TORONTO, July 18, 2022 /CNW/ – Excellon Resources Inc. (TSX: EXN) (NYSE: EXN) (FRA: E4X2) (“Excellon” or the “Company”) is pleased to announce the filing of an updated independent technical report for the Silver City Project in Saxony Germany, which has been prepared in accordance with National Instrument 43-101 (the “Technical Report”). A copy of the Technical Report is available on both SEDAR at www.sedar.com and the Company’s website at www.excellonresources.com.
Recommendations from the Technical Report
The author of the Technical Report, Mr. Michael J. Robertson, Pr.Sci.Nat (400005/92); MAusIMM (316078), of the independent consulting firm The MSA Group (Pty) Ltd., has concluded that the Company’s proposed work program, outlined below, is appropriate for the Silver City Project. The main components of the program are:
- Step-out diamond drilling at Bräunsdorf to assess the extent and nature of mineralization below workings of the historical Neue Hoffnung Gottes Mine.
- Step-out diamond drilling at Grauer Wolf and Reichenbach to confirm the continuity of the known mineralization along the strike and towards depth.
- Step-out diamond drilling at Großvoigtsberg to confirm continuity of the known mineralization along the strike and towards depth, particularly in the areas where rich ore shoots were documented during historical mining.
- Drill testing of magnetic lineaments and inferred geological contacts near Grauer Wolf and Reichenbach.
- Drill testing of magnetic lineaments and inferred geological contacts at Obergruna where historical mapping indicates the presence of mineralized veins.
- Fence drilling at Langhennersdorf to test soil anomalies.
- Test continuation of high-grade ore shoot below Erzengel Michael Mine at Mohorn Licence
- Drill test extensions of the vein below Friedrich August mine at Frauenstein
- Drill test mineralization below and along strike of Bergmännische Hoffnung mine at Oederan
- An airborne magnetic survey in selected areas to complement the dataset that was obtained during the earlier surveys.
- High-resolution resistivity and chargeability surveys on selected targets including orientation study in the area of known mineralization.
- Rock magnetic susceptibility study on available drill core for all target areas and all encountered lithologies to support the interpretation of available and future magnetic survey data.
- Pending the results from the 2021/2022 soil sampling, extend the soil geochemical sampling program within the Project area.
- Soil geochemical sampling on three lines on the Frauenstein licence.
- Further structural analysis to improve understanding of the controls on mineralization and the implications for exploration targeting.
- Archive work, digitizing and georeferencing historical mine plans.
- Regional exploration work on the rest of the Silver City Project.
Jorge Ortega, P.Geo., Vice President Exploration, has acted as the Qualified Person, as defined in NI 43-101, with respect to the disclosure of the scientific and technical information contained in this press release.
Excellon’s vision is to create wealth by realizing strategic opportunities through discipline and innovation for the benefit of our employees, communities and shareholders. The Company is advancing a precious metals growth pipeline that includes: Kilgore, an advanced gold exploration project in Idaho with strong economics and significant growth and discovery potential; an option on Silver City, a high-grade epithermal silver district in Saxony, Germany with 750 years of mining history and no modern exploration; and Platosa, a high-grade silver mine producing in Mexico since 2005, scheduled to wind-down in Q3 2022, with an 11,000 hectare exploration package on Mexico’s carbonate replacement deposit (CRD) trend. The Company is also actively seeking to capitalize on current market conditions by acquiring undervalued projects in the Americas.
Additional details on Excellon’s properties are available at www.excellonresources.com.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this Press Release, which has been prepared by management. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 27E of the Exchange Act. Such statements include, without limitation, mineral resources estimates, the future results of operations, performance and achievements of the Company, including potential strategic transactions, the timing, content, cost and results of proposed work programs, the discovery and delineation of mineral deposits/resources/reserves, geological interpretations, proposed production rates, potential mineral recovery processes and rates, business and financing plans, business trends and future operating revenues. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, significant downward variations in the market price of any minerals produced, the Company’s inability to obtain any necessary permits, consents or authorizations required for its activities, to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies. All of the Company’s public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials. This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.