PHOENIX, June 22,
2022 /PRNewswire/ - Excelsior Mining Corp.
(TSX: MIN) (PFSE: 3XS) (OTCQX: EXMGF) ("Excelsior" or the
"Company") is pleased to announce additional assay results from
the infill drill program on the Johnson Camp mine pits (JCM)
located in Cochise County,
southeastern Arizona and provide an operations update.
Drill Program
Due to successful drilling in the NE corner of Burro pit,
additional holes were added and those with assays returned are
reported below. The improved results will allow the Company to
develop a mine plan that focusses on this new, higher-grade,
mineralized zone. Permitting of the new leach pad to restart
operations is in progress, however the additional drilling and
metallurgical testing will push the Company's goal of restarting
mining operations at JCM into 2023.
"The recent infill drill results from the Burro pit are
better than expected compared to existing data. Zones of
significant thickness and grade have been intersected. We
look forward to getting all the results back, completing the
geological and resource interpretations and design optimization,
with our goal of restarting the JCM open pits as soon as
possible," commented Roland
Goodgame, Senior Vice President Business Development.
The drilling program is now completed with a total of 43 diamond
holes being drilled. Six holes are still awaiting assays.
Sequential copper assays for the remaining 37 holes have an average
leaching potential exceeding 68% (excludes intervals that contain
sulfide mineralization). Assay highlights are included in Table 1
below. Full assays are included in Table 2.
Table 1
|
Hole
ID
|
From
(Ft)
|
To
(Ft)
|
Interval
(Ft)
|
True Thickness
(Ft)
|
TCu%
|
Type
|
Avg. Leaching
Potential %
|
|
EBD-21
|
170
|
187
|
17
|
13.0
|
2.05
|
S&T
|
27 %
|
|
EBD-22
|
325
|
573
|
248
|
190.0
|
0.34
|
O&T
|
74 %
|
|
EBD-24
|
223
|
638
|
415
|
383.9
|
0.42
|
O&T&S
|
69 %
|
|
EBD-25
|
247
|
733
|
486
|
486.0
|
0.42
|
O&T
|
74 %
|
|
EBD-26
|
176.5
|
182
|
5.5
|
4.2
|
4.03
|
S
|
11 %
|
|
EBD-27
|
160
|
550
|
390
|
372.5
|
0.4
|
O&T
|
70 %
|
|
EBD-33
|
410
|
600
|
190
|
145.5
|
0.53
|
O&T
|
89 %
|
|
EBD-34
|
395
|
600
|
205
|
157.0
|
0.36
|
O&T
|
77 %
|
|
EBD-35
|
397
|
547
|
150
|
114.9
|
0.42
|
T
|
91 %
|
|
Mineralized Zone: O =
Oxide, T = Transition, S = Sulfide. TCu% = Total Copper
%
|
The leaching potential of copper mineralization is defined as
acid soluble copper (AsCu) plus sodium cyanide soluble copper
(CNCu) divided by total copper (TCu).
All samples are prepared from manually split or sawn PQ or HQ
core sections on site in Arizona.
Drill core samples are then sent to Skyline Assayers &
Laboratories in Tucson, Arizona
for Total Copper and Sequential Copper analyses. Standards, blanks,
and duplicate assays are included at regular intervals in each
sample batch submitted from the field as part of an ongoing Quality
Assurance/Quality Control Program. Pulps and sample rejects are
stored by Excelsior for future reference.
