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Gold Reaches Session Highs as Federal Reserve Raises Interest Rates 25bps

After the Federal Reserve kept its options open after raising interest rates by another 25 basis points on Wednesday, the gold market is maintaining strong gains.

As predicted, the Fed Funds rate was increased by the Federal Reserve to a range between 5.00% and 5.25%. However, the statement’s monetary policy statement doesn’t offer much forward direction. In this tightening cycle, the central bank has increased interest rates ten times.

The Committee will carefully watch the information coming in and evaluate its effects on monetary policy. The Committee will consider the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments in determining the extent to which additional policy firming may be appropriate to return inflation to 2 percent over time, the central bank said.

The central bank’s decision on monetary policy initially caused the gold market to surge to session highs of $2,059 per ounce.

Historically speaking, gold has been considered a safe haven investment. Rising interest rates, on the other hand, increase bond returns and strengthen the US currency, both of which make gold more expensive for buyers outside the US. 

Advancing Precious Metal Assets in B.C.

With its high-grade gold mine in southern British Columbia, Ximen Mining Corp. (TSXV:XIM) (OTCQB:XXMMF) hopes to become the next BC gold producer, allowing it to self-finance its exploration. 

On May 9, 2023, Ximen Mining announced exploration intentions for 2023 in southern British Columbia.

Ximen is a precious and essential metals mining company with six mining project regions: Wild Horse, Quartz Mountain, Nelson, Greenwood, Brett, and Treasure Mountain.  The field projects of the Company are managed from its command base in Greenwood, British Columbia.

Wild Horse consists of 25 mineral discoveries and 156 claims totaling 13,948 hectares.  The source areas of the Wild Horse River placer gold deposit are located northeast of Fort Steele Cranbrook, British Columbia. The 86-meter mineralized zone in the two holes averaged 0.36 grams per tonne gold. The findings indicate that gold can be mined in mass. This year, Ximen intends to drill in areas where gold has been extracted from overburden samples.

Quartz Mountain is located 12.5 kilometers southwest of Kimberly, British Columbia, and includes 76 claims totaling 3,829 hectares, as well as 13 mineral discoveries.  Last year, rock and soil geochemical surveys at the Anderson pit confirmed high-tenor gold mineralization (12.2 grams per tonne gold over 1.2 meters).  Running Wolf, Rome, and Valley rock and soil geochemical surveys are planned for 2023. 

In Nelson, Ximen owns 21,476 hectares of mineral claims, including the Kenville gold mine, with 57 mineral occurrences. While developing the Kenville mine, Ximen is exploring nearby claims. Metallurgical examination of Wilcox tailings samples at Ymir, as well as field research of other occurrences, will be part of the exploratory program in 2023.  

Ximen has 57 mining claims encompassing 21,683 hectares and 56 mineral occurrences in Greenwood, including the Bud-Elk and Amelia assets, which are drillable.  Bud-Elk is looking for copper-gold skarn and porphyry that can be mined in bulk. Amelia, BC’s oldest lode gold mine, is being explored for expansion.

Brett holds 46 claims and 18 mineral discoveries on a total of 20,273 hectares. This property has discovered fresh gold zones since 1983. Ximen is developing a three-dimensional geological model and employing multivariate statistical analysis to connect pathfinder elements to various alteration and mineralization patterns. Aerial magnetic and LIDAR surveys were conducted in 2022. Surface drilling in 2023 will look for bulk-minable and bonanza-grade epithermal gold mineralization.  

The Treasure Mountain property (43 claims, 10,819 hectares) in Ximen has been optioned by New Destiny Mining Corp. In 2022, an airborne LIDAR survey was conducted over the land to detect previous workings and mineralized geological formations. Drilling and rock geochemistry for Railroad, Jim Kelly, and Rio Grande mineral finds will take place in 2023.  

For more information on Ximen Mining Corp. (TSXV:XIM) (OTCQB:XXMMF) and its projects, please visit this link or the company’s website.

Featured Image @ Freepik


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6) This document contains forward-looking information and forward-looking statements, within the meaning of applicable Canadian securities legislation, (collectively, “forward-looking statements”), which reflect management’s expectations regarding Ximen Mining Corp.’s future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. Wherever possible, words such as “predicts”, “projects”, “targets”, “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to Ximen Mining Corp.’s industry; (b) market opportunity; (c) Ximen Mining Corp.’s business plans and strategies; (d) services that Ximen Mining Corp. intends to offer; (e) Ximen Mining Corp.’s milestone projections and targets; (f) Ximen Mining Corp.’s expectations regarding receipt of approval for regulatory applications; (g) Ximen Mining Corp.’s intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) Ximen Mining Corp.’s expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute Ximen Mining Corp.’s business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) Ximen Mining Corp.’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) Ximen Mining Corp.’s ability to enter into contractual arrangements with additional Pharmacies; (e) the accuracy of budgeted costs and expenditures; (f) Ximen Mining Corp.’s ability to attract and retain skilled personnel; (g) political and regulatory stability; (h) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (i) changes in applicable legislation; (j) stability in financial and capital markets; and (k) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of Ximen Mining Corp. to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) Ximen Mining Corp.’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact Ximen Mining Corp.’s business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing Ximen Mining Corp.’s business operations (e) Ximen Mining Corp. may be unable to implement its growth strategy; and (f) increased competition.

Except as required by law, Ximen Mining Corp. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither does Ximen Mining Corp. nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this document. Neither Ximen Mining Corp. nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this document by you or any of your representatives or for omissions from the information in this document.

7) Any graphs, tables or other information demonstrating the historical performance or current or historical attributes of Ximen Mining Corp. or any other entity contained in this document are intended only to illustrate historical performance or current or historical attributes of Ximen Mining Corp. or such entities and are not necessarily indicative of future performance of Ximen Mining Corp. or such entities.

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