TORONTO, July 18,
2022 /CNW/ - Excellon Resources Inc. (TSX:
EXN) (NYSE: EXN) (FRA: E4X2) ("Excellon" or the
"Company") is pleased to announce the filing of an updated
independent technical report for the Silver City Project in Saxony
Germany, which has been prepared in accordance with National
Instrument 43-101 (the "Technical Report"). A copy of the Technical
Report is available on both SEDAR at www.sedar.com and the
Company's website at www.excellonresources.com.
Recommendations from the Technical Report
The author of the Technical Report, Mr. Michael J. Robertson, Pr.Sci.Nat (400005/92);
MAusIMM (316078), of the independent consulting firm The MSA Group
(Pty) Ltd., has concluded that the Company's proposed work program,
outlined below, is appropriate for the Silver City Project. The
main components of the program are:
- Step-out diamond drilling at Bräunsdorf to assess the extent
and nature of mineralization below workings of the historical
Neue Hoffnung Gottes Mine.
- Step-out diamond drilling at Grauer Wolf and Reichenbach to
confirm the continuity of the known mineralization along the strike
and towards depth.
- Step-out diamond drilling at Großvoigtsberg to confirm
continuity of the known mineralization along the strike and towards
depth, particularly in the areas where rich ore shoots were
documented during historical mining.
- Drill testing of magnetic lineaments and inferred geological
contacts near Grauer Wolf and Reichenbach.
- Drill testing of magnetic lineaments and inferred geological
contacts at Obergruna where historical mapping indicates the
presence of mineralized veins.
- Fence drilling at Langhennersdorf to test soil anomalies.
- Test continuation of high-grade ore shoot below Erzengel
Michael Mine at Mohorn Licence
- Drill test extensions of the vein below Friedrich August mine at Frauenstein
- Drill test mineralization below and along strike of
Bergmännische Hoffnung mine at Oederan
- An airborne magnetic survey in selected areas to complement the
dataset that was obtained during the earlier surveys.
- High-resolution resistivity and chargeability surveys on
selected targets including orientation study in the area of known
mineralization.
- Rock magnetic susceptibility study on available drill core for
all target areas and all encountered lithologies to support the
interpretation of available and future magnetic survey data.
- Pending the results from the 2021/2022 soil sampling, extend
the soil geochemical sampling program within the Project area.
- Soil geochemical sampling on three lines on the Frauenstein
licence.
- Further structural analysis to improve understanding of the
controls on mineralization and the implications for exploration
targeting.
- Archive work, digitizing and georeferencing historical mine
plans.
- Regional exploration work on the rest of the Silver City
Project.
Qualified Person
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:
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, 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.
SOURCE Excellon Resources Inc.