TORONTO, May 26, 2021 /CNW/ - Excellon Resources Inc.
(TSX: EXN) (TSX: EXN.WT) (NYSE: EXN) (FRA: E4X2) ("Excellon"
or the "Company") is pleased to announce the commencement of a
2,800 metre diamond drilling program at the Oakley Project,
Idaho in collaboration with
Centerra (U.S.) Inc. ("Centerra"), which has the option to earn up
to a 70% interest in the project by, among other things, spending
up to US$7 million in exploration
expenditures on the project prior to May
2026. Centerra is the operator of the project and Excellon
is the manager under the terms of the option agreement between the
parties, with all expenditures currently being funded by
Centerra.
"Oakley is a low sulphidation,
epithermal gold project with the potential for Carlin-style
mineralization at depth, a similar setting to Liberty Gold's Black Pine Project, 70 kilometres
due east," stated Ben Pullinger, SVP
Geology & Corporate Development. "Over the past year, we have
been advancing the project with Centerra, collaboratively
developing high quality targets as they earn into their option on
the project. The current drill program promises to test a number of
these targets over the coming months and complements our strong
2021 exploration pipeline."
The Cold Creek claims cover approximately 14 km2,
including a structurally complex north to south valley with
bounding faults that has created at least three prospective
geologic zones along the western and eastern margins. The current
drill program will test targets within these zones, as follows:
Eastern Margin
A historically undrilled area of receptive units with gold in
soil anomalies above shallow bedrock. Targets were generated by
surface geochemistry and induced polarization surveys.
Bound Block
This area is bound by large structures on the east and west and
has demonstrated surface and subsurface gold mineralization.
Reverse circulation ("RC") drilling from the late 1980's returned
anomalous grades that have not been followed up on. More recent
work delivered anomalous gold in soil and rock samples, with basin
wide resistivity and chargeability anomalies. The program is
designed to test geophysical anomalies and follow-up on identified
gold occurrences at surface.
Western Margin
A historically underexplored area of structural complexity with
hydrothermal material at surface. RC drilling from the late 1980's
intersected 18.3 metres grading 0.46 g/t gold from surface. More
recent work has identified gold in soil anomalies corresponding
with a chargeability anomaly from IP surveying.
About the Oakley Project
The Oakley project totals 2,833
hectares located 21 kilometres south of Oakley, Idaho. Cold Creek is at the northern
end of the claim blocks, flanking the northeastern side of South
Middle Mountain. The project hosts low-sulphidation, epithermal
mineralization. The underlying Paleozoic Basin-and-Range
sedimentary units have the potential to host Carlin-style
epithermal mineralization.
Qualified Person
Mr. Ben Pullinger, PGeo., 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.
Cautionary Note to U.S. Investors: The
terms "mineral resource," "measured mineral resource," "indicated
mineral resource" and "inferred mineral resource," as used on
Excellon's website and in its press releases are Canadian mining
terms that are defined in accordance with National Instrument
43-101 – Standards of Disclosure for Mineral Projects ("NI
43-101"). These Canadian terms are not defined terms under United
States Securities and Exchange Commission ("SEC") Industry Guide 7
and are normally not permitted to be used in reports and
registration statements filed with the SEC by U.S. registered
companies. The SEC permits U.S. companies, in their filings
with the SEC, to disclose only those mineral deposits that a
company can economically and legally extract or
produce. Accordingly, note that information describing
the Company's "mineral resources" is not directly comparable to
information made public by U.S. companies subject to reporting
requirements under U.S. securities laws. U.S. investors are urged
to consider closely the disclosure in the Company's Form 40-F which
may be secured from the Company, or online
at http://www.sec.gov/edgar.shtml.
SOURCE Excellon Resources Inc.