TORONTO, June 8, 2021 /CNW/ - Excellon Resources
Inc. (TSX: EXN) (TSX: EXN.WT) (NYSE: EXN) (FRA: E4X2)
("Excellon" or the "Company") is pleased to announce
permitting approval for the Drill Operation Plan at the Silver City
Project in Saxony, Germany and to
outline 2021 drilling plans.
Highlights of 2021 Drilling Program
- Initial 12,000 metre diamond drilling program commencing
imminently on four priority targets– Grauer Wolf,
Reichenbach, Bräunsdorf and Peter Vein – following up on high-grade
silver mineralization encountered in 2020 program
- Priority drilling also planned at Munzig, where anomalous
mineralization was encountered in multiple zones during 2020
drilling
- Program also designed to test new targets on over 30
kilometres of strike on two confirmed contacts, with the
mafic-schist contact identified in 2020 at Reichenbach and Grauer
Wolf representing a potentially more conducive setting for
epithermal silver mineralization
"Our 2020 drilling program confirmed the presence of a major
epithermal system, encountered high-grade silver species and
delivered high-grade assays, including new discoveries at Grauer
Wolf and Reichenbach," stated Ben
Pullinger, SVP Geology & Corporate Development. "We
achieved these milestones with only 16 holes over 24 kilometres of
strike. This year's program will build on the modelling and
integration of those results to expand on our 2020 discoveries and
make new ones in 2021."
Highlights from the 2020 drilling program include:
- 1,042 g/t 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) at
Bräunsdorf;
- 1,043 g/t AgEq over 1.3 metres (954 g/t Ag, 0.1 g/t Au, 0.7%
Pb and 2.0% Zn) within 100 metres of surface, 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) in the hanging wall at Grauer Wolf, a
new high-grade discovery in an area with no historic drilling.
Drillling at the Munzig target in late 2020 encountered two
zones of mineralization within 75 metres of surface (including 2.43
metres grading 116 g/t AgEq from 70 metres and 1.60 metres grading
143 g/t AgEq from 77 metres in SC20MUN015) separated by a
non-mineralized dike, potentially aligning with historic records
describing some of the broadest widths in the Bräunsdorf area.
Including the Munzig target, mineralization has now been
encountered over 24 kilometres of strike. The table below
summarizes targets and associated mineralization on areas tested in
2020.
Target
|
Target
Type
|
Holes
Drilled
|
Mineralization
Descriptions
|
Bräunsdorf
|
Dip extension of
historical workings
|
AGBR0120
|
Wide shear zone with
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.
|
Reichenbach
|
Surface sampling and
geophysics
|
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. Silver and gold are hosted in
quartz-carbonate veins with grades up to 2.0 g/t Au and 350 g/t
Ag.
|
Peter
Vein
|
Strike extension of
historical workings
|
AGBR0520 AGBR05A20
AGBR05B20
|
All holes intersected
a wide shear zone with strong sericitic, graphitic,
and chloritic alteration. The zone contains multiple
local sheared quartz, carbonate veins with grades up to
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.
|
Grauer
Wolf
|
Surface sampling and
geophysics
|
SC20GWO013
SC20GWO012
|
Both holes
intersected a wide shear zone hosted by volcaniclastic and mafic
volcanic units with strong sericitic alteration, multiple sheared
carbonate veinlets and an over one-metre-wide quartz-carbonate vein
containing multiple blebs of sphalerite, with grades up to 987 g/t
Ag, 0.5% Pb, and 0.7% Zn.
|
Munzig
|
Surface sampling,
geophysics, and historical workings follow up
|
SC20MUN015
SC20MUN016
|
A wide shear zone
within mica schist with intense sericitic and local hematitc
alteration, multiple sheared smokey quartz-carbonate veins hosting
mineralization with grades up to 306 g/t Ag, 0.12 g/t Au, 9.48% Pb,
and 2.13% Zn.
|
Fortuna
A
|
Soil geochemistry -
conceptual
|
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 grades up to 0.68 g/t Au and
47 g/t Ag
|
Siegfried
|
Geophysics, strike
extension of historical workings
|
SC20SIF014
|
Five metre wide shear
zone with, chloritic, and sericitic alteration hosting multiple
quartz-carbonate veins and local zones of hydrothermal
breccia.
|
The 2020 program totaled 3,700 metres of drilling and intersected
significant alteration and or mineralization in seven of nine
targets. In addition to the drilling planned for 2021, fieldwork
including mapping, prospecting and geophysical surveys are
scheduled to be completed on the Bräunsdorf license and the
newly acquired Oederan, Mohon and Frauenstein licenses. These
programs are intended to expand and define new drill targets into
2022.
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).
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.