Excellon Receives Permit to Drill Silver City
June 16 2020 - 8:49AM
GLOBEX MINING ENTERPRISES INC. (GMX –
Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart, Berlin,
Munich, Tradegate, Lang & Schwarz Stock Exchanges
and GLBXF – OTCQX International in the US) is
pleased to report that Excellon Resources
Inc. (TSX:EXN; EXN.WT, OTC:EXLLF and FRA:E4X1) (Excellon or the
“Company”) has announced that the drilling operation plan
for the Silver City Project in Saxony, Germany has been approved by
the Mining Authority of Saxony. The Saxony Silver City project is
under option from Globex. Excellon may earn 100% interest in the
project subject to cash and share payments and a retained Gross
Metal Royalty payable to Globex (see press release dated September
24, 2019 for details).
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 which 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 of Excellon.
“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.
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 of Excellon, 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.
For further information from Globex,
please contact:Jack Stoch, President Globex Mining
Enterprises
Inc.819-797-5242jstoch@globexmining.comwww.globexmining.com
For further Information from Excellon,
please contact:Brendan Cahill, President & CEO or Ben
Pullinger, Senior Vice President Geology (416) 364-1130
info@excellonresources.com www.excellonresources.com
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.com www.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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