Excellon Resources Inc News - EXN

News Release Excellon Drills High Grade Silver in Initial Drilling at Silver City
Toronto, Ontario – December 1, 2020 –

Excellon Resources Inc. (TSX:EXN, EXN.WT; NYSE:EXN; FRA:E4X2) (“Excellon” or the “Company”) is pleased to announce initial diamond drilling results from the ongoing program at the Silver City Project in Saxony, Germany, with assays from an additional seven holes outstanding and a further two holes to be completed before year-end.

http://www.excellonresources.com/news/details/index.php?content_id=281&utm_source=Entreprises+mini%C3%A8res+Globex+Mining+Enterprises+Inc.&utm_campaign=ebb047c048-EMAIL_CAMPAIGN_2020_12_01_02_22&utm_medium=email&utm_term=0_fa4505b2da-ebb047c048-359589597

Highlights

Intersection of significant silver mineralization at three targets in initial holes including:
1,042 g/t silver equivalent (“AgEq”) over 0.45 metres (911 g/t Ag, 0.4 g/t Au, 2.8% Pb and 0.9% Zn), within 231 g/t AgEq over 2.30 metres (183 g/t Ag, 0.4 g/t, Au 0.5% Pb and 0.2% Zn) in initial drilling on the Peter Vein;
505 g/t AgEq over 0.71 metres (356 g/t Ag, 2.0 g/t Au), within 191 g/t AgEq (134 g/t Ag and 0.8 g/t Au) in first hole at Reichenbach (Grovoigtsberg), a new, near-surface discovery in an area with minimal historic mining;
319 g/t AgEq over 0.35 metres (300 g/t Ag, 0.2 g/t Au and 0.2% Zn), within 101 g/t AgEq (87 g/t Ag, 0.2 g/t Au) in first hole at Brunsdorf;
14 diamond drill holes completed totaling 3,299 metres, with 13 holes intersecting targeted structures, assays pending on seven holes and a further two holes to be completed at Munzig before year end;
Successful drill permitting, land access and ramp-up of the drilling program, advancing Excellon’s social license in the area and demonstrating the opportunity to operate in the area;
Passive seismic surveying planned for coming weeks in collaboration with Sisprobe, with 2D surveying planned for the Munzig area; and
Webinar to discuss results scheduled for 2pm EST on December 3, 2020, with registration available here: https://us02web.zoom.us/webinar/register/WN_IE8v5j_DQ_K7iylGrAJkAw
“We have intersected high-grade silver mineralization in the first holes drilled on the Silver City Project in modern times,” stated Ben Pullinger, SVP Geology & Corporate Development. “We have tested seven targets and have intersected mineralization in almost every hole including multiple high-grade silver species and fine-grained native silver. We have a high-grade, district-scale epithermal silver system confirmed in initial drilling and we are now focused on defining wider zones of mineralization.”

Mr. Pullinger continued, “As importantly, we have advanced our privilege to operate in the area and have developed strong local relationships from landholders to regulators that will be integral to our long term exploration plans for the project.”

Hole ID Dip Azi Interval Interval Ag Pb Zn Au AgEq(2)
(o) (o) From To (m)(1) g/t % % g/t g/t
AGBR0120 -57 135 353.45 355.5 2.05 87 0.0 0.1 0.2 101
Including 353.45 353.8 0.35 300 0.0 0.2 0.2 319
AGBR1020 -45 125 107.5 109.4 1.9 134 0.0 0.0 0.8 191
Including 108.13 108.84 0.71 356 0.0 0.0 2.0 505
AGBR05A20 -60 138 207.75 210.05 2.3 183 0.5 0.2 0.4 231
Including 207.75 208.2 0.45 911 2.8 0.9 0.4 1042
All intersections reported as core length.
AgEq calculated using $1,800 Au/oz, $24.00 Ag/oz, $0.90 Pb/lb and $1.20 Zn/lb with 100% metallurgical recovery.
The initial drilling program of 15 diamond drill holes at Silver City was designed to test multiple targets based on the strike and dip extensions of historical workings, soil geochemical and geophysical anomalies and surface samples (refer to regional map, below). Assays from seven drill holes have been received and are reported herein.

