TORONTO, Dec. 6, 2022
/CNW/ - Excellon Resources Inc. (TSX: EXN) (NYSE: EXN) (FRA:
E4X2) ("Excellon" or the "Company") is pleased to announce
initial drill results from the recently completed 2022 exploration
program at its Kilgore Project (or "Kilgore") in Idaho, USA.
The 2022 Kilgore drill program was composed of six oriented
diamond drill holes totalling 2,145 metres. The first hole reported
an intercept of 0.74 g/t Au over 115.60 meters (EX22KG001),
including 1.07 g/t Au over 26.93 metres and 26.5 g/t Au over 0.65
metres. The Kilgore exploration
program completed in 2022 also included 3D induced polarization
(IP) and magnetotellurics (MT) geophysical survey, and
property-wide prospecting.
Highlights
- The infill portion of the 2022 Kilgore drill program,
together with detailed sampling, was completed to improve the
understanding of the structural controls on the high-grade
mineralization encountered at Kilgore.
- Initial infill drill results (EX22KG001):
-
- 0.74 g/t Au over 115.60 meters, including 1.07 g/t Au over
26.93 metres and 26.5 g/t Au over 0.65 metres.
- Further assays are pending, and the Company will provide
relevant updates as this information becomes available.
- A geophysical survey consisting of 75 line-kilometres of 3D
IP/MT has been completed, and data inversion and interpretation are
pending.
- Project-wide systematic prospecting has been completed with
211 rock samples collected, and 166 assays have been received to
date.
Jorge Ortega, Vice President
Exploration, commented: "We are encouraged by the results we have
received to date as they improve our understanding of the deposit
and confirm the historical data. The techniques used, including
oriented core and detailed sampling, have provided an important
insight into the geological controls on high-grade gold
mineralization that, along with the pending IP/MT survey data, will
continue to define further drill targets and exploration plans in
order to realize the full potential for the Kilgore Project."
Kilgore Exploration Results To
Date1
The 2022 drill program at Kilgore focused on confirming the historical
and reverse circulation intercepts within the Kilgore deposit, and exploring along the trend
and at depth while obtaining structural readings from the oriented
core throughout the deposit. Diamond drill hole EX22KG001 was a
confirmation drillhole within the current mineral resource envelope
identified by the previous drilling. A more detailed sampling was
conducted, identifying a high level of grade variability, and
control of mineralization by narrow jarosite-filled structures and
narrow, high-grade vein stockwork.
________________________________
|
1
|
For further information
on the above drill results, please refer to the section entitled
"Technical Information and Quality
Control Notes" and the Cautionary Statements at the end
of this news release.
|
The following table highlights selected intervals received to
date from the first hole of the six holes completed:
Drillhole
|
Interval(1)
|
Interval
|
Au
|
From
(m)
|
To
(m)
|
(m)
|
(g/t)
|
EX22KG001
|
200.60
|
316.20
|
115.60
|
0.74
|
including
|
235.25
|
235.90
|
0.65
|
26.50
|
and
including
|
289.27
|
316.20
|
26.93
|
1.07
|
(1)
From-to intervals are measured from the drill collar. All
intervals are reported as core length.
|
Figure 1: Cross-section demonstrating the assay results
for EX22KG0012
In addition to diamond drilling, the Company completed a
75-line-kilometre IP and MT survey across high-priority targets
along the Kilgore deposit. The
survey aims to better define structural features associated with,
and the extent of, mineralization and to further define drill
targets.
Additionally, 71 Spatiotemporal Geochemical Hydrocarbon (SGH),
37 traditional ICP-MS, and 37 Mobile Metal Ion (MMI) samples have
been collected over the deposit to map geochemical responses, with
all analytical methods returning strong geochemical responses.
Analysis of SGH results by Activation Laboratories Ltd. specialists
accurately identified the deposit area (including the parts of the
deposit located under post-mineralization cover), suggesting that
SGH may be a preferred method of soil sampling, considering that a
significant portion of the property is under post-mineralization
cover.
