TORONTO, July 28, 2021 /CNW/ - Excellon Resources
Inc. (TSX: EXN) (TSX: EXN.WT) (NYSE: EXN) (FRA: E4X2)
("Excellon" or the "Company") is pleased to provide an
update on the ongoing drilling program at the Silver City Project
in Saxony, Germany.
Highlights
- Drilling commenced smoothly at the first of four priority
targets of the 12,000 metre diamond drilling program planned for
2021
- Second drill rig added to the program, with drilling
now underway at the Peter Vein (Neue
Hoffnung Gottes) and Bräunsdorf
(Christbescherung) targets
- Drilling at Reichenbach and Grauer
Wolf scheduled to commence in August
"We have had another smooth startup of drilling at Silver City
this year," stated Ben Pullinger,
SVP Geology & Corporate Development. "We continue to appreciate
the support of the local community and benefit from the excellent
work of the TU Bergakademie Freiberg and the Helmholtz Institute of
Freiberg. This year's program builds on discoveries made last year
in the first modern-day drilling for precious metals on the
Bräunsdorf license. Our current drilling focusses on the
historically productive gneiss-schist contact running through the
Bräunsdorf and Peter Vein mines. In the coming weeks we will move
up to the mafic-schist contact intersected last year at Reichenbach
and Grauer Wolf, both of which
yielded some of the most interesting results from drilling to
date."
Preparatory work for this year's program included reprocessing
and interpretation of historical airborne data, interpretation of
geochemical data from 2020 drilling and continued compilation of
historical data. Interpretation of high-resolution SWIR-LWIR
hyperspectral acquired from 2020 drill core is supported by ongoing
multidisciplinary research studies at the TU Bergakademie Freiberg
and the Helmholtz Institute of Freiberg. The upcoming Grauer Wolf and Reichenbach targets are located
along the newly drilled mafic volcanic and schist contact, with the
geology and alteration intersected to date indicative of a
compelling high-grade silver system.
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).
Samples from the drill campaign are being shipped for analysis
to an ALS Global laboratory in Galway, Ireland, an ISO/IEC17025:2017 accredited
facility. This facility was selected to accelerate and better
manage sample-processing times in the context of the COVID-19
logistical challenges and strong demand for drill assaying
globally.
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.