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Ximen Mining set to buy all of Klondike Gold's British Columbia properties

The firm has struck a purchase agreement with Klondike Gold Corp to buy all of the latter's BC properties

Ximen Mining Corp -
Historic production from the Clubine-Comstock mine totaled 3,964 ounces gold

Ximen Mining Corp (CVE:XIM) (OTCMKTS:XXMMF) revealed it is to buy four new properties in British Columbia, including two past producers. 

The firm has struck a purchase agreement with Klondike Gold Corp (CVE:KG) to buy all of the latter's BC properties, the Vancouver-headquartered firm said in a statement on Thursday. 

READ: Ximen Mining says new analysis of old Kenville gold mine samples has verified assays

The ground totals 98 mineral claims covering 4,171 hectares and one Crown granted claim of 8.7 hectares in the south-eastern part of the Canadian province.

One of the sites -  the Ron gold (Nelson) property - adjoins Ximen's Kenville gold mine and consists of 29 mineral claims and one crown grant covering 1,176 hectares.

A gold and copper soil anomaly was defined here in 2017, with gold values ranging up to 1.6 grams per ton (g/t) gold, and copper values ranging up to 1614.3 parts per million (ppm) copper.

Meanwhile, the Clubine property comprises five claims covering an area of 232 hectares and lies around 25 kilometers south of the Kenville mine.

Historic production from the Clubine-Comstock mine totaled 3,964 ounces gold, 7,699 ounces silver and 818 kg zinc from quartz and quartz-carbonate veins, said Ximen.

In 2009, Klondike drilled nine holes to test the Clubine vein system down dip to the east of the historic mine and hit a mineralized zone with gold grades ranging up to 38.19 g/t gold across 0.95 meters.

Quartz Mountain

The newly acquired Quartz mountain property, also known as Anderson, Price's Pit or Golden Egg consists of 58 claims covering 2,361 hectares.

Price's Pit and Golden Egg in total together previously produced 1,767 ounces of gold.

Finally, the Hughes Range property is located around 20 km northeast of the town of Cranbrook, BC and consists of six claims covering 411 hectares and including one mining lease covering the past-producing Kootenay King mine.

Under the deal with Klondike, Ximen must pay C$100,000 in cash and issue 1 million Ximen shares and 1 million warrants to purchase 1 million shares of Ximen at C$0.45 per share for 24 months from issue.

Ximen shares closed Wednesday at C$0.44 - up 8.54% on the day.

On Thursday, they headed north again, adding nearly 7%  to C$0.48 in Toronto.

Contact the author at [email protected]

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Market: TSX-V
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