TORONTO, March 10, 2022 /CNW/ - Excellon Resources
Inc. (TSX: EXN) (NYSE: EXN) (FRA: E4X2) ("Excellon" or
the "Company") is pleased to provide an update on the
ongoing review of high-grade gold opportunities from historical
exploration of the Kilgore Project in Idaho.
Highlights
- Intensive review and rebuilding of Kilgore drillhole database demonstrates
opportunities to focus on high-grade gold potential with updated
exploration techniques.
- Historic results were often reported in broad intervals,
with discrete high-grade zones encountered in diamond drilling
including:
-
- 10.79 g/t Au over 6.20 metres in
16OKC-354;
- 9.53 g/t Au over 13.72 metres in
16OKC-353;
- 11.19 g/t Au over 7.62 metres in
10OKC-228;
- 8.65 g/t Au over 9.14 metres in
10OKC-220;
- 19.75 g/t Au over 4.27 metres in
95EKC-100;
- Drilling planned to define structures associated with
high-grade gold emplacement through first applications of modern
downhole and oriented core surveying at Kilgore.
"The opportunity to define high-grade gold and make new
high-grade discoveries was a key reason behind our acquisition of
the Kilgore Project in 2020," stated Jorge
Ortega, Vice President Exploration. "We are applying a
modern approach to historical data and plan to deploy more advanced
surveying techniques in the upcoming drill campaigns at
Kilgore. Historic results
demonstrate numerous high-grade intervals throughout the deposit
lithology, often associated with silicified zones, but with minimal
associated structural analysis. In this year's program, we aim to
delineate the structures associated with high-grade gold
emplacement through drilling, geophysics and continued surface
exploration to expand our understanding and the potential of the
deposit and project."
High-Grade Interval Summary
The following table highlights high-grade intervals encountered
in historic drilling and reported within broader intervals of lower
grade mineralization, also noting the drilling method used: diamond
drilling ("Core") or reverse circulation ("RC"):
Hole
ID
|
Interval(1)
|
Interval(2)
|
Au
|
Method
|
From
(m)
|
To
(m)
|
metres
|
g/t
|
17OKC-373
|
125.88
|
128.93
|
3.05
|
17.32
|
Core
|
and
|
136.55
|
138.07
|
1.52
|
30.50
|
|
16OKC-354
|
105.16
|
109.73
|
4.57
|
12.18
|
Core
|
and
|
245.36
|
251.46
|
6.20
|
10.79
|
|
16OKC-353
|
225.55
|
239.27
|
13.72
|
9.53
|
Core
|
16OKR-330
|
65.53
|
68.58
|
3.05
|
24.19
|
RC
|
16OKR-318
|
146.30
|
149.35
|
3.05
|
19.00
|
RC
|
16OKR-315
|
108.20
|
132.59
|
24.39
|
27.23
|
RC
|
15OKR-309
|
126.49
|
128.02
|
1.53
|
12.55
|
RC
|
and
|
143.26
|
156.97
|
13.71
|
14.26
|
|
15OKR-308
|
228.60
|
231.65
|
3.05
|
23.23
|
Core
|
10OKC-228
|
69.19
|
76.81
|
7.62
|
11.19
|
Core
|
10OKC-220
|
45.42
|
54.56
|
9.14
|
8.65
|
Core
|
10OKC-215
|
118.57
|
121.62
|
3.05
|
12.73
|
Core
|
10OKC-210
|
113.69
|
116.74
|
3.05
|
20.89
|
Core
|
10OKC-208
|
130.76
|
133.81
|
3.05
|
8.51
|
Core
|
KG04-2
|
124.97
|
128.02
|
3.05
|
14.46
|
Core
|
95EKC-100*
|
53.64
|
57.91
|
4.27
|
19.75
|
Core
|
95EKR-92*
|
42.67
|
57.91
|
15.24
|
37.66
|
RC
|
95EKM-5
|
81.38
|
82.92
|
1.53
|
12.75
|
RC
|
and
|
90.53
|
95.10
|
4.57
|
29.31
|
|
94EKR-86
|
77.72
|
80.77
|
3.05
|
46.68
|
RC
|
94EKR-81*
|
44.20
|
47.24
|
3.04
|
8.71
|
RC
|
|
* Not previously
disclosed.
|
(1)
From-to intervals are measured from the drill
collar.
|
(2)
All intervals are reported as drilled length.
|
2022 Exploration Plans
The Kilgore deposit is a
caldera-related epithermal gold deposit in Clark County, Idaho with a current Indicated
Resource of 44.6 million tonnes at 0.58 g/t Au for 825,000 ounces
Au and an Inferred Resource of 9.4 million tonnes at 0.45 g/t Au
for 136,000 ounces Au.
The primary objectives of the 2022 exploration program at
Kilgore are to (i) grow and
increase the grade of the existing mineral resource and (ii) define
vertical to sub-vertical high-grade zones within the existing
mineral resource and to depth in the underlying Aspen formation. Detailed planning for the
program is ongoing, but is expected to include a combination of
drilling, geophysics and surface work.
The proposed drilling program comprises two phases to
define structures associated with high-grade gold emplacement
through the first applications of modern downhole survey and core
orientation equipment at Kilgore,
including (i) the confirmation of historic high-grade intercepts
within the Kilgore deposit and
(ii) exploration along trend and at depth focused on defined
geophysical, geochemical and structural features associated with
gold mineralization.
Geophysical surveying is expected to include induced
polarization and magnetotelluric surveys over the Kilgore deposit and high priority targets to
(i) better define structural features associated with gold
mineralization and (ii) define additional drill targets.
Surface work is expected to include mapping, sampling and soils
over key areas, following up on Advanced Spaceborne Thermal
Emission and Reflection Radiometer (ASTER) defined targets (see
Company's press release dated December 21,
2020).
Additional details and scheduling will be provided in due
course.
Technical Information and Quality Control Notes
Refer to the technical report, including Section 11, titled
"Independent Technical Report and Preliminary Economic Assessment -
Kilgore Project - Clark County,
Idaho, USA" with an effective date of July 30, 2019, which is available on the SEDAR
profile of Otis Gold Corp., or on the Company's website.
Qualified Person
Mr. Jorge Ortega, P. Geo., Vice
President Exploration, has acted as the Qualified Person, as
defined in National Instrument 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.