TORONTO, Dec. 21, 2020 /CNW/ - Excellon Resources
Inc. (TSX: EXN) (TSX: EXN.WT) (NYSE: EXN) (FRA: E4X2)
("Excellon" or the "Company") is pleased to provide an
update on ongoing exploration efforts on the Kilgore Property in
Clark County, Idaho and announce
the staking of 175 claims increasing the property size by
approximately 28%.
Kilgore Property Highlights
- Completed ASTER and LiDAR geophysical surveying over 110
km2
- Staked 175 new claims, enlarging the Kilgore Property by
approximately 28%
- Identified multiple new promising regional targets through
sampling and prospecting, returning visible gold in sediments and
outcrop
- Reviewed 3,000 metres of historical core, providing new
insights into Kilgore deposit
geology
- Established strong, on-the-ground geological team
"Our initial field season has confirmed our belief in the
multiple growth opportunities on the Kilgore Property, both within
and beyond the known mineral resource," stated Ben Pullinger, SVP Geology & Corporate
Development. "Remote sensing, relogging of drill core and analysis
of the structural controls on the Kilgore Deposit have aided
regional targeting and led to numerous new showings in prospective
host lithologies. We are currently moving through the permitting
process for the next phase of exploration on the property and look
forward to building on our learning since acquiring the property in
April 2020."
The Company completed aerial surveys providing Light Detection
and Ranging (LiDAR) and orthophotographic data and imagery over the
Kilgore Property in August, covering 110 km2. Further
remote sensing has included Advanced Spaceborne Thermal Emission
and Reflection Radiometer (ASTER) satellite data, which produced
spectra indicative of alteration associated with the emplacement of
the target epithermal system.
These surveys provided essential information for follow up
staking and prospecting on the broader Kilgore Property and,
combined with detailed relogging, geochemical modeling and
structural interpretation, identified additional prospects within
and adjacent to Excellon's claims at Kilgore. An additional 175 claims totaling
1,477 hectares were subsequently staked and added to the Kilgore
Property, expanding the property by 28%. The expanded Kilgore
Property, along with regional targets and the current resource
location is illustrated below:
Prospecting on new targets commenced in late summer, focusing on
historically underexplored areas within and surrounding the
Kilgore claims. A total of 101
rock samples were collected. Four new prospecting targets were
developed through the identification of favorable lithologies,
inferred structural trends, and recovered gold in stream
sediments.
During the ongoing 2020 program, the Company has relogged over
3,000 metres of historic drill core from 11 diamond drill holes
within the Kilgore deposit area.
The Kilgore deposit is a
caldera-related epithermal gold deposit with current Indicated
Resource of 44.6 million tonnes at 0.58 g/t Au for 825,000 ounces
Au and an Inferred Resource of 9.4 million tonnes at 0.45 g/t Au
for 136,000 ounces Au.
Planning for the 2021 season is underway with a multifaceted
geochemical and geophysical program planned for the GK prospect
(six kilometres northwest of the Kilgore deposit), including rock and soil
sampling, BLEG stream sediment sampling and IP/RES surveys to
identify potential controls on mineralization and drill targets.
Regional surface sampling, geologic mapping, and prospecting will
continue within the newly identified prospective areas.
The Company filed an updated Plan of Operations with the United
States Forest Service ("USFS") in June
2020, and the USFS is now in the process of revising the
National Environmental Policy Act Environmental Assessment ("EA")
accordingly. The Company is informed by the USFS that the
process to prepare a Revised EA and Decision Notice ("DN") will be
complete by Q2 2021. If the DN is received within that
timeframe and barring any unforeseen delays, the Company could
commence further exploration drilling by mid-July 2021.
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.
Cautionary Note to U.S. Investors: The terms
"mineral resource," "measured mineral resource," "indicated mineral
resource" and "inferred mineral resource," as used on our website
and in our press releases are Canadian mining terms that are
defined in accordance with National Instrument 43-101 – Standards
of Disclosure for Mineral Projects ("NI 43-101"). These Canadian
terms are not defined terms under United States Securities and
Exchange Commission ("SEC") Industry Guide 7 and are normally not
permitted to be used in reports and registration statements filed
with the SEC by U.S. registered companies. The SEC permits
U.S. companies, in their filings with the SEC, to disclose only
those mineral deposits that a company can economically and legally
extract or produce. Accordingly, note that information
describing the Company's "mineral resources" is not directly
comparable to information made public by U.S. companies subject to
reporting requirements under U.S. securities laws. U.S. investors
are urged to consider closely the disclosure in our Form 40-F which
may be secured from us, or online
at http://www.sec.gov/edgar.shtml.
SOURCE Excellon Resources Inc.