TORONTO, Feb. 18, 2021 /CNW/ - Excellon Resources Inc.
(TSX:EXN, EXN.WT) (NYSE:EXN) (FRA:E4X2) ("Excellon" or the
"Company") is pleased to announce diamond drilling results
from the 2020 drill program at the Silver City Project in Saxony,
Germany, with assays from an
additional eight holes still outstanding.
New Discovery at Grauer Wolf
- High-grade silver discovery at Grauer Wolf, the fourth
target drilled at Silver City:
-
- 1,043 g/t silver equivalent ("AgEq") over 1.3 metres (954
g/t Ag, 0.1 g/t Au, 0.7% Pb and 2.0% Zn), within 194 g/t AgEq over
8.1 metres (173 g/t Ag, 0.1 g/t, Au, 0.4% Pb and 0.3% Zn);
and
- 331 g/t AgEq over 1.2 metres (325 g/t Ag, 0.1 g/t Au, 0.03%
Pb and 0.03% Zn) intersected in hanging wall;
- Broad intersection of anomalous silver and gold encountered
in second hole on section;
- High-grade silver mineralization intersected on 12
kilometres of strike within 36 kilometre strike potential that
remains to be tested.
"This high-grade silver discovery at Grauer Wolf adds a fourth
priority area for follow-up in our 2021 drilling program at Silver
City," stated Ben Pullinger, SVP
Geology & Corporate Development. "Importantly, the discovery is
on a geological contact that saw little historical mining, opening
up a parallel strike for additional potential discoveries. Drilling
to date has confirmed high-grade silver mineralization over 12
kilometres of strike within 36 kilometres of strike potential on
the project, demonstrating the impressive scale of this epithermal
silver system. We are currently permitting the 2021 drilling
program, with more extensive drilling planned for Bräunsdorf,
Reichenbach, Peter Vein and now
Grauer Wolf, while we also test additional fresh targets on this
district-scale exploration project."
Hole
ID
|
Interval
|
Interval
|
Ag
|
Pb
|
Zn
|
Au
|
AgEq(2)
|
From
|
To
|
(m)(1)
|
g/t
|
%
|
%
|
g/t
|
g/t
|
SC20GWO012
|
76.8
|
78.0
|
1.2
|
325
|
0.0
|
0.0
|
0.1
|
331
|
and
|
95.7
|
103.7
|
8.1
|
173
|
0.1
|
0.3
|
0.1
|
194
|
including
|
96.5
|
97.8
|
1.3
|
954
|
0.7
|
2.0
|
0.1
|
1,043
|
(1)
|
All intersections
reported as core length. Additional drilling on the target is
required to determine true width.
|
(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 Grauer Wolf target is on the lesser known and relatively
unexploited mafic volcanic contact, approximately 1.5 kilometres
north of the Reichenbach target, where drilling also intersected
significant mineralization on the contact. This discovery further
highlights the exploration potential along this second trend.
Drilling at Grauer Wolf intersected a wide and brittle structural
package with intense alteration and veining. High-grade silver and
ancillary gold are hosted in epithermal veins with lower-grade
material permeating the host units.
See Figure 1.
SC20GWO012 is the eighth hole reported from the initial program
with samples from eight holes outstanding. The 2020 program totaled
16 diamond drillholes for 3,700 metres. Overwhelming demand for lab
services, combined with the logistical challenges of the pandemic,
continue to result in delayed assay results for exploration
companies globally. Additional results and updates will be provided
in due course.
The 2020 drill program defined four priority targets,
Bräunsdorf, Reichenbach, Peter Vein
and now Grauer Wolf, which will be the initial focus for 2021
drilling. Additionally, the Company continues to develop and test
new targets along the 36 kilometre strike length of the Bräunsdorf
license.
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).
Upcoming Webinar
Brendan Cahill, CEO of Excellon
Resources, will present at Adelaide Capital's Silver Week on
February 19 at 2PM ET, followed by a question-and-answer period.
Please register here if you would like to participate:
https://us02web.zoom.us/webinar/register/WN_0w8bBzrjQ6mX2rCvsLtDiQ.
The webinar will also be live streamed on YouTube for those who
are unable to use Zoom: YouTube Live Stream.
Questions may be asked during the webinar or can be emailed
ahead of time to info@adcap.ca.
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.