Ximen Mining Corp (CVE:XIM) (OTCMKTS:XXMMF) said Tuesday that drilling and trenching has been completed on a property in southern British Columbia that is under option agreement to GGX Gold Corp (CVE:GGX).
Highlights of the trenching and sampling program across the COD Vein North Target include a grab sample of 15.45 grams of gold per ton, 159 grams of silver per ton and 114.5 grams of tellurium per ton, according to GGX.
READ: Ximen Mining arranges C$540,000 private placing
It also reported a chip sample across 0.4 meters of 21.7 grams of gold per ton, 216 grams of silver per ton and 149 grams of tellurium per ton.
Drilling of this area is fully permitted and is scheduled to begin in 2019, Ximen said.
The fall drilling program included 11 diamond drill holes at the southern extension of the COD Vein mineralization within 25 meters of previously drilled holes. The drill core from these holes has shipped to ALS Canada Ltd in Vancouver, where they will be analyzed for gold by fire assay.
Ximen added that it has received the first two of four option payments consisting of stock and cash from GGX. Once all the payments and work commitments have been completed, Ximen will have a 2.5% net smelter return and the right for nine months to form a joint venture with the GGX. Ximen would pay an amount equal to 30% of the total spent by GGX.
Shares of Ximen traded at C$0.35 in Monday’s Canadian trading and climbed US$0.01 to US$0.27 on the OTC Markets. GGX traded at C$0.06 in Canada.
Earlier this month, Ximen announced a private placement of 1.8 million flow-through shares at C$0.30 each for proceeds of C$540,000.
Contact Dennis Fitzgerald at dennis@proactiveinvestors.com