logo-loader

Ximen climbs on Brett property exploration findings

Published: 20:31 09 Sep 2014 AEST

canada_map_up_close_350_540f55551d304

Ximen Mining's (CVE:XIM) shares rallied on Tuesday after the company announced the results from a recent induced polarization survey on its Brett gold property in British Columbia, saying it found two strong prominent features in conjunction with a previous magnetic survey.

The first feature is a strong north-south trending chargeability anomaly, and has a defined strike length of 1 km, remaining open to the south beyond the limits of the survey, according to Ximen's statement released earlier today.

The second is a sub-parallel chargeability anomaly detected on the west margin of a large magnetic low, exceeding 1 km in width and accompanied by a modest "resistivity response", Ximen said.

The company is currently working to model the results, so as to define targets for testing by diamond drilling.

Ximen also said Tuesday that a new geological model for the Brett property, based on work completed this summer, indicates district-scale potential for gold mineralization in the area, suggesting the potential for both high grade veins and for larger, lower grade bulk tonnage mineralization. 

Based on this work, the junior mineral explorer has expanded its land position from 2,250 at the beginning of the season to in excess of 21,000 hectares by staking and via acquisition. 

This new ground includes the Gold Star property, which covers the area immediately west of the Brett main zone. This area is a high priority target for testing in the company's upcoming diamond drill program, it said.

Shares of Ximen, which also said a further exploration update will be announced shortly, saw its shares jump 11.9 percent to 47 Canadian cents, reaching a high of 48 cents on Tuesday. Since the beginning of January, the stock has advanced nearly 57 percent.

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

9 hours, 50 minutes ago