A summary of the targets reported on today is provided below:

Target & Hole number Target Type Holes Geological descriptions
Brunsdorf Dip extension of historical workings 1
AGBR0120 Wide shear zone with intense graphitic, chloritic, and sericitic alteration hosting multiple quartz-carbonate veins and local zones of hydrothermal breccia. Silver is carried by silver sulphosalts, freibergite-tetrahedrite and is closely associated with sphalerite.
Fortuna A Soil geochemistry - conceptual 3
AGBR0220
AGBR02A20
AGBR0720 All holes intersected a strongly sheared zone with ubiquitous sericite and local intermittent zones of biotite alteration, with minor local quartz and carbonate veining. All zones demonstrated anomalous base metal and precious metal values with up to 0.68 g/t Au and 47 g/t Ag
Reichenbach Surface sampling and geophysics 1
AGBR1020 A discovery, with three zones of mineralization intersected, comprising brittle sericite-altered basalt with quartz-carbonate filled brittle fractures and local zones of matrix- and clast-supported hydrothermal breccias. Ag and Au are hosted in quartz-carbonate veins with assays reaching over 2.0 g/t Au and over 350 g/t Ag.
Peter Vein Strike extension of historical workings 2
AGBR05A20 Both holes intersected a wide shear zone with strong sericitic, graphitic, and chloritic alteration. The zone contains multiple local sheared quartz, carbonate veins. Grades reached 911 g/t Ag, 0.4 g/t Au, 2.8% Pb and 0.9% Zn. Multiple grains of native silver, pyrargyrite, freibergite and other silver species were identified.
The locations of the targets drilled and examples of the geology encountered are provided below. Core photos will be provided at www.excellonresources.com.

Excellon has partnered with Sisprobe of Grenoble, France on a 2D passive seismic survey of the Munzig target. The program is currently underway and, innovatively, is using ongoing diamond drilling as the sound source for the seismic probes.

Excellon also continues to work with the Helmholtz Institute Freiberg (“HIF”) under a research and development agreement and has provided HIF with data and drill core samples from the Silver City Project through which HIF can test exploration technologies, including hyperspectral analysis of drill core. The Company also has various collaborations with the Mineral Systems Analysis Group of the TU Bergakademie Freiberg (the Freiberg University) to develop further analyses of the project.

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. 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.

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).

Adelaide Capital Webinar

The Company will participate in a live webinar on Thursday, December 3 at 2pm ET to discuss the Silver City drill results. Please register here to participate: https://us02web.zoom.us/webinar/register/WN_IE8v5j_DQ_K7iylGrAJkAw

QA/QC

Drill core samples are prepared and assayed by Bureau Veritas Mineral Laboratories in Vancouver, Canada. The lab is accredited to ISO/IEC 17025:2017, RG-MINERAL. The company has a comprehensive QA/QC program, supervised by an independent Qualified Person.

Qualified Person

Mr. Ben Pullinger, P.Geo., Senior Vice President Geology & Corporate Development, 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, Mexico’s highest-grade silver mine since production commenced in 2005; Kilgore, a high quality gold development 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.

For Further Information, Please Contact:

Excellon Resources Inc.
Brendan Cahill, President & Chief Executive Officer

Ben Pullinger, Senior Vice President Geology & Corporate Development
(416) 364-1130
info@excellonresources.com
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 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. 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.

