Vancouver-based Ximen Mining (
TSX:V.XIM,
Stock Forum) announced Tuesday that has undertaken to compile and analyse historic exploration data for the Brett gold property in B.C.
Epithermal gold specialist and retired Kinross Gold Corp (
TSX:T.K,
Stock Forum) senior geologist John May will interpret the data with Linda Caron.
According to the company, “Complete geological, structural, alteration and analytical information from 131 historic diamond drill holes has been entered into digital format for the first time, to allow 3D interpretation of the information. This will help define structural and lithological controls to mineralization, as well as zoning and location within the epithermal system.”
The Brett property has a lot of eyes on it, being as it has been the subject of complex ownership moves for some time that more or less kept it out of play, despite the promise of what’s underneath.
Now Ximen finds itself in the enviable position of having control of a play that people in the business speak of as having immense potential. Eric Sprott is an early stage investor.
That interest has seen shares in the company elevate from $0.30 on January 1 to $1.03 today, a rise of over 300%.
Linda Caron said of the property, in a
company news release Tuesday, "The mineralization at Brett is typical of a classic low-sulfidation epithermal system. Gold occurs in high-grade, low-sulfide bonanza type veins with textures including banding, brecciation, stockwork zones and coarse visible gold. The volcanic host rocks surrounding the mineralized zones are intensely argillic altered, with more proximal zones of phyllic and potassic alteration and silicification. The veins have strong structural controls and many of the faults controlling mineralization are long-lived features with considerable post-vein movement along them. There are also stratigraphic controls to gold mineralization. High-grade veins are best developed in more brittle volcanic lithologies, while the more permeable volcaniclastic units host disseminated bulk tonnage gold mineralization."
The compilation of the historic data will give Ximen a better understanding of the geological setting and allow better targeting.
Ximen has a market cap of $10.5 million with 10.2m shares outstanding.
FULL DISCLOSURE: Ximen Mining is a Stockhouse Publishing client.