Ximen sizes up precious metal potential in southern B.C.
http://www.northernminer.com/news/...tial-in-southern-b-c/1003049934/ During discussions with Caron and his geological team another opportunity came across Anderson's desk in the form of the Brett epithermal gold project 29 km west of Vernon, B.C. Ximen ended up inking a deal for a 100% stake in property with Running Fox Resources (TSXV: RUN) for $1 million in cash and 1 million shares, with another $350,000 in stock due over the next two years.
Exploration work at Brett has confirmed the presence of a number of gold bearing-mineralized zones associated with northerly-trending altered shear-fracture zones. Previous work consisted of geochemical surveys, trenching, 10,000 meters of diamond drilling, 2,800 meters of reverse-circulation drilling, and 460 meters of underground development.
The majority of historic work has concentrated on a small area of the property — running 200 metres laterally and 76 meters in depth — along what is jointly known as the Main Shear zone and RW vein.
Historic hole 93-19 cut 16.8 metres grading 35.8 grams gold at Brett, and in 1996 a 290-tonne bulk sample taken from the RW vein and Main Shear zone was shipped to Trail and returned an average grade 27.74 grams gold and 63.7 grams silver. Work was halted in late 1996, with the property tied up in litigation over the past several years.
“Brett has a ton of history. One of the most exciting things about the project from our point of view was it was one of the very first epithermal gold discoveries in British Columbia, but back in the day we didn't have the same understanding of epithermal deposits as we do now,” Anderson points out, noting that only around $750,000 has been spent on exploration over the last decade.
“Most of the work has been isolated to just a single shear zone, but it’s a very big structure. I think the last work done here was in 2004, and there are several other zones and a lot unexplored area. I’d add that Brett is another project Kinross took a serious look at back in the early 2000s,” he comments.
Ximen set out to compile all of the historic data at Brett — right down to hand-drawn graphs — into a geographic information systems (GIS) model to understand the epithermal structure. According to Anderson, the company is permitted for a 32-hole drill program at the site and intends on testing alternate zones, as well as completing some confirmation holes on the Main Shear zone.
Ximen hired GIS specialist John May, who was formally with Kinross and has a 30 year history in epithermal systems in the region, to work with Caron. The company mobilized its exploration team at Brett on May 6 with the intention of kick-starting a surface mapping campaign and completing a ground magnetometer geophysical survey.
Ximen has a notable financial backer in the form of Eric Sprott, who holds around a 10% equity stake. The company has jumped roughly 310% or 93¢ since early January en-route to a 52-week high of $1.23 per share at the time of writing. Ximen maintains 13 million shares outstanding for a $16 million press-time market capitalization.
“We're underpinning our opportunity with the Brett as a key asset, but we're really looking to bring the right expertise on board and move into that mining and milling space,” Anderson concludes. “I think our timing is perfect. I was trying to raise a little money in December and it was horrendous, but all of a sudden it seems to have changed.”
Read more at
http://www.stockhouse.com/companies/bullboard/...#Qyjy83bVlupwrZcC.99 -----------
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