Table 2
|
Hole
ID
|
From
(Ft)
|
To
(Ft)
|
Interval
(Ft)
|
True Thickness
(Ft)
|
TCu%
|
Type
|
Avg. Leaching
Potential %
|
|
EBD-09
|
15
|
25
|
10
|
7.7
|
0.12
|
O
|
92 %
|
|
75
|
175
|
100
|
76.6
|
0.22
|
O&S
|
41 %
|
|
EBD-17
|
128
|
158
|
30
|
23.0
|
0.16
|
T&S
|
31 %
|
|
208
|
330
|
122
|
93.5
|
0.3
|
S&T&O
|
27 %
|
|
EBD-18
|
80
|
90
|
10
|
9.9
|
0.25
|
O
|
92 %
|
|
160
|
290
|
130
|
128.1
|
0.28
|
T&S
|
61 %
|
|
EBD-19
|
0
|
80
|
80
|
61.3
|
0.24
|
O
|
71 %
|
|
80
|
150
|
70
|
53.6
|
0.24
|
O&S
|
29 %
|
|
EBD-20
|
190
|
230
|
40
|
30.6
|
0.57
|
S
|
14 %
|
|
250
|
260
|
10
|
7.7
|
0.19
|
T&S
|
42 %
|
|
270
|
290
|
20
|
15.3
|
0.16
|
O
|
75 %
|
|
EBD-21
|
40
|
130
|
90
|
68.9
|
0.2
|
O
|
70 %
|
|
170
|
187
|
17
|
13.0
|
2.05
|
S&T
|
27 %
|
|
EBD-22
|
30
|
110
|
80
|
61.3
|
0.33
|
O
|
73 %
|
|
130
|
204
|
74
|
56.7
|
0.36
|
O&T
|
58 %
|
|
244
|
254
|
10
|
7.7
|
0.21
|
T
|
48 %
|
|
264
|
274
|
10
|
7.7
|
0.13
|
O&T
|
77 %
|
|
284
|
295
|
11
|
8.4
|
0.18
|
O&T
|
89 %
|
|
325
|
573
|
248
|
190.0
|
0.34
|
O&T
|
74 %
|
|
EBD-24
|
55
|
65
|
10
|
9.3
|
0.17
|
O
|
76 %
|
|
115
|
183
|
68
|
62.9
|
0.18
|
O
|
72 %
|
|
223
|
638
|
415
|
383.9
|
0.42
|
O&T&S
|
69 %
|
|
EBD-25
|
113
|
133
|
20
|
20.0
|
0.22
|
O
|
84 %
|
|
167
|
177
|
10
|
10.0
|
0.17
|
O
|
84 %
|
|
247
|
733
|
486
|
486.0
|
0.42
|
O&T
|
74 %
|
|
EBD-26
|
90
|
100
|
10
|
7.7
|
0.16
|
O
|
94 %
|
|
120
|
130
|
10
|
7.7
|
0.24
|
O
|
88 %
|
|
176.5
|
182
|
5.5
|
4.2
|
4.03
|
S
|
11 %
|
|
190
|
200
|
10
|
7.7
|
0.66
|
O&T
|
77 %
|
|
230
|
283.5
|
53.5
|
41.0
|
0.24
|
O
|
75 %
|
|
EBD-27
|
20
|
80
|
60
|
57.3
|
0.63
|
O
|
95 %
|
|
160
|
550
|
390
|
372.5
|
0.4
|
O&T
|
70 %
|
|
EBD-29
|
110
|
120
|
10
|
7.7
|
0.17
|
O
|
82 %
|
|
147
|
210
|
63
|
48.3
|
0.36
|
O
|
56 %
|
|
240
|
280
|
40
|
30.6
|
0.21
|
T
|
71 %
|
|
EBD-31
|
40
|
100
|
60
|
46.0
|
0.4
|
O
|
50 %
|
|
140
|
170
|
30
|
23.0
|
0.28
|
O
|
54 %
|
|
EBD-32
|
30
|
50
|
20
|
20.0
|
0.28
|
O
|
85 %
|
|
68
|
78
|
10
|
10.0
|
0.17
|
O
|
88 %
|
|
98
|
108
|
10
|
10.0
|
0.46
|
O
|
63 %
|
|
128
|
138
|
10
|
10.0
|
0.18
|
O
|
63 %
|
|
158
|
173
|
15
|
15.0
|
0.24
|
O
|
79 %
|
|
EBD-32A
|
24
|
44
|
20
|
20.0
|
0.34
|
O
|
85 %
|
|
94
|
104
|
10
|
10.0
|
0.18
|
O
|
61 %
|
|
124
|
162
|
38
|
38.0
|
0.43
|
O
|
44 %
|
|
EBD-33
|
60
|
70
|
10
|
7.7
|
0.42
|
O
|
95 %
|
|
100
|
110
|
10
|
7.7
|
0.12
|
O
|
97 %
|
|
200
|
235
|
35
|
26.8
|
0.39
|
O
|
59 %
|
|
255
|
265
|
10
|
7.7
|
0.38
|
O
|
28 %
|
|
275
|
285
|
10
|
7.7
|
0.68
|
O
|
76 %
|
|
295
|
325
|
30
|
23.0
|
0.33
|
O
|
62 %
|
|
345
|
355
|
10
|
7.7
|
0.2
|
O&T
|
61 %
|
|
385
|
402
|
17
|
13.0
|
0.56
|
O
|
59 %
|
|
410
|
600
|
190
|
145.5
|
0.53
|
O&T
|
89 %
|
|
EBD-34
|
130
|
140
|
10
|
7.7
|
0.37
|
O
|
83 %
|
|
150
|
165.5
|
15.5
|
11.9
|
0.45
|
O
|
71 %
|
|
305
|
325
|
20
|
15.3
|
0.37
|
O
|
42 %
|
|
395
|
600
|
205
|
157.0
|
0.36
|
O&T
|
77 %
|
|
EBD-35
|
35
|
45
|
10
|
7.7
|
0.14
|
O
|
76 %
|
|
295
|
315
|
20
|
15.3
|
0.32
|
O&T
|
37 %
|
|
397
|
547
|
150
|
114.9
|
0.42
|
T
|
91 %
|
|
EBD-36
|
13
|
30
|
17
|
13.0
|
0.63
|
O
|
90 %
|
|
76
|
90
|
14
|
10.7
|
0.65
|
O
|
46 %
|
|
100
|
120
|
20
|
15.3
|
0.32
|
O
|
39 %
|
|
140
|
150
|
10
|
7.7
|
0.46
|
O
|
40 %
|
|
160
|
170
|
10
|
7.7
|
0.32
|
