Ximen Mining snaps up net smelter royalties at two Greenwood camp properties
Wednesday, 24 June 2020 ()
Ximen Mining Corp (CVE:XIM) (OTCMKTS:XXMMF) told investors that it has acquired some net smelter royalties (NSRs) on potentially exciting assets in the Greenwood camp in British Columbia. In consideration, Ximen paid 1 million shares to two arm's length vendors. At the Golden Crown property owned by Golden Dawn Minerals Inc, it has acquired a 3% NSR split between two parties on a group of 11 tenures that make up part of the asset, it said in a statement. READ: Ximen Mining gets its hands on another 693 hectares in the Nelson camp, near its Kenville gold mine A second NSR Ximen has acquired is a separate 3% NSR on two further claims in the property. A resource estimate published by Golden Dawn in 2017 showed the Golden Crown property to host 62,500 gold equivalent ounces in the higher confidence indicated category from 163,000 tonnes, at a grade of 11.93 grams per ton (g/t) gold equivalent. Elsewhere, Ximen has recently purchased a net smelter royalty of 3% that was split between two parties on the May Mac mine property (one mineral claim and two mining leases), as well as an existing royalty consisting of C$5 per ton on material processed in the May Mac mill (Boundary Falls mill) from a private entity. Boundary Falls was constructed in 1980 as a 100 ton per day gravity-flotation mill to process material from the May Mac (Skomac) mine, which was exploited intermittently from 1887 onwards. Total output from the mine is estimated at 4,228 tonnes, grading 5.35 grams per tonne gold, 908 g/t silver. The initial production (37.3 tonnes) was from the first two mine levels and records indicate a relatively high grade in gold at 9.37 ounce per ton, Ximen noted. Production thereafter was from the Upper Skomac vein, which contains polymetallic silver, gold, lead zinc and copper mineralization. Between 2010 and 2012, Golden Dawn Minerals compiled data, conducted surface geochemical and geophysical surveys, and drilled nine holes. Ximen noted that based on information available, Golden Dawn proposed an exploration target for May Mac of between 150,000 and 250,000 tonnes with a grade range of 100-200 g/t silver, 1-2 g/t gold, 1-2% lead and 1-2% zinc. Contact the author at [email protected]