Ximen Mining Corp (CVE:XIM) (OTCMKTS:XXMMF) told investors Friday that its optionee GGX Gold Corp (CVE:GGX) (OTCMKTS:GGXXF) had updated on exploration at drilling on the Gold Drop property in the Greenwood camp in BC.
Following an intensive campaign on the C.O.D veins, the last hole drilled in 2019 was one, which was sunk into the large, deep geophysical anomaly at its flagship Gold Drop project.
This hole hit 235 metres (m) of magnetite mineralization, reported Ximen.
As reported this summer, the anomaly, which was interpreted as a pipe-like structure measuring 1,834 by 1,377 m, was identified by Earth Science Services of Ontario.
The last hole that was sunk at Gold Drop tested the anomaly to a depth of 718.8 m on October 21 this year.
This was one of three holes planned to test the feature, with the other two holes to be permitted in 2020. Those holes showed that the magnetite mineralization continues to 714.8 m depth, for a total mineralized interval of over 235 m.
Notably, the origin of the magnetite mineralization remains unexplained, said GGX, but added that magnetite is commonly associated with skarn-type copper-gold deposits formed by the replacement of limestone.
This is an important deposit type in the Greenwood camp with the largest being the Phoenix and Motherlode deposits.
The Phoenix has produced 28,341 kg of gold, 183,036 kg of silver and 235,693 tonnes of copper and the Motherlode produced 6,648 kg gold, 22,083 kg silver, and 34,918 tonnes of copper.
But, notably, there is no major limestone unit known in the vicinity of this deep drill hole at Gold Drop.
Ximen also announced in Friday's statement, that it had closed a tranche of a private placement by issuing 350,000 units for gross proceeds of C$105,000. Each unit consists of one share at C$0.30 and one share purchase warrant.
Each whole warrant will entitle the holder to buy, for 18 months from issue, one further share at an exercise price of C$0.45 each. March 26, 2020 is the hold expiry date for this tranche of the placing.
Shares raced up around 13% in Toronto to C$0.34 each.
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