O
|
68 %
|
|
250
|
260
|
10
|
7.7
|
0.17
|
O&T
|
72 %
|
|
336
|
350
|
14
|
10.7
|
0.19
|
O&T
|
74 %
|
|
EBD-37
|
10
|
190
|
180
|
137.9
|
0.27
|
O&T
|
78 %
|
|
Mineralized Zone: O =
Oxide, T = Transition, S = Sulfide.
|
The Johnson Camp Mine has historically been an open pit, heap
leach operation since Cyprus Minerals opened the property in the
1970's. The operation includes two open pits, a two-stage
crushing-agglomerating circuit, a fully functioning SX-EW plant
capable of producing 25 million pounds of cathode copper per year,
a complete set of PLS and raffinate ponds, and full infrastructure
(ancillary facilities, access, power, water, and
communications).
Operations Update
Excelsior is also providing an update on operations and future
plans. Excelsior's near-term focus is on the following:
- Continuing to evaluate the recent drill results and development
of a mine plan for Johnson Camp that targets the higher-grade
section to maximize cashflows at the start of operations. As noted
above, permitting of the new leach pad to restart operations is in
progress and the Company's goal is to restart mining operations at
JCM in 2023 assuming mine planning demonstrates an economic
operation.
- Continuing to investigate the key recommendations from the
March 2022 Gunnison project
Pre-feasibility Study Update ("PFS"), including conducting
experimentation to ensure that neutralized raffinate is effective
in dissolving CO2 in the subsurface and evaluating a
scope of work and bid package to select a water treatment vendor to
design the water treatment system. Selection criteria will be
focused on rapid, low-cost solutions to demonstrate that the
technology is effective in solving the wellfield challenges.
- Planning for well stimulation trials to be undertaken to
determine if the technique(s) have the potential to alleviate or
solve CO2 blocking, improve connectiveness, and increase
flow rates and sweep efficiency. The results of well stimulation
have the potential to reduce the need for raffinate neutralization
or change the design criteria for the neutralization plant, which
could result in significant cost savings.
- The Cochise Mining District (Johnson Camp Mine area) has
enjoyed a long history of underground and open pit operations (Cu,
Zn, Pb and Ag), with little sophisticated analysis of the
development potential of the entire camp. Excelsior intends to
undertake a more comprehensive evaluation of the oxide and sulfide
potential of its mineral resource and mining assets.
- Whilst water flushing activities in the wellfield continue to
show flow improvements on individual wells, the Company will still
need to implement the solutions from the PFS to remediate the
entire wellfield. Therefore, in order to conserve cash and maintain
a robust balance sheet, Excelsior is reducing its workforce and
putting the wellfield on reduced operation by temporarily stopping
acid injection whilst continuing recovery and compliance to ensure
underground solutions are managed and controlled. Wellfield
operations are not currently cashflow positive, and these
initiatives will provide additional cash and management bandwidth
to focus on the key priorities listed above.
