TORONTO, Dec. 1, 2020 /CNW/ - Excellon Resources
Inc. (TSX: EXN) (TSX: EXN.WT) (NYSE: EXN) (FRA: E4X2)
("Excellon" or the "Company") is pleased to announce
initial diamond drilling results from the ongoing program at the
Silver City Project in Saxony, Germany, with assays from an additional seven
holes outstanding and a further two holes to be completed before
year-end.
Highlights
- Intersection of significant silver mineralization at three
targets in initial holes including:
-
- 1,042 g/t silver equivalent ("AgEq") over 0.45 metres (911
g/t Ag, 0.4 g/t Au, 2.8% Pb and 0.9% Zn), within 231 g/t AgEq
over 2.30 metres (183 g/t Ag, 0.4 g/t, Au 0.5% Pb and 0.2% Zn) in
initial drilling on the Peter Vein;
- 505 g/t AgEq over 0.71 metres (356 g/t Ag, 2.0 g/t Au),
within 191 g/t AgEq (134 g/t Ag and 0.8 g/t Au) in first hole at
Reichenbach (Großvoigtsberg), a new, near-surface discovery in an
area with minimal historic mining;
- 319 g/t AgEq over 0.35 metres (300 g/t Ag, 0.2 g/t Au and
0.2% Zn), within 101 g/t AgEq (87 g/t Ag, 0.2 g/t Au) in first
hole at Bräunsdorf;
- 14 diamond drill holes completed totaling 3,299 metres, with 13
holes intersecting targeted structures, assays pending on seven
holes and a further two holes to be completed at Munzig before year
end;
- Successful drill permitting, land access and ramp-up of the
drilling program, advancing Excellon's social license in the area
and demonstrating the opportunity to operate in the area;
- Passive seismic surveying planned for coming weeks in
collaboration with Sisprobe, with 2D surveying planned for the
Munzig area; and
- Webinar to discuss results scheduled for 2pm EST on December 3,
2020, with registration available here:
https://us02web.zoom.us/webinar/register/WN_IE8v5j_DQ_K7iylGrAJkAw
"We have intersected high-grade silver mineralization in the
first holes drilled on the Silver City Project in modern times,"
stated Ben Pullinger, SVP Geology
& Corporate Development. "We have tested seven targets and have
intersected mineralization in almost every hole including multiple
high-grade silver species and fine-grained native silver. We have a
high-grade, district-scale epithermal silver system confirmed in
initial drilling and we are now focused on defining wider zones of
mineralization."
Mr. Pullinger continued, "As importantly, we have advanced our
privilege to operate in the area and have developed strong local
relationships from landholders to regulators that will be integral
to our long term exploration plans for the project."
Hole
ID
|
Dip
|
Azi
|
Interval
|
Interval
|
Ag
|
Pb
|
Zn
|
Au
|
AgEq(2)
|
(o)
|
(o)
|
From
|
To
|
(m)(1)
|
g/t
|
%
|
%
|
g/t
|
g/t
|
AGBR0120
|
-57
|
135
|
353.45
|
355.5
|
2.05
|
87
|
0.0
|
0.1
|
0.2
|
101
|
Including
|
|
|
353.45
|
353.8
|
0.35
|
300
|
0.0
|
0.2
|
0.2
|
319
|
AGBR1020
|
-45
|
125
|
107.5
|
109.4
|
1.9
|
134
|
0.0
|
0.0
|
0.8
|
191
|
Including
|
|
|
108.13
|
108.84
|
0.71
|
356
|
0.0
|
0.0
|
2.0
|
505
|
AGBR05A20
|
-60
|
138
|
207.75
|
210.05
|
2.3
|
183
|
0.5
|
0.2
|
0.4
|
231
|
Including
|
|
|
207.75
|
208.2
|
0.45
|
911
|
2.8
|
0.9
|
0.4
|
1042
|
|
|
1.
|
All intersections
reported as core length.
|
2.
|
AgEq calculated
using $1,800 Au/oz, $24.00 Ag/oz, $0.90 Pb/lb and $1.20
Zn/lb with 100% metallurgical recovery.
|
The initial drilling program of 15 diamond drill holes at
Silver City was designed to test multiple targets based on the
strike and dip extensions of historical workings, soil geochemical
and geophysical anomalies and surface samples (refer to regional
map, below). Assays from seven drill holes have been received
and are reported herein.