______________________________
|
2
|
For more information on
Kilgore, including its current mineral resource estimates, refer to
the technical report filed by Otis
Gold Corp. dated August 26, 2019 (the "Kilgore Technical
Report") available under its profile on www.sedar.com and on
the
Company's website at www.excellonresources.com.
|
As part of the property-wide prospecting program at Kilgore, 211 rock samples have been collected,
with 45 assay results still pending. The prospecting confirmed that
a significant portion of the property is covered with a barren
post-mineralization cover. A combination of geophysics, SGH
soil and stream sediment sampling will be used for the target
generation in areas under cover.
Figure 2: SGH-identified anomaly in relation to the
Kilgore deposit
About the Kilgore
Project
Kilgore is an advanced
exploration-stage low sulfidation epithermal gold deposit located
in Clark County, Idaho. Excellon
has a 100% undivided interest in Kilgore with claims totalling 6,762 hectares.
Kilgore has Indicated and Inferred
mineral resource estimates as stated below.
Mineral Resource
Estimate – Kilgore Project(1)
|
|
|
Tonnes
|
Au
|
Au
|
|
(000's)
|
(g/t)
|
('000s
oz)
|
Indicated
|
44,556
|
0.58
|
825
|
Inferred
|
9,399
|
0.45
|
136
|
(1) For further information on the Kilgore project,
including mineral resource estimates for the project, refer to the
Kilgore Technical Report
and the Company's Annual Information Form dated March 31, 2022 (the
"2022 AIF") available under its profile on www.sedar.com
and
on the Company's website at
www.excellonresources.com.
|
The Company's 2022 infill drilling program targeted higher-grade
mineralization and structures at depth, predominantly in the
Aspen formation, seeking to define
the potential for structure-controlled higher-grade gold
mineralization at the deposit.
About Excellon
Excellon's vision is to realize opportunities through the
acquisition of advanced development or producing assets with
further potential to gain from an experienced operational
management team for the benefit of our employees, communities and
shareholders. The Company is advancing a precious metals growth
pipeline that includes: 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 evaluating and
acquiring undervalued projects in the Americas.
Additional details on Excellon's projects are available at
www.excellonresources.com.
Technical Information and Quality Control Notes
Drillhole
|
Easting
|
Northing
|
Elevation
|
Azimuth
|
Dip
|
Length
|
ID
|
NAD83 Zone
12
|
NAD83 Zone
12
|
(m)
|
(°)
|
(°)
|
(m)
|
EX22KG001
|
420442
|
4920422
|
2327
|
040
|
-75
|
411.96
|
The drill results contained in this news release have been
prepared in accordance with National Instrument 43-101 Standards of
Disclosure for Mineral Projects ("NI 43-101") of the
Canadian Securities Administrators ("CSA").
Kilgore drill core samples are
prepared and assayed by ALS in Twin
Falls, Idaho, Reno, Nevada
and Vancouver, BC. The lab is
accredited to ISO/IEC 17025:2017 and ISO 9001:20015. Assay
turnaround times have been impacted recently by a worldwide
increase in demand for laboratory services. The Company has a
comprehensive quality assurance and quality control ("QAQC")
program, supervised by a Qualified Person, as defined by NI
43-101.
The sampling of, and assay data from, the core sampling and
reporting are monitored through a QAQC program designed according
to best industry practice. Samples from HQ- and BQ-sized drill core
are selected by Excellon geologists and cut into halves at the
project site. Half of the core is retained at the site for
reference purposes. Sample intervals vary from 0.2 to 3.05 metres
in length, with samples being selected to honour geological
contacts. Samples are labelled and packed into sealed plastic bags
which are grouped into larger fibre bags for shipping. A formal
chain-of-custody procedure is in place for the security of samples
from project to laboratory.
Samples are delivered by Excellon staff to the ALS laboratory in
Twin Falls, Idaho. Samples then
undergo crushing to 70% passing two millimetres, rotary split of
250 grams, followed by pulverizing to 85% passing 75 microns before
a 50-gram sub-sample is selected for analysis. Fire assay with a
gravimetric finish overlimit for gold is performed at Reno, Nevada ALS facility, and ICP-MS
multi-element analysis for silver, base metals, and multi-element
data is performed at Vancouver,BC ALS laboratory.