QUALIFIED PERSON
Excelsior's exploration work on the Johnson Camp mine is
supervised by Stephen Twyerould, Fellow of AUSIMM, President and
CEO of Excelsior and a Qualified Person as defined by NI 43-101.
Mr. Twyerould has reviewed and is responsible for the technical
information contained in this news release. Mr. Twyerould has
verified the data disclosed in this news release, including
sampling, analytical and test data underlying the information
disclosed in this news release. Mr. Twyerould has verified that the
results were accurate from the official assay certificates provided
to Excelsior.
ABOUT EXCELSIOR MINING
Excelsior "The Copper Solution Company" is a mineral
exploration and production company that owns and operates the
Gunnison Copper Project in Cochise
County, Arizona. The project is a low cost, environmentally
friendly in-situ recovery copper extraction project that is
permitted to 125 million pounds per year of copper cathode
production. Excelsior also owns the past producing Johnson Camp
Mine and a portfolio of exploration projects, including
the Peabody Sill and the Strong and Harris deposits.
For more information on Excelsior, please visit our website at
www.excelsiormining.com.
Cautionary Note Regarding Forward-Looking
Information
This news release contains "forward-looking information"
concerning anticipated developments and events that may occur in
the future. Forward looking information contained in this news
release includes, but is not limited to, statements with respect
to: (i) the intention to mine Johnson Camp and future production
therefrom; (ii) permitting timelines; (iii) the development
timeline to mine Johnson Camp; (iv) details of future operational
plans including implementation of recommendations from the 2022
pre-feasibility study and wellfield stimulation trials.
In certain cases, forward-looking information can be
identified by the use of words such as "plans", "expects" or "does
not expect", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes",
or variations of such words and phrases or state that certain
actions, events or results "may", "could", "would", "might",
"occur" or "be achieved" suggesting future outcomes, or other
expectations, beliefs, plans, objectives, assumptions, intentions
or statements about future events or performance. Forward-looking
information contained in this news release is based on certain
factors and assumptions regarding, among other things, the
availability of financing to implement the Company's operational
plans, the estimation of mineral resources and mineral reserves,
the realization of resource and reserve estimates, expectations and
anticipated impact of the COVID-19 outbreak, copper and other metal
prices, the timing and amount of future development expenditures,
the estimation of initial and sustaining capital requirements, the
estimation of labour and operating costs (including the price of
acid), the availability of labour, material and acid supply,
receipt of and compliance with necessary regulatory approvals and
permits, the estimation of insurance coverage, and assumptions with
respect to currency fluctuations, environmental risks, title
disputes or claims, and other similar matters. While the Company
considers these assumptions to be reasonable based on information
currently available to it, they may prove to be incorrect.
Forward looking information involves known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking information. Such
factors include risks inherent in the construction and operation of
mineral deposits, including risks relating to changes in project
parameters as plans continue to be redefined including the
possibility that mining operations may not be sustained at the
Gunnison Copper Project, risks relating to variations in mineral
resources and reserves, grade or recovery rates, risks relating to
the ability to access infrastructure, risks relating to changes in
copper and other commodity prices and the worldwide demand for and
supply of copper and related products, risks related to increased
competition in the market for copper and related products, risks
related to current global financial conditions, risks related to
current global financial conditions and the impact of COVID-19 on
the Company's business, uncertainties inherent in the estimation of
mineral resources, access and supply risks, risks related to the
ability to access acid supply on commercially reasonable terms,
reliance on key personnel, operational risks inherent in the
conduct of mining activities, including the risk of accidents,
labour disputes, increases in capital and operating costs and the
risk of delays or increased costs that might be encountered during
the construction or mining process, regulatory risks including the
risk that permits may not be obtained in a timely fashion or at
all, financing, capitalization and liquidity risks, risks related
to disputes concerning property titles and interests, environmental
risks and the additional risks identified in the "Risk Factors"
section of the Company's reports and filings with applicable
Canadian securities regulators.
Although the Company has attempted to identify important
factors that could cause actual actions, events or results to
differ materially from those described in forward-looking
information, there may be other factors that cause actions, events
or results not to be as anticipated, estimated or intended.
Accordingly, readers should not place undue reliance on
forward-looking information. The forward-looking information is
made as of the date of this news release. Except as required by
applicable securities laws, the Company does not undertake any
obligation to publicly update or revise any forward-looking
information.
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SOURCE Excelsior Mining Corp.