TORONTO , July 25,
2022 /CNW/ - Excellon Resources Inc. (TSX:
EXN) (NYSE: EXN) (FRA: E4X2) ("Excellon" or the "Company")
is pleased to announce that is has begun a 5,000 metre diamond
drilling program on the Kilgore Project in Idaho, USA and to provide an update on 2022
exploration plans.
Highlights
- Initial 5,000 meter drill program underway on high-priority
targets at Mine Ridge and Prospect Ridge – following up on
high-grade gold mineralization encountered in historical drilling
and exploring beyond the resource envelope along strike and at
depth
- Induced Polarization (IP) and Magnetotelluric (MT) surveys
over 75 line kilometres planned to image the deposit and all
associated high-priority prospects
- Property-wide surface sampling focusing on remote sensing
targets defined by Aster, Sentinel, and Worldview-3 satellite data
analysis
"We are strategically targeting zones with high-grade potential
while looking to expand the resource and further improve
understanding of the structural controls of high-grade
mineralization at the Kilgore
deposit," stated Jorge Ortega, Vice
President Exploration. "Our program utilizes a multidisciplinary
approach to exploration through the use of oriented core drilling,
subsurface imaging and surface sampling techniques to realize the
full potential of the deposit and project."
2022 Exploration Program
Extensive core re-logging and resampling and 3D modelling of
historical results were completed in preparation for the 2022
Kilgore exploration program. The reinterpreted data identified
multiple high-priority near-deposit drill targets (see Company's
press release dated March 10, 2022).
The objectives of ongoing drilling are to: (i) grow and increase
the grade of the existing mineral resource, (ii) using oriented
core, define vertical to sub-vertical high-grade structures within
the existing mineral resource and to depth in the underlying
Aspen formation and (iii) target
geophysical anomalies defined from imminent IP and MT surveys.
Surface exploration began earlier this season with soil
orientation surveys completed over the Kilgore deposit testing responses of Mobile
Metal Ion, Spatiotemporal Geochemical Hydrocarbons, and ICP-MS
super trace methods. Results will build confidence in historical
analysis and guide future soil sampling campaigns toward
discovering satellite deposits under cover. Claim-wide prospecting
and mapping efforts are underway focused on high-priority targets
defined by Worldview-3, Aster, and Sentinel remote sensing
methods.
The Kilgore Project
The Kilgore Project totals 6,788 hectares, 33 kilometres
northeast of Dubois, Idaho, and
hosts a caldera-related, epithermal gold deposit. The property
includes historical mine workings dating back to the early 1900s
with further drilling in the 1980s that revealed the potential for
mineralization well outside of the existing resource area, with
limited follow up to date.
Qualified Person
Mr. Jorge Ortega, P. Geo., Vice
President Exploration, 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.
Q2 2022 Financial
Results
The Company expects to file Q2 2022 financial results prior to
market open on July 28, 2022.
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:
Kilgore, an advanced gold
exploration project in Idaho with
strong economics and significant growth and discovery potential; an
option on Silver City, a high-grade epithermal silver district in
Saxony, Germany with 750 years of
mining history and no modern exploration; and Platosa, a high-grade
silver mine producing in Mexico
since 2005, scheduled to wind-down in Q3 2022, with an 11,000
hectare exploration package on Mexico's carbonate replacement deposit (CRD)
trend. The Company is also actively seeking to capitalize on
current market conditions by acquiring undervalued projects in the
Americas.
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 strategic transactions, 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.