TORONTO, July 9, 2020 /CNW/ - Excellon Resources
Inc. (TSX:EXN) (TSX: EXN.WT) (OTC:EXLLF) and (FRA:E4X1)
("Excellon" or the "Company") is pleased to announce
that an initial 15-hole diamond drilling program has commenced on
the 164 km2 Silver City Project in Saxony,
Germany.
"We are targeting significant widths of high-grade silver in an
epithermal silver district that was mined for over 750 years, but
has never seen modern day exploration for precious metals," stated
Ben Pullinger, SVP Geology. "Our
initial program utilizes a multi-disciplinary approach to
demonstrate that the historically prolific Freiberg silver district
remains exceptionally prospective. This milestone has been achieved
through collaboration with our partners and stakeholders and we are
grateful for their support."
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 is embarking on the first
modern day exploration program focussed on precious metals.
Excellon has entered a research and development agreement with
the Helmholtz Institute Freiberg ("HIF") to provide HIF with data
and drill core samples from the Silver City Project through which
HIF can test exploration technologies in real time, including
hyperspectral analysis of drill core. The Company additionally has
various collaborations with the Mineral Systems Analysis Group of
the TU Bergakademie Freiberg (the Freiberg University) to develop
further analyses of the project.
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).
Annual Meeting of Shareholders
In response to the unprecedented public health impact of
COVID-19 and to mitigate risks to the health and safety of its
shareholders, employees and local communities, the Company will
hold its annual meeting of shareholders (the "Meeting") on
August 13, 2020.
The Company is relying on the exemption provided in the Ontario
Instrument 51-504 – Temporary Exemptions from Certain
Requirements to File or Send Securityholder Materials and
similar exemptions granted by the securities regulatory authorities
or regulators in other jurisdictions of Canada to postpone the filing of its executive
compensation disclosure for the year ended December 31, 2019
by June 30, 2020, as required under
Section 9.3.1 (2.2) of National Instrument 51-102
– Continuous Disclosure Obligations. The Company
will include executive compensation disclosure in its management
information circular prepared and sent to shareholders in
connection with the Meeting.
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.