TORONTO, Feb. 9, 2022
/CNW/ - Excellon Resources Inc. (TSX: EXN) (NYSE: EXN) (FRA:
E4X2) ("Excellon" or the "Company") is pleased to announce
results from its 2021 diamond drilling campaign and provide an
update on the ongoing exploration program at the Silver City
Project in Saxony, Germany.
Highlights
- Step-out drilling intersected significant silver
mineralization at four targets, with results including:
-
- 1,633 g/t silver equivalent ("AgEq") over 0.35 metres (1,470
g/t Ag, 0.2 g/t Au, 2.9% Pb and 2.1% Zn) within 257 g/t AgEq over
2.90 metres (232 g/t Ag, 0.4% Pb and 0.3% Zn) in SC21GVB020 at
Peter Vein;
- 1,296 g/t AgEq over 0.35 metres (1,260 g/t Ag, 0.2 g/t Au,
0.6% Pb and 0.3% Zn) within 592 g/t AgEq over 1.05 metres (508 g/t
Ag, 0.1 g/t Au, 1.4% Pb and 1.2% Zn) in SC21GWO033 at Grauer
Wolf;
- 266 g/t AgEq over 0.65 metres (228 g/t Ag, 0.1 g/t Au, 0.7%
Pb and 0.5 % Zn) within 169 g/t AgEq over 1.93 metres (137 g/t
AgEq, 0.3% Pb and 0.6% Zn) in SC21GWO030 at Grauer Wolf;
and
- 383 g/t AgEq over 0.38 metres (7.0 g/t Ag and 5.0 g/t Au) in
SC21REI027 at Reichenbach
- 24 diamond drill holes totaling 8,360 metres completed on
the program to date, with 23 holes intersecting target structures,
assays pending on four holes and an additional three holes to be
drilled at Grauer Wolf in Q1 2022 to complete the 2021
program
- Historical data review, structural and geological modelling,
and soil sampling and prospecting is in progress on the Bräunsdorf
license, with additional soil lines planned for the Oederan, Mohorn
and Frauenstein licenses to be used to refine drill targets for the
2022 drilling program
"The results from our 2021 drill program confirmed the
continuity of the structures intersected in the initial drilling at
Silver City," stated Jorge Ortega,
Vice President Exploration. "Drilling at Grauer Wolf and Peter Vein
returned high-grade results over a strike of 170 and 300 metres,
respectively, with up to eight metre wide zones of hydrothermal
alteration and stockwork. These are clear indicators of the
potential of the system to host economic mineralization and our
continuing goal is to identify broader zones of mineralization at
the high grades we have encountered to date. We are also continuing
to review the historical exploration and mining data and collect
surface geochemical data ahead of our 2022 exploration drill
program."
Exploration Results
The following table shows highlighted intervals from the 2021
exploration drill program at Silver City with assays received to
date:
Hole
ID
|
Interval
|
Interval(1)
|
Ag
|
Pb
|
Zn
|
Au
|
AgEq(2)
|
Area
|
From
|
To
|
metres
|
g/t
|
%
|
%
|
g/t
|
g/t
|
SC21BRD022
|
429.33
|
430.14
|
0.81
|
63
|
0.0
|
0.0
|
0.1
|
73
|
Bräunsdorf
|
and
|
443.78
|
444.16
|
0.38
|
42
|
0.2
|
0.2
|
0.5
|
87
|
Bräunsdorf
|
SC21GVB018
|
298.62
|
302.00
|
3.38
|
55
|
0.1
|
0.2
|
0.2
|
78
|
Peter Vein
|
including
|
299.82
|
300.60
|
0.78
|
89
|
0.2
|
0.2
|
0.4
|
130
|
Peter Vein
|
SC21GVB020
|
333.20
|
336.10
|
2.90
|
232
|
0.4
|
0.3
|
0.0
|
257
|
Peter Vein
|
including
|
334.56
|
334.91
|
0.35
|
1,470
|
2.9
|
2.1
|
0.2
|
1,633
|
Peter Vein
|
SC21GWO030
|
269.75
|
271.60
|
1.85
|
100
|
0.2
|
0.4
|
0.1
|
127
|
Grauer Wolf
|
including
|
271.25
|
271.60
|
0.35
|
440
|
1.1
|
1.7
|
0.4
|
560
|
Grauer Wolf
|
and
|
284.00
|
288.00
|
4.00
|
44
|
0.0
|
0.1
|
0.0
|
49
|
Grauer Wolf
|
including
|
287.52
|
288.00
|
0.48
|
110
|
0.1
|
0.2
|
0.0
|
119
|
Grauer Wolf
|
and
|
293.10
|
295.03
|
1.93
|
137
|
0.3
|
0.6
|
0.0
|
169
|
Grauer Wolf
|
including
|
293.10
|
293.75
|
0.65
|
228
|
0.7
|
0.5
|
0.1
|
266
|
Grauer Wolf
|
SC21GWO031
|
255.42
|
256.31
|
0.89
|
128
|
0.2
|
1.5
|
0.1
|
189
|
Grauer Wolf
|
SC21GWO033
|
146.95
|
148.00
|
1.05
|
508
|
1.4
|
1.2
|
0.1
|
592
|
Grauer Wolf
|
including
|
146.95
|
147.30
|
0.35
|
1,260
|
0.6
|
0.3
|
0.2
|
1,296
|
Grauer Wolf
|
SC21REI027
|
162.62
|
163.00
|
0.38
|
7
|
0.0
|
0.0
|
5.0
|
383
|
Reichenbach
|
SC21REI028
|
60.00
|
61.20
|
1.20
|
66
|
0.0
|
0.0
|
0.2
|
83
|
Reichenbach
|
|
(1) All
intersections reported as core length. Additional drilling on the
targets is required to determine true width.
