TORONTO, March 15, 2021 /CNW/ - Excellon Resources
Inc. (TSX: EXN), (TSX: EXN.WT); (NYSE: EXN); (FRA: E4X2)
("Excellon" or the "Company") is pleased to announce
the expansion of the Silver City Project in Saxony, Germany.
Highlights
- Silver City Project more than doubled to 34,150 hectares
with the addition of the Frauenstein Mohorn and Oederan exploration
licenses
- Historical records document centuries of high-grade silver
production to shallow depths, with recent confirmation samples
assaying multi-kilo silver and significant gold
- Excellon continues to be a first mover on silver exploration
in Saxony, with an unparalleled ground position covering historical
high-grade silver mines on an epithermal silver belt that has never
seen modern exploration for precious metals
"Over the past year, Saxony has become an important jurisdiction
for Excellon," stated Ben Pullinger,
SVP Geology & Corporate Development. "We permitted the first
drilling program for precious metals in modern times on the
Bräunsdorf license, smoothly initiated the program, struck a major
epithermal silver system over 12 kilometres, confirmed high-grade
silver species and discovered high-grade silver veins. Based on our
ongoing review of historical archives, we have added new licenses
that cover additional areas of historical high-grade silver
production with no modern exploration."
The three exploration licenses added to the Silver City Project
are as follows:
Frauenstein (5,700 hectares)
Silver mining in this area has been documented as early as the
13th century. Records indicate significant production of
silver ranging from the early 1700s until closure in 1884.
Operations seldom exceeded 50 metres below surface. Recent analysis
conducted by the MSAG (Mineral Systems Analysis Group, TU Freiberg
and Helmholtz Institute Freiberg) confirmed silver grades up to
multiple kilograms per tonne and significant gold values.
Mohorn (5,700 hectares)
Production of silver on the Mohorn license dates back to the
early 1700s with records indicating high grade silver production at
up to 3,400 g/t Ag from 1770 to 1883, when the Erzengel Michael
mine, the largest historical mine on the license, ceased
production. Geophysical surveys conducted in the 1950s confirmed
the continuity of these veins along strike and documented workings
terminate at 150 metres below surface. Primary mining of lead and
zinc continued until 1969 at Halsbrucke, with mining reaching up to
559 metres below surface and historical mineral reserves remaining
at depth.
Oederan (6,300 hectares)
The Oederan license extends the Bräunsdorf trend southward and
encompasses numerous poorly documented historical mines dating back
to medieval times, the most significant of which was Hilfe Gottes,
which ceased production in 1855.
The Silver City District 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, with high-grade silver
intersections from the initial holes of the first program on the
Bräunsdorf license including:
- 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) at Grauer Wolf;
and
- 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) at Peter Vein.
The Frauenstein, Mohorn and Oederan exploration licenses were
granted to the Company following applications to the Sächsisches
Oberbergamt (Saxon Mining Authority). Excellon also holds an option
to acquire a 100% interest in the Bräunsdorf license on 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.
Filing of Q4 and 2020 Financial Results
The Company expects to announce financial results for the three-
and 12-month periods ending December 31,
2020 prior to market open on March
17, 2021.
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.