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Excellon Options Silver City Project From Globex
T.EXN | 16 hours ago
Canada NewsWire
TORONTO, Sept. 24, 2019

image: https://mma.rnewswire.com/media/999859/Excellon_Resources_Inc__Excellon_Options_Silver_City_Project_Fro.jpg

Excellon Options Silver City Project From Globex (CNW Group/Excellon Resources Inc.)
TORONTO, Sept. 24, 2019 /CNW/ -

Excellon Resources Inc. (TSX:EXN, EXN.WT, OTC:EXLLF and FRA:E4X1) ("Excellon" or the "Company") is pleased to announce that it has entered into an agreement (the "Agreement") with Globex Mining Enterprises Inc. (TSX:GMX, OTCQX:GLBXF and FRA:G1MN) ("Globex") for the option (the "Option") to acquire a 100% interest in the Silver City Project (the Bräunsdorf exploration license), a 164 km2 silver district in Saxony, Germany. The Silver City Project is located within a large, high-grade epithermal system and has a long history of mining dating back to the 12th century, with no modern exploration for precious metals.

Highlights of the Silver City Project

First mover advantage in the historic mining district of Bräunsdorf, which boasts 750-year history of silver mining, immediately west of Freiberg (known as Silberne Stadt or Silver City);
Bräunsdorf exploration license (the Silver City Project) totals 164 km2 encompassing 36 km of strike, including six major historic silver mine camps, five minor camps and other prospects, with no modern exploration completed to date;
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 available at the time;
Petrographic and fluid inclusion studies recently conducted by the Mineral Systems Analysis Group at the Freiberg University of Mining and Technology suggest a productive depth for precious metals from 50 to 450 metres below surface;
Additional information on the project is available on Excellon's website at: http://www.excellonresources.com/operations/silver-city/snapshot/.
"This low-risk, low-cost option gives us first mover advantage in a large high-grade epithermal silver district," stated Brendan Cahill, President and CEO. "With historic, high-grade mines seldom reaching depths of 200 metres, Silver City may be akin to turning the clock back 100 years on the Fresnillo trend. This opportunity aligns perfectly with our focus on exploring large, underexplored properties for high-grade discoveries on world-class precious metal belts."

Mr. Cahill continued, "Exploration and mining are on the brink of a renaissance in Saxony and significant talent is readily available in the broader region. The Freiberg University of Mining and Technology, the world's oldest mining and metallurgy college, is within 10 km of the Silver City Project and is actively training geologists and metallurgists, while the Helmholtz Institute Freiberg is developing high technology solutions for the mining industry in Germany and globally."

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 city of Freiberg (30 km southwest of Dresden). 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.

Similar to the gold rush in North America, the silver rush in Europe originated in the ore mountains of Saxony, which were the source of wealth and power for the Saxon monarchy. Mining continued from the 12th to the 19th century but ceased when Germany abandoned the silver standard after the Franco-Prussian war and as the depth of mining operations became difficult with the methods then being employed. Sporadic silver mining continued from the 1880's, but ultimately ceased in 1969 due to economic, political and technological limitations.

The district of Freiberg has excellent infrastructure and is home to the Freiberg University of Mining and Technology (TU Bergekademie Freiberg) (https://tu-freiberg.de/en/university/profile), the oldest university of mining and metallurgy in the world and the Helmholtz Institute Freiberg ("HIF") (https://www.hzdr.de/db/Cms?pNid=2423), which specializes in a broad array of innovative mining technologies. HIF was founded in 2011 by the federal government of Germany to align the country's rich mineral history with a new national strategy on raw materials.

image: https://mma.prnewswire.com/media/999833/Excellon_Resources_Inc__Excellon_Options_Silver_City_Project_Fro.jpg

Silver City Project - Saxony, Germany (CNW Group/Excellon Resources Inc.)

Geology

The Bräunsdorf project is located in the Freiberg district on the western edge of the Erzgiberge terrain. This terrain is an erosional window of Variscan basement rocks exposed due to uplifting of the terrain during the Cenozoic period. A large number of hydrothermal veins have been emplaced into this terrain. These veins are typically sub-vertical and host predominantly silver and base metal rich deposits associated with Permian magmatic activity. In the Bräunsdorf district in particular, polymetallic veins are hosted within mica schist units, parallel to the tectonic contacts along a gneiss unit.