Qualified Person
Mr. Jorge Ortega, P. Geo., Vice
President Exploration of the Company and a Qualified Person,
as defined in NI 43–101 of the CSA, reviewed, verified and
approved the scientific and technical information contained in
this news release.
CAUTIONARY STATEMENTS ON
FORWARD-LOOKING STATEMENTS AND OTHER MATTERS
Forward-Looking Statements
All statements, other than statements of historical fact,
contained or incorporated by reference in this news release
constitute "forward-looking statements" and "forwardlooking
information" (collectively, "forward-looking statements") within
the meaning of applicable Canadian and United States securities legislation.
Generally, these forward-looking statements can be identified by
the use of forward-looking terminology such as: "advancing",
"aims", "believe", "considering", "continue", "could",
"demonstrated", "development", "discovery", "encouraged",
"expectation", "exploration", "estimate", "focus", "further",
"future", "growth", "improve", "initial", "interpretation", "may",
"modeling", "opportunities", "option", "pending", "pipeline",
"plans", "potential", "priority", "program", "project",
"prospecting", "provide", "risk", "sampling", "seeking", "survey",
"targets", "testing", "trend", "vision", "will" and "would", or
variations of such words, and similar such words, expressions or
statements that certain actions, events or results can, could, may,
should, will (or not) be achieved, occur, provide, result or
support in the future or which, by their nature, refer to future
events. In some cases, forward-looking information may be
stated in the present tense, such as in respect of current matters
that may be continuing, or that may have a future impact or effect.
Forward-looking statements include, without limitation, statements
regarding mineralization, mineralized structures, mineral resource
envelope and deposit (including potential, grade, further
definition, continuation and location); exploration projects,
exploration and drill programs and activities (including scale,
prospects and prospectivity, successes, targets and current
assessments of drilling to date); acquisitions; realization of
opportunities (and gains, benefits and other results thereof);
discovery and growth potential; economics; and capitalizing on
current market conditions. Although the Company believes that such
statements are reasonable, it can give no assurance that such
expectations will prove to be correct, and any forward-looking
statements by the Company are not guarantees of future actions,
results or performance. Forward-looking statements are based on
assumptions, estimates, expectations and opinions, which are
considered reasonable and represent best judgment based on
available facts, as of the date such statements are made. If such
assumptions, estimates, expectations and opinions prove to be
incorrect, actual and future results may be materially different
than expressed or implied in the forward-looking statements.
The assumptions, estimates, expectations and opinions referenced,
contained or incorporated by reference in this news release which
may prove to be incorrect include those set forth or referenced in
this news release, as well as those stated in the 2022 AIF, the
Kilgore Technical Report, the Company's Management's Discussion and
Analysis for the year –ended December 31, 2021 and the quarters already ended
in 2022 (together with the accompanying financial statements,
collectively, the "FYE2021 and 2022 MD&A")
and the Company's other applicable public disclosure, all available
on the Company's website at www.excellonresources.com and under its
profile at www.sedar.com. Forward-looking statements are
inherently subject to known and unknown risks, uncertainties,
contingencies and other factors which may cause the actual results
or performance of the Company to be materially different from any
future results or performance expressed or implied by the
forward-looking statements. Such risks, uncertainties,
contingencies and other factors include, among others, the "Risk
Factors" in the 2022 AIF, and the risks, uncertainties,
contingencies and other factors identified in the Kilgore Technical
Report and the FYE2021 and 2022 MD&A and the Company's other
applicable public disclosure. The foregoing list of risks,
uncertainties, contingencies and other factors is not exhaustive;
readers should consult the more complete discussion of the
Company's business, financial condition and prospects that is
provided in the 2022 AIF and the other aforementioned
documents. The forward-looking statements referenced or
contained in this news release are expressly qualified by these
Cautionary Statements as well as the Cautionary Statements in the
2022 AIF, the Kilgore Technical Report and the FYE2021 and 2022
MD&A and the Company's other applicable public disclosure.
