Ximen Mining Corp (TSX-V:XIM, OTCQB:XXMMF). revealed that it has received permit approval for exploration drilling on its Amelia gold property in Camp McKinney, near Greenwood, in southeastern British Columbia.
The Vancouver-based junior precious metals explorer said the Amelia multi-year area-based permit is for a total of 38 drill sites, with 19 sites approved for this year. “Multiple holes can be drilled from each of the sites, so the permit allows for approximately 11,400 meters to be drilled this year out of a total of up to 22,800 metres,” explained the company.
Ximen said drill holes are planned initially to test at depth below the mine, followed by testing for an extension of the veins to the east.
READ: Ximen Mining poised to be British Columbia's next significant gold producer
As reported in October last year, assays up to 103 grams per tonne gold were obtained by Ximen for grab samples of mineralized vein material from the historic mine area.
The company also announced that it has arranged a non-brokered private placement of 2,500,000 units at a price of $0.20 per unit for gross proceeds of $500,000. Each unit consists of one share and one transferable share purchase warrant.
The net proceeds from the offering will be used by the company for exploration expenses on its British Columbia mineral properties and general working capital, said Ximen.
Each whole warrant will entitle the holder to purchase, for a period of 36 months from the date of issue, one additional share at an exercise price of $0.35 per share. The term of the warrants may be accelerated if the issuer's shares trade at or above a price of $0.45 per share for a period of 10 consecutive days. In such case of accelerated warrants, the issuer may give notice, in writing or by way of news release, to the subscribers that the warrants will expire 20 days from the date of providing such notice.
Directors, officers, or other insiders of the company may participate in the foregoing offerings. A finder's fee may be paid to eligible finders in accordance with the TSX Venture Exchange policies. All securities issued following the offering will be subject to a hold period of four months and one day from the date of closing, said the company. The offering and payment of finders' fees are both subject to approval by the TSX Venture Exchange.
Ximen Mining owns 100% interest in three of its precious metal projects located in southern British Columbia. Ximen's portfolio also boasts the historic Cariboo-Amelia gold mine in Camp McKinney and the Brett epithermal gold project. Ximen also owns the Treasure Mountain silver project, which is adjacent to the past-producing Huldra Silver (TSX-V:HDA) mine. The company has also acquired control of the Kenville Gold mine near the Nelson-Ymir-Salmo area in British Columbia.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
Follow her on Twitter: @UttaraProactive