Excellon Files Updated Technical Report on Globex’s Optioned Silver City Property
July 19 2022 - 12:05PM
GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock
Exchange, G1MN – Frankfurt, Stuttgart, Berlin, Munich,
Tradegate, Lang & Schwarz, LS Exchange, TTMzero,
Düsseldorf and Quotrix Düsseldorf Stock
Exchanges and GLBXF – OTCQX
International in the US) is pleased to inform shareholders
that Excellon Resources Inc. (TSX: EXN) (NYSE: EXN) (FRA: E4X2) has
filed an updated independent technical report for the 164 square
kilometres Silver City Project in Saxony Germany,
under
option from Globex, which was prepared in accordance with
National Instrument 43-101. A copy of the Technical Report is
available on Excellon’s website at www.excellonresources.com.
Recommendations from the Technical
Report (Verbatim from Excellon’s press release)
“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 Grosvoigtsberg 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 Bergmannische
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.
Jorge Ortega, P.Geo., Vice President
Exploration, has acted as Excellon’s Qualified Person, as defined
in NI 43-101, with respect to the disclosure of the scientific and
technical information contained in Excellon’s press release.”
Globex is pleased with the outlined
extensive program as proposed by Excellon.
The remaining option terms to be met by
Excellon under the agreement are paying C$200,000 and issuing
common shares of Excellon with a value equivalent to C$625,000
based on the 5-day volume-weighted average price (VWAP) on or
before September 23, 2022; and granting Globex a
Gross Metals Royalty on the Bräunsdorf License equal to 3% of
precious metals and 2.5% of other metals, which can be reduced to
2% and 1.5%, respectively, with a US$1,500,000
payment.
Excellon has also agreed to make a
one-time C$300,000 payment upon the release of a maiden resource on
the Bräunsdorf License and a one-time payment of C$700,000 upon the
achievement of commercial production from the Bräunsdorf
License.
Please refer to Globex’s press release dated
September 24, 2019 for the detailed option terms.
This press release was written by Jack Stoch,
Geo., President and CEO of Globex in his capacity as a Qualified
Person (Q.P.) under NI 43-101.
We Seek Safe Harbour. |
Foreign Private Issuer 12g3 – 2(b) |
|
CUSIP Number 379900 50 9LEI 529900XYUKGG3LF9PY95 |
For further information, contact: |
Jack Stoch, P.Geo., Acc.Dir.President & CEOGlobex Mining
Enterprises Inc.86, 14th StreetRouyn-Noranda, Quebec Canada J9X
2J1 |
Tel.: 819.797.5242Fax: 819.797.1470
info@globexmining.comwww.globexmining.com |
Forward Looking Statements:
Except for historical information, this news release may contain
certain “forward looking statements”. These statements may
involve a number of known and unknown risks and uncertainties and
other factors that may cause the actual results, level of activity
and performance to be materially different from the expectations
and projections of Globex Mining Enterprises Inc. (“Globex”).
No assurance can be given that any events anticipated by the
forward-looking information will transpire or occur, or if any of
them do so, what benefits Globex will derive therefrom. A
more detailed discussion of the risks is available in the “Annual
Information Form” filed by Globex on SEDAR at
www.sedar.com.
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