Forward-looking statements contained herein are made as of the date
of this news release (or as otherwise expressly specified) and the
Company disclaims any obligation to update any forward-looking
statements, whether as a result of new information, future events
or results or otherwise, except as required by applicable
laws.
Mineral Resources
Until mineral deposits are actually mined and processed,
mineral resources must be considered as estimates only. Mineral
resource estimates that are not classified as mineral reserves do
not have demonstrated economic viability. The estimation of mineral
resources is inherently uncertain, involves subjective judgement
about many relevant factors and may be materially affected by,
among other things, environmental, permitting, legal, title,
taxation, socio-political, marketing, or other relevant risks,
uncertainties, contingencies and other factors described in the
foregoing Cautionary Statements. The quantity and grade of reported
"inferred" mineral resource estimates are uncertain in nature and
there has been insufficient exploration to define "inferred"
mineral resource estimates as an "indicated" or "measured" mineral
resource and it is uncertain if further exploration will result in
upgrading "inferred" mineral resource estimates to an "indicated"
or "measured" mineral resource category. The accuracy of any
mineral resource estimates is a function of the quantity and
quality of available data, and of the assumptions made and
judgments used in engineering and geological interpretation, which
may prove to be unreliable and depend, to a certain extent, upon
the analysis of drilling results and statistical inferences that
may ultimately prove to be inaccurate. The quantity and grade of
"inferred" mineral resource estimates are uncertain in nature and
there has been insufficient exploration to define "inferred"
mineral resource estimates as an "indicated" or "measured" mineral
resource and it is uncertain if further exploration will result in
upgrading "inferred" mineral resource estimates to an "indicated"
or "measured" mineral resource category. Mineral resource estimates
may have to be re-estimated based on, among other things: (i)
fluctuations in mineral prices; (ii) results of drilling and
development; (iii) results of geological and structural modeling
including stope design; (iv) metallurgical testing and other
testing; (v) proposed mining operations including dilution; and
(vi) the possible failure to receive and/or maintain required
permits, licenses and other approvals. It cannot be assumed that
all or any part of a "inferred", "indicated" or "measured" mineral
resource estimate will ever be upgraded to a higher category
including a mineral reserve.
The mineral resource estimates declared by the Company were
estimated, categorized and reported using standards and definitions
using Canadian Institute of Mining, Metallurgy and Petroleum
Definition Standards for Mineral Resources and Mineral Reserves
(the "CIM Standards") in accordance with NI
43-101 of the CSA, which governs the public disclosure of
scientific and technical information concerning mineral
projects.
U.S. Readers
The terms "mineral resource", "measured mineral resource",
"indicated mineral resource" and "inferred mineral resource" as
disclosed by the Company are Canadian mining terms defined in the
CIM Standards (collectively, the "CIM
Definitions") in accordance with NI 43-101. NI 43-101
establishes standards for all public disclosure that a Canadian
issuer makes of scientific and technical information concerning
mineral projects. These Canadian standards differ from the
requirements of the United States Securities and Exchange
Commission (the "SEC") applicable to
United States domestic and certain
foreign reporting companies under Subpart 1300 of Regulation S-K
("S-K 1300"). Accordingly, information
describing mineral resource estimates for the Company's projects,
including Kilgore, may not be
comparable to similar information publicly reported in accordance
with the applicable requirements of the SEC, and so there can be no
assurance that any mineral resource estimate for the Company's
projects would be the same had the estimates been prepared per the
SEC's reporting and disclosure requirements under applicable
United States federal securities
laws, and the rules and regulations thereunder, including but not
limited to S-K 1300. Further, there is no assurance that any
mineral resource or mineral reserve estimate that the Company may
report under NI 43-101 would be the same had the Company prepared
such estimates under S-K 1300.
www.excellonresources.com
SOURCE Excellon Resources Inc.