Mining in Germany

There are currently a number of underground mines and projects active in Germany mining primarily industrial metals. Saxony is considered the most mining friendly state in Germany due to its transparent and collaborative mining law process, with no holding costs on exploration concessions as long as work is advanced. Exploration licenses are eligible for 5-year terms and can be renewed or converted to production licenses during the term or at the anniversary. Both the Saxon and German governments are proactively attracting mining investment and research through affiliations with several technology and mining institutes.

Terms of the Agreement

Under the terms of the Agreement, to exercise the Option and earn a 100% interest in the Silver City Project, the Company must:

(i)

Pay C$100,000 and issue 226,837 common shares of the Company ("Common Shares") to Globex (completed on September 23, 2019);

(ii)

Pay C$100,000 and issue Common Shares to Globex equivalent to C$325,000 based on the 5-day volume weighted average price ("VWAP") on or before September 23, 2020;

(iii)

Pay C$100,000 and issue Common Shares to Globex equivalent to C$425,000 based on the 5-day VWAP on or before September 23, 2021;

(iv)

Pay $200,000 and issue Common Shares to Globex equivalent to C$625,000 based on the 5-day VWAP on or before September 23, 2022; and

(v)

Upon completion of the payments and issuances set out above, grant Globex a gross metals royalty on the exploration or production license on the Silver City Project of 3.0% for precious metals and 2.5% for other metals, which may be reduced to 2% and 1.5%, respectively, upon a payment of US$1,500,000.

The total value of cash and share over the three-year term is C$500,000 and C$1.6 million, respectively. The Company may accelerate any of the payments, issuances or the royalty grant at any time during the term of the option. Additionally, the Company may terminate the option at any time provided that the payments and issuances described in (i) and (ii), above, have been completed and the work commitments under the exploration license in respect of the first year of the option have been satisfied.

In addition, the Company has agreed to make: (i) a one-time payment of C$300,000 following the announcement of a maiden resource on the Silver City Project and (ii) a one-time payment of C$700,000 upon the achievement of commercial production from the Silver City Project.

The listing of the common shares issuable to Globex pursuant to the Agreement has been conditionally approved by the Toronto Stock Exchange.

Qualified Persons

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 100%-owned Platosa Mine has been Mexico's highest-grade silver mine since production commenced in 2005. The Company is focused on optimizing Platosa's cost and production profile, discovering further high-grade silver and carbonate replacement deposit (CRD) mineralization on the 21,000 hectare Platosa Project and epithermal silver mineralization on the 100%-owned 45,000 hectare Evolución Property, and capitalizing on current market conditions by acquiring undervalued projects in the Americas. The Company also holds an option on the 164 km2 Silver City Project in Saxony, Germany, a high-grade epithermal silver district with 750 years of mining history and no modern exploration.

Additional details on the Platosa Mine and the rest of Excellon's exploration 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.

image: https://rt.newswire.ca/rt.gif?NewsItemId=C8712&Transmission_Id=201909240700CANADANWCANADAPR_C8712&DateId=20190924

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/September2019/24/c8712.html

Excellon Resources Inc., Brendan Cahill, President & CEO or Ben Pullinger, Senior Vice President Geology, (416) 364-1130, info@excellonresources.com, www.excellonresources.comCopyright CNW Group 2019

Canada Newswire
September 24, 2019 - 4:00 AM PDT
Tags:
INDUSTRIAL METALS & MINERALS

In GOD We Trust -

https://www.kitco.com/images/live/silver.gif?0.8344882022363285

http://www.kitconet.com/images/live/au0001wb.gif

Gold & Silver is the only REAL Legal Tender -

by The Founding Fathers for your -

Rights, Liberty and Freedom -

http://www.biblebelievers.org.au/monie.htm

God Bless America
Ps.
opinion appreciated
TIA

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