Ximen Mining Corp (CVE:XIM) (OTCMKTS:XXMMF) is planning geochemical and geophysical surveys followed by diamond drilling at its historic Amelia gold mine property in British Columbia this year, it told investors.
In June last year, the firm announced the deal to acquire properties in Camp McKinney near Baldy Mountain Resort.
The group got its hands on grounds covering 1,718 hectares surrounding and including the historic Amelia gold mine - British Columbia's first dividend-paying lode gold mine and the most significant producer in the camp
It was mined intermittently from 1894 to 1962 and recovery included 81,602 ounces of gold, 32,439 ounces of silver, 113,302 pounds of lead and 198,140 pounds of zinc.
The average recovered gold grade was 24.68 grams per tonne gold, according to BC Minfile.
"For 2020, Ximen is planning geochemical and geophysical surveys followed by diamond drilling. The goal is to locate extensions and parallel veins. Permitting will commence imminently," Ximen said in a statement on Thursday.
In the same statement, Ximen said that it had now closed its non-brokered private placing, raising gross proceeds of C$140,550.
It issued 468,500 units, each consisting of one share for C$0.30 and one transferable share purchase warrant.
Each whole warrant allows the holder for 18 months from issue, to buy one additional share for C$0.45 each.
The net proceeds will be used for the further exploration in British Columbia and for general working capital, it added.
Ximen shares in Toronto nudged up 3.33% to C$0.31 each.
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