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Author Topic: Ximen acquires option on Kenville gold mine  (Read 117 times)

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Offline Flo86xx

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Ximen acquires option on Kenville gold mine
« on: April 08, 2019, 12:12:36 PM »
Ximen acquires option on Kenville gold mine

2019-04-08 07:38 ET - News Release


Mr. Christopher Anderson reports

XIMEN MINING FOCUSES ON ACQUISITION OF THE KENVILLE GOLD MINE NELSON BC

Ximen Mining Corp. has entered into an option agreement with Don Althen, an individual who is arm's length to the company, dated April 5, 2019, under which the company has acquired an option, exercisable in the company's sole discretion, to purchase all of Mr. Althen's interest in:

A promissory note issued by 0995238 B.C. Ltd. to Mr. Althen dated Aug. 10, 2017, in the amount of $780,000 plus interest;
A promissory note issued by 0995238 to Mr. Althen dated May 29, 2018, in the amount of $1-million plus interest convertible into common shares in the capital of 0995237 at a deemed price of two cents per common share;
Certain mining equipment located in Del Bonita, Alta.;
5,333,334 common shares in the capital of 0995237.
The principal asset of 0995237 is its option to acquire the Kenville gold mine located west of Nelson, B.C.

"The Kenville gold mine has played a major role in the rich history of B.C. gold mining. It was the first underground lode gold mines in British Columbia and was once the largest producer in the Nelson mining camp. There have been multiple new targets and veins discovered in the last several years and Ximen is looking forward to the potential opportunity that exists ahead," said Christopher Anderson, chief executive officer, Ximen Mining.

About the Kenville gold mine

The Kenville gold mine was discovered and staked in 1888 and was the first hardrock gold mine in British Columbia. It was mined intermittently until 1954, with recorded production of 2,029 kilograms of gold, 861 kilograms of silver, 23.5 tonnes of lead, 15 tonnes of zinc, 1.6 tonnes of copper and 37 kilograms of cadmium from 181,395 tonnes processed. The property is located eight kilometres west of Nelson, B.C., is accessible by paved road and is connected to the power grid. Existing infrastructure includes mining equipment, offices, mechanic shop, core storage and accommodation.

The mine deposit consists of multiple, gold-silver-quartz veins hosted by diorite. Between 2007 and 2008, 13,000 metres of diamond drilling were conducted that targeted previously untested areas southwest of the historic mine, and detailed sampling was conducted within the mine on the 257 level. There are six other historical levels within the mine footprint; only this level was rehabilitated and remains open and accessible. Based on the mine sampling and drill hole information available at the time, new zones of gold mineralization were identified, and mineral resources were estimated.

 


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