Excellon Drills High Grade Silver in Initial Drilling at Silver City

ID: 1562750
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(businesspress24) -
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.

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 (Großvoigtsberg), 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 Bräunsdorf;
- 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 Excellons 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 IDDip Azi Interval InterAg Pb Zn Au AgEq(
val 2)

(o) (o) From To (m)(1g/t % % g/t g/t
)

AGBR012-57 135 353.4355.52.05 87 0.0 0.1 0.2 101
0 5

Includi 353.4353.80.35 300 0.0 0.2 0.2 319
ng 5

AGBR102-45 125 107.5109.41.9 134 0.0 0.0 0.8 191
0

Includi 108.1108.80.71 356 0.0 0.0 2.0 505
ng 3 4

AGBR05A-60 138 207.7210.02.3 183 0.5 0.2 0.4 231
20 5 5

Includi 207.7208.20.45 911 2.8 0.9 0.4 1042
ng 5

1. All intersections reported as core length.
2. 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 & Target Holes Geological descriptions
Hole Type
number

Bräunsdorf Dip 1 Wide shear zone with intense
extensioAGBR0120 graphitic
n of , chloritic, and sericitic a
historic lteration
al hosting multiple quartz-car
workings bonate veins and local
zones of

hydrothermal breccia. Silve
r

is carried by silver
sulphosalts
, freibergite-tetrahedrite a
nd is closely associated
with
sphalerite.

Fortuna A Soil 3 All holes intersected a stro
geochemiAGBR0220ngly
stry AGBR02A2 sheared
- 0 zone with ubiquitous serici
conceptu te and
al AGBR0720
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 A
u
and 47 g/t Ag
ReichenbachSurface s1 A discovery, with three zone
ampling AGBR1020s of mineralization
and intersected
geophysi , comprising brittle
cs sericite
-altered basalt with
quartz-carbonate filled
brittle fractures and
local zones of matrix- and
clast-supported

hydrothermal breccias. Ag a
nd

Au are hosted in quartz-carb
onate
veins
with assays reaching over
2.0 g/t Au and over 350
g/t
Ag.

Peter Vein Strike 2 Both holes intersected a
extensioAGBR05A2 wide shear zone
n of 0 with
strong sericitic, graphitic
historica ,
l and
chloritic alteration. The
workings zone contains multiple
local
sheared
quartz, carbonate veins. Gr
ades reached 911 g/t
Ag,
0.4 g/t Au, 2.8% Pb and
0.9%
Zn.
Multiple grains of native s
ilver
, pyrargyrite, freibergite a
nd 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

Excellons 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, Mexicos 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 Excellons 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(at)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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Date: 12/01/2020 - 16:21
Language: English
News-ID 1562750
Character count: 14357
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Firma: Excellon Resources Inc.
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