TORONTO, May 7, 2020 /CNW/ - Excellon Resources
Inc. (TSX:EXN, EXN.WT, OTC:EXLLF and FRA:E4X1) ("Excellon" or
the "Company") reports that the United States Federal
District Court for the District of Idaho (the "Court") has issued a decision
amending its December 2019 judgment
in respect of the United States Forest Service ("USFS")
Environmental Assessment ("EA") and Decision Notice/Finding of No
Significant Impact ("DN/FONSI") for the Kilgore Project in
Clark County, Idaho.
The EA analyzed a proposed diamond drilling plan of operations
(the "Plan") at the Kilgore Project to further delineate mineral
resources and mineralized zones. A lawsuit was filed by two
environmental organizations in November
2019 on several grounds, including that there was inadequate
consideration of potential ground water impacts within the Dog Bone
Ridge area of the Kilgore Project. Dog Bone Ridge is a regional
target in the proposed exploration program in the Plan and is not
associated with the defined Kilgore mineral resource or the associated
preliminary economic assessment on such resource.
In the December 18, 2019 decision,
the Court ruled in favour of the USFS on all but the claim in
respect of Dog Bone Ridge. The Court remanded the EA back to the
USFS to supplement its analysis on Dog Bone Ridge, leaving the EA
and the approved Plan in place. The plaintiffs subsequently moved
the Court to amend its judgment to vacate the DN/FONSI and EA
pending completion of the supplemental analysis. The Court agreed
with the plaintiffs and vacated the DN/FONSI and EA in its amended
judgment.
"We understood from our review of the Kilgore Project during our
acquisition of Otis Gold that
completing further environmental analysis would be required for the
Dog Bone Ridge area in response to the Court's December 2019 decision," stated Brendan Cahill, President and CEO of Excellon.
"We will continue to work collaboratively with the USFS to address
the issue identified by the Court and complete the supplemental
analysis. Although the Dog Bone Ridge area is not critical to our
exploration plans at Kilgore, we
are assessing the potential impact of this decision on our overall
drilling schedule. As described below, we have substantial
additional work to advance in the interim other than the drilling
delayed due to the vacatur of the DN/FONSI, and we are excited
about the future of Kilgore."
In addition to advancing the further environmental analysis,
Excellon continues to build its Kilgore team. The Company aims to improve
understanding of the deposit setting on a local and regional scale
through: re-logging core to enhance the underlying structural and
lithologic framework, improving characterization of host rocks
through lithogeochemistry, and sampling and assaying of silver
mineralization to potentially improve project economics. The
Company also looks forward to continuing regional exploration,
prospecting and geophysics to generate new targets for potential
mineralization.
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 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, including the
technical reports filed with respect to the Company's mineral
properties, and particularly the September
7, 2018 NI 43-101 technical report prepared by SRK
Consulting (Canada) Inc. with
respect to the Platosa Property. 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.