Ximen Mining Corp (TSX-V:XIM, OTCQB:XXMMF) said it has received approval to conduct exploration drilling on the Providence property near Greenwood in southeastern British Columbia.
The multi-year, area-based permit allows for 1,600 meters (m) to be drilled at four new drill sites.
According to the company, the Providence property adjoins the historic Providence mine, which BC Minfile records indicate 1,368,075 ounces of silver, 5,896 ounces of gold, 402,690 pounds lead and 260,086 pounds of zinc was recovered from 10,426 tonnes mined.
READ: Ximen Mining receives drill permit for Amelia gold property in British Columbia
To date, Ximen is in receipt of significant results from drill holes 2 and 3 on the property, including 147.25 grams per tonne (g/t) silver over 1.0m in hole 20-02 (96.47 to 97.47m), and 94.9 g/t silver over 0.83m in hole 20-03 (111.73 to 112.76m).
Drill plans this year will follow-up the intercepts from drill holes 2 and 3.
On the corporate front, Ximen has arranged a non-brokered private placement of 4,545,455 flow through shares priced at $0.22 per share for gross proceeds of $1,000,000.
Each flow-through share consists of one common share and one-half transferable common share purchase warrant.
Each whole warrant will entitle the holder to purchase one additional non-flow-through common share priced at $0.35 per share for up to 36 months from the date of issue.
“The term of the warrants may be accelerated in the event that the issuer's shares trade at or above a price of $0.55 per share for a period of 10 consecutive days,’ the Ximen statement read. “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.”
The company plans to use the proceeds from the offering on exploration.
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