Ximen Mining Corporation has begun its drilling operation at the Brett Epithermal Gold Project, located west of Vernon.
A gold mine west of Vernon is ready to be discovered.
Ximen Mining Corporation has officially started its drilling operation at the Brett Epithermal Gold Project, as the company seeks to extract the precious metal from the grounds in the North Okanagan.
The project consists of over 20,000 hectares in the Bouleau Lake/Tahaetkun Mountain area west of Vernon. Ximen has owned the area since 2013 and has spent the past decade mapping, surveying and permitting the area. The project shows characteristics of low-sulfidation epithermal gold. This type of gold is found by using water and heat, circulated with cooling magnets, to force the gold deposits to the surface.
Gold was first discovered in Cherry Creek (40 kilometres east of Vernon) in 1863, which set off a gold rush of settlers to the area, and led to the eventual city and surrounding area being formed into what it is today.
The White Elephant mine, located in the Fintry area, 25 km’s southwest of Vernon, had been one of the most prosperous across the province in the mid-1900s, as it operated from 1912-1935. In a two year span (1933-1935), the mine produced almost 50,000 grams of gold, which was equivalent to $61,443 in 1935, when the gold per ounce price was at $34.84. In 2024, one ounce of gold equates to approximately $2,524.
With 6.6 per cent of total gold production in the world in 2022, Canada ranks fourth globally, behind Russia (10.3 per cent), Australia (10.3 per cent) and China (10.6 per cent). A production value of $13.2 billion in 2022 makes the precious metal one of the most valuable mined in the country.
Ximen is a publicly listed company trading on the Toronto Stock Exchange, trading at 11 cents a share as of Tuesday, Aug. 27. Headquartered in Vancouver, Ximen’s flagship project is an underground gold mine in the Nelson area.