Ximen Mining Corp (CVE:XIM) (OTCMKTS:XXMMF) has continued its acquisition of ground, with the group revealing on Friday that it has got its hands on seven more claims for 693 hectares near its Kenville gold mine in the Nelson camp, British Columbia.
The total land package now assembled by the junior explorer in the Nelson-Ymir-Salmo area since first acquiring Kenville in early 2019 now stands at 19,582 hectares.
Ximen also announced in Friday's statement that it has arranged a C$2 million private placing, with the funds raised to be used for exploration and working capital. Ximen will issue around 4.44 million units at C$0.45 per unit, with each unit comprising a share and a warrant. Each warrant entitles the holder to buy an additional share for C$0.75 each for two years from closing.
Two of the latest acquired claims surround Ximen's Queen Victoria historic mine, around 5 kilometres (km) northwest of the Kenville mine. This is a copper-gold-silver skarn deposit mined between 1907 and 1956, generating 1.48 million pounds of copper (673 tonnes), 30,544 ounces of silver, and 246 ounces of gold.
The second block of five claims adjoins the east boundary of the Kenville property and includes the Mor 1 occurrence, 1km southeast of the mine. Mineralization there lies in narrow quartz veins up to 30 centimetres in width, indicating potential for bulk-mineable and lode gold deposits, said Ximen.
Another occurrence, called Oro Fino, lies on the boundary between the firm's newly acquired claims and its existing ground, suggesting the Kenville vein system continues into this area, the company added.
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