2: “Ximen Mining reveals striking drill core observations ahead of assays“
Report #1: “Ximen Mining: Hunting for Multi-Million Ounces in British Columbia“
Stephan Bogner (Dipl. Kfm.)
Disclaimer: This report contains forward-looking information or forward-looking statements (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "potentially" and similar expressions, or are those, which, by their nature, refer to future events. Rockstone Research, Ximen Mining Corp. and Zimtu Capital Corp. caution investors that any forward-looking information provided herein is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors. The reader is referred to the Ximen Mining Corp.´s and Zimtu Capital Corp.´s public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through the Ximen Mining Corp.´s and Zimtu Capital Corp.´s profile on SEDAR at www.sedar.com. Please read the full disclaimer within the full research report as a PDF (here) as fundamental risks and conflicts of interest exist. The author, Stephan Bogner, holds a long position in Ximen Mining Corp. and Zimtu Capital Corp. and is being paid by Zimtu Capital Corp. for the preparation, publication and distribution of this report, which company holds a long position in Ximen Mining Corp. The author currently does not hold any equity positions or other kind of interest in GGX Gold Corp.