Ximen Mining receives work permit at Treasure Mountain silver property

Ximen Mining Corp (CVE:XIM) (OTCMKTS:XXMMF) announced that it had received work permits for diamond drilling, trenching and test pitting at the Treasure Mountain silver and base metals property in British Columbia.

The permit allows for up to 11 drill pads and up to 10 trench/test pit sites in the east-northeast regions of the property, and covers areas of gold, silver and copper.

READ: Ximen Mining reports positive exploration results from option partner at Treasure mountain

Ximen’s option partner on the project is New Destiny Mining Corp (CVE:NED), which is making annual staged cash and stocks payments as well as funding the development of the site.

The Treasure Mountain property partially surrounds the Treasure Mountain property of Nicola Mining Inc and around 37 kilometers southwest of the Shovelnose gold property of Westhaven Ventures Inc (CVE:WHN).

Westhaven Ventures recently reported a diamond drill intersection of 8.95 g/t (grams per ton) gold and 65.47 g/t silver over 46.2 meters (core length) at Shovelnose.

Historical assays

Among the historical assay highlights at Treasure Mountain include 8.81 grams per tonne (g/t) gold in grab samples from the east and northeast regions.

There were also chip and channel samples in the northeast region, including 4.11 g/t gold over 0.9 meters and 9.6 g/t gold over 0.18 meters.

Also in today’s statement, Ximen said it had closed the first and final tranches of the non-brokered private placing, previously announced in December, raising $250,000 gross, which will be used for exploration.

Each unit consists of one share and one share purchase warrant. Each whole warrant will entitle the holder to buy one additional share for $0.30 per share for 24 months from the date of issue.

Ximen said proceeds will be used for general working capital and exploration on its properties.

Contact Giles at [email protected]

Follow him on Twitter @Gile74

Story by ProactiveInvestors