The Vancouver-based company said late last week the initial focus would be on refurbishing the 257 Level portal, which also serves as the mine's main drainage exits.

The company is rebuilding the portal with a steel culvert, expected to be complete next month.

The key infrastructure will be used later when a new decline is connected by a raise to be built once the decline is below the historic mine, to provide ventilation and a secondary safety egress.

Ximen plans to start work on the decline soon, with permitting currently under review by authorities, receipt of which would kick mine development into high gear.

Ximen said tests showed potential recoveries of 99% gold and 96% for silver using conventional gravity and flotation processes.

The company said it had quietly accumulated claims covering 18,889 hectares around the mine, including ground with historical gold mines and prospects.

Kenville reportedly produced 65,236oz gold and 27,686oz silver between 1889-1956.

The 257 Level has potential to host high-grade gold, according to Ximen. A non-compliant 2009 assessment estimated 24,624 tonnes grading 20.58 grams per tonne, giving 16,289oz gold within 5m (measured) and 25m (indicated) of the 257 Level. Material extending between 25-50m from the workings were categorised as inferred, comprising 101,992t grading 28.1g/t for 92,143oz.

Beyond this, projected extensions of the known veins on and above the 257 Level reportedly host a further 420,329t grading 21.77g/t inferred, for 264,806oz gold.

Ximen shares have more than doubled in recent weeks to C69c, valuing the company at C$39 million.