|
|
(2)
AgEq calculated using $1,800 Au/oz, $24.00 Ag/oz, $0.90
Pb/lb and $1.20 Zn/lb with 100% metallurgical
recovery.
|
Including Munzig, mineralization has now been encountered over
24 kilometres along strike.
Modelling of the structural data at Grauer Wolf indicated the
presence of five mineralized structures, with the Erwachte Hoffnung
and Albert veins hosting high-grade mineralization consisting of up
to eight metre wide zones of strong sericitic alteration with
stockwork and massive epithermal quartz veins hosting blebby base
metal sulphides and silver sulfosalts. Additionally, three step-out
holes at Grauer Wolf are scheduled to be completed in Q1 2022 and
will test mineralization 420 metres along strike and 225 metres
vertically.
Subject to annual permitting requirements and with final metre
numbers still being finalized, the currently proposed 2022 drilling
program at Silver City will include step-out drilling at Grauer
Wolf, Peter Vein and Reichenbach and follow up drilling on the
known mineralized structures on the Oederan, Mohorn and Frauenstein
licenses, which were added to the project in 2021.
In preparation for the 2022 drill program, Excellon has
completed four orientational soil lines over the Peter Vein target
to evaluate the surface geochemical signature of mineralization and
assess the effectiveness of various analytical techniques. Four
additional lines were completed over Grauer Wolf target area. Two
soil sampling lines at Hartha target area are currently in
progress, with further eight lines to follow up on the historically
mined veins and geophysical anomalies on the Oederan, Mohorn and
Frauenstein licenses, which is scheduled to be completed in Q2
2022.
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. Historical
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. An overview of the past, present and future on the Silver
City Project is available in the following film series:
- Berggeschrey: The Saxony Silver
Rush: https://youtu.be/Dsr1eBr0urg
- The Search for Saxony's Forgotten
Silver: https://youtu.be/resk-b41nL4
- Resourcing Germany's
Future: https://youtu.be/joXiscCw3po
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).
Technical Information and Quality Control
The drilling results contained in this news release have been
prepared in accordance with National Instrument 43-101 Standards of
Disclosure for Mineral Projects ("NI 43-101").
Silver City core samples are prepared and assayed by ALS Global
Loughrea, Ireland. The lab is
accredited to ISO/IEC 17025:2017. Assay turnarounds have been
impacted recently by supply and labour shortages related to
COVID-19. The Company has a comprehensive QA/QC program, supervised
by an independent Qualified Person.
The sampling of, and assay data from, the core sampling and
reporting is monitored through a quality assurance and quality
control (QAQC) program designed according to best industry
practice. Samples from HQ and NQ sized drill core are selected by
Excellon geologists and cut into halves at the project site. Half
of the core is retained at the site for reference purposes. Sample
intervals vary from 0.35 to 1.2 metres in length with samples being
selected to honour geological contacts. Samples are labeled and
packed into sealed plastic bags which are grouped into larger fiber
bags for shipping. A formal chain-of-custody procedure is in place
for security of samples from project to laboratory.
Samples are shipped to ALS Laboratories in Loughrea,
Ireland. Samples then undergo
crushing to less than two millimetres followed by pulverizing a one
kilogram split to better than 85% passing 75 microns. Homogenised
sub-samples are then analyzed using fire assay (30g sample) for
silver with a gravimetric finish and gold with an ICP-AES finish.
High-grade gold results are re-analysed by fire assay (30g sample)
with a gravimetric finish. Multi-element analysis of samples are
performed after four acid digestion by ICP analysis for base metals
and multi-element data.
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.
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,
a high-grade silver mine producing in Mexico since 2005; Kilgore, an advanced gold exploration 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 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.