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Ximen Mining completes lidar survey over Nelson

2022-12-06 12:52 ET - News Release

Mr. Christopher Anderson reports

XIMEN COMPLETES LIDAR SURVEYS OVER PAST PRODUCING GOLD MINES

During the 2022 field season, Ximen Mining Corp. conducted a lidar (light detection and ranging) survey at its Nelson property in Southern British Columbia.

Map showing area of 2022 lidar and IP (induced polarization) geophysical surveys at Ximen's Nelson property.

A total of 36.4 square kilometres were flown, with lidar and orthophoto data collected with a Phoenix Ranger lidar scanner through a manned helicopter. The lidar survey was flown over the northern part of Ximen's Nelson property and covered the Kenville, Star, Venus-Juno and California properties. These properties cover historic gold mines with production listed in the attached table.

At the Kenville gold mine, Ximen is in the permitting stage for underground development. Drilling on the property between 2008 and 2012 identified several new gold-bearing veins in widely spaced drill holes. Detailed drilling is required to adequately define the veins and grade continuity. Given the depth from surface, in-fill drilling is best done from underground mine workings. New underground development is therefore being permitted that will access the new vein extensions.

The Venus-Juno mine is being permitted for surface drilling by Ximen to test for vein extensions. A grab sample of mineralized quartz collected on the property by Ximen in 2020 contained 9.04 grams per tonne gold, 72.8 grams per tonne silver and 1.27 per cent copper (news release dated Feb. 12, 2021).

The California mine has been permitted by Ximen for surface drilling. The drilling is designed to test an area of the California vein above the historic mine level No. 3 where historic sampling indicates the vein averages 25.57 grams per tonne gold over a length of 91 metres, with vein widths of 0.9 to 1.5 metres. There are five additional gold-bearing veins in the area, including the Deadwood, Union, Creek, Cabin and the Exchequer veins. Outcrop of the California vein was sampled in 2020 and found to contain 8.4 grams per tonne gold (news release dated March 9, 2021).

The Eureka and Star mines occur in a broad area of vein-hosted and disseminated gold-copper mineralization. Numerous geological, geochemical and geophysical surveys were completed in this area that identified several exploration targets. A total of 94 diamond drill and reverse circulation holes (15,741 metres) were drilled between 1933 and 2011 that resulted in significant gold-copper intercepts, indicating potential for a bulk-minable deposit. Ximen has applied for a permit to do surface drilling and is actively exploring this area with geochemical surveys and a modern induced polarization/resistivity geophysical survey. An exploration camp is also being prepared for use during the next drill season. The 2022 lidar survey results will be used to provide a detailed topographic base and to help identify fault structures.

Analyses referred to in this release were conducted by ALS Global-Geochemistry Analytical Lab in North Vancouver, B.C., Canada. ALS is an independent, fully accredited commercial laboratory. Gold was determined by the fire assay method using a 50-gram sample weight and ICP (inductively coupled plasma) finish, with overlimits checked using a 50-gram sample weight and gravimetric finish. Other metals were analyzed as part of a 48-element package using a four-acid digestion and determination by ICP-MS (inductively coupled plasma mass spectrometry). Overlimits for silver were determined by the fire assay method using a 50-gram sample weight and ICP finish and overlimits for silver, lead, zinc and copper by specific four-acid digestions with ICP-AES (inductively coupled plasma atomic emission spectroscopy) finish for high-grade materials.

Readers are cautioned that historical records referred to in this news release have been examined but not verified by a qualified person. Further work is required to verify that historical records referred to in this news release are accurate.

Technical disclosure in this news release has been approved by Dr. Mathew Ball, PGeo, a qualified person as defined by National Instrument 43-101 and vice-president of exploration for Ximen Mining.

About Ximen Mining Corp.

Ximen Mining owns 100-per-cent interest in three of its precious metal projects located in Southern British Columbia. Ximen's two gold projects are the Amelia gold mine and the Brett epithermal gold project. Ximen also owns the Treasure Mountain silver project adjacent to the past-producing Huldra silver mine. Currently, the Treasure Mountain silver project is under an option agreement. The option partner is making annual staged cash and stocks payments, as well as financing the development of the project. The company has also acquired control of the Kenville gold mine near Nelson, B.C., which comes with surface and underground rights, buildings, and equipment.

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