TORONTO, June 16, 2020 /CNW/ - Excellon Resources
Inc. (TSX: EXN) (TSX: EXN.WT) (OTC: EXLLF) and (FRA: E4X1)
(Excellon or the "Company") is pleased to announce that the
drilling operation plan for the Silver City Project in Saxony,
Germany has been approved by the
Mining Authority of Saxony.
Highlights
- Approval received for initial drill program of 15 holes
totaling 2,500 metres – drilling is expected to commence before the
end of June
- Additional 12 holes permitted for immediate follow up should
drilling intersect anticipated veining and mineralization
- Silver City Project is a 164 km2
high-grade epithermal silver district in Saxony, Germany that was mined for over 750 years but
has seen no modern day exploration for precious metals
"We have a special opportunity at Silver City to put the first
drill holes into an historic high-grade silver district," stated
Ben Pullinger, SVP Geology.
"Production records from the property indicate multi-kilo per tonne
silver grades over substantial widths throughout the district.
Equally compelling are our local partnerships with both the
Freiberg University of Mining and Technology and the Helmholtz
Institute Freiberg."
In addition to complying with the technical and permitting
requirements, Excellon has finalized contracts with the landowners
and land users for drill sites and access roads.
Drilling is planned to commence in the second half of
June 2020. An internationally
experienced and accomplished drilling company was awarded the
drilling contract following a competitive bidding process.
Preparations are underway for an early start of field operations
complying with the highest technical, environmental and
occupational health standards, including all necessary preventive
measures in respect of COVID-19 from the Saxon government.
Depending on the results of this early stage exploration, further
drilling will be planned and plans will be submitted for
approval.
Excellon has an option to acquire a 100% interest in the Silver
City Project from Globex Mining Enterprises Inc. (TSX: GMX) (OTCQX:
GLBXF) and (FRA: G1MN).
Silver City Project
The Silver City Project encompasses a 36 km SW-NE strike by 1 to
5 km wide epithermal vein system situated west of the town of
Freiberg (30 km southwest of Dresden) in the state of Saxony. The immediate
exploration license and surrounding area have a long and rich
history of silver mining with numerous historic mining camps, small
mines and prospects, many of which have only been explored and/or
mined to shallow depths seldom exceeding 200 metres below surface.
Historically reported veins ranged from 0.5 to 10 metres width,
with grades of over 3,500 g/t Ag and no assaying for gold or zinc.
Petrographic and fluid inclusion studies recently conducted by
the Mineral Systems Analysis Group at the Freiberg
University of Mining and Technology indicate a productive depth for
precious metals from 50 to 450 metres below surface. Additional
information on the Silver City Project is available
at: http://www.excellonresources.com/operations/silver-city/snapshot/.
Qualified Person
Mr. Ben Pullinger, P. Geo.,
Senior Vice President Geology, has acted as the Qualified Person,
as defined in NI 43-101, with respect to the disclosure of the
scientific and technical information relating to exploration
results 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 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 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, including the
technical reports filed with respect to the Company's mineral
properties, and particularly the September
7, 2018 NI 43-101 technical report prepared by SRK
Consulting (Canada) Inc. with
respect to the Platosa Property. 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.