A summary of the targets reported on today is provided
below:
Target &
Hole
number
|
Target
Type
|
Holes
|
Geological
descriptions
|
Bräunsdorf
|
Dip extension
of historical
workings
|
1
AGBR0120
|
Wide shear zone with
intense graphitic, chloritic, and sericitic alteration hosting
multiple quartz-carbonate veins and local zones of hydrothermal
breccia. Silver is carried by silver sulphosalts,
freibergite-tetrahedrite and is closely associated with
sphalerite.
|
Fortuna
A
|
Soil
geochemistry -
conceptual
|
3
AGBR0220
AGBR02A20
AGBR0720
|
All holes intersected
a strongly sheared zone with ubiquitous sericite and local
intermittent zones of biotite alteration, with minor local quartz
and carbonate veining. All zones demonstrated anomalous base
metal and precious metal values with up to 0.68 g/t Au and 47 g/t
Ag
|
Reichenbach
|
Surface
sampling and
geophysics
|
1
AGBR1020
|
A discovery, with
three zones of mineralization intersected, comprising brittle
sericite-altered basalt with quartz-carbonate filled brittle
fractures and local zones of matrix- and clast-supported
hydrothermal breccias. Ag and Au are hosted in
quartz-carbonate veins with assays reaching over 2.0 g/t Au and
over 350 g/t Ag.
|
Peter
Vein
|
Strike
extension of
historical
workings
|
2
AGBR05A20
|
Both holes
intersected a wide shear zone
with strong sericitic, graphitic,
and chloritic alteration. The zone contains multiple
local sheared quartz, carbonate veins. Grades
reached 911 g/t Ag, 0.4 g/t Au, 2.8% Pb and 0.9%
Zn. Multiple grains of native silver, pyrargyrite,
freibergite and other silver species were identified.
|
The locations of the targets drilled and examples of the geology
encountered are provided below. Core photos will be provided
at www.excellonresources.com.
Excellon has partnered with Sisprobe of Grenoble, France on a 2D passive seismic survey of the
Munzig target. The program is currently underway and, innovatively,
is using ongoing diamond drilling as the sound source for the
seismic probes.
Excellon also continues to work with the Helmholtz Institute
Freiberg ("HIF") under a research and development agreement and has
provided HIF with data and drill core samples from the Silver City
Project through which HIF can test exploration technologies,
including hyperspectral analysis of drill core. The Company also
has various collaborations with the Mineral Systems Analysis Group
of the TU Bergakademie Freiberg (the Freiberg University) to
develop further analyses of the project.
The Silver City Project was mined for high-grade silver from the
11th until the late 19th century,
when Germany left the silver
standard in 1873 and the gold:silver ratio collapsed. Records from
the project indicate high-grade silver production over substantial
widths throughout the district. Excellon has embarked on the first
modern day exploration program focused on precious metals.
Excellon holds an option to acquire a 100% interest in the
Silver City Project from Globex Mining Enterprises Inc. (TSX: GMX)
(OTCQX: GLBXF) and (FRA: G1MN).
Adelaide Capital Webinar
The Company will participate in a live webinar on Thursday, December 3 at 2pm ET to discuss the Silver City drill results.
Please register here to participate:
https://us02web.zoom.us/webinar/register/WN_IE8v5j_DQ_K7iylGrAJkAw
QA/QC
Drill core samples are prepared and assayed by Bureau Veritas
Mineral Laboratories in Vancouver,
Canada. The lab is accredited to ISO/IEC 17025:2017,
RG-MINERAL. The company has a comprehensive QA/QC program,
supervised by an independent Qualified Person.
Qualified Person
Mr. Ben Pullinger, P.Geo., Senior
Vice President Geology & Corporate Development, 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.
About Excellon
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: Platosa,
Mexico's highest-grade silver mine
since production commenced in 2005; Kilgore, a high quality gold development
project in Idaho with strong
economics and significant growth and discovery potential; and an
option on Silver City, a high-grade epithermal silver district in
Saxony, Germany with 750 years of
mining history and no modern exploration. The Company also aims to
continue capitalizing on current market conditions by acquiring
undervalued projects.
Additional details on Excellon's properties are available at
www.excellonresources.com.
Forward-Looking Statements
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,
statements regarding mineral resources estimates, the future
results of operations, performance and achievements of the Company,
including potential property acquisitions, 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.
SOURCE Excellon Resources Inc.