Excellon Provides Update On Legal Action December 5, 2019 from Canada NewsWire Canada NewsWire TORONTO, Dec. 5, 2019 /CNW/ -
Excellon Resources Inc. (TSX:EXN, EXN.WT, OTC:EXLLF and FRA:E4X1) ("Excellon" or the "Company") is providing an update to shareholders on the previously disclosed ongoing legal action in Mexico in respect of the La Antigua mineral concession ("La Antigua") that is part of the Evolución Property in Zacatecas. La Antigua was included in Excellon's acquisition of Silver Eagle Mines Inc. ("Silver Eagle") in 2009, which includes a portion of the historic mineral resource at Miguel Auza. The concession is subject to an exploration and exploitation agreement with purchase option (the "Agreement") dated December 3, 2006 between San Pedro Resources SA de CV ("San Pedro", now a subsidiary of Excellon) and the owner (the "Plaintiff") that provides, among other things, for a minimum payment of US$2,500 plus value added tax per month (the "Advance Royalty") and the payment of a 3% net smelter return ("NSR") royalty. San Pedro has the right to purchase absolute title to La Antigua including the NSR royalty upon payment of US$500,000. San Pedro has accrued the Advanced Royalty on an ongoing basis and the Agreement remains in force.
Though the Miguel Auza Mine never reached commercial production and was put on care-and-maintenance in December 2008 prior to Excellon's acquisition of Silver Eagle, the Plaintiff sued San Pedro for non-compliance with the Agreement and specifically for not operating the Miguel Auza Mine. As disclosed in Excellon's management discussion and analysis, the Plaintiff was awarded damages of approximately $0.7 million in the court of first instance in Torreón, Coahuila. Both San Pedro and the Plaintiff appealed the decision to the Second District State Court in the Judicial District of Torreón. That Court confirmed the initial decision but, subsequently, pursuant to an order obtained by the Plaintiff, granted the Plaintiff an award of approximately US$23 million, predominantly in damages for the Miguel Auza Mine not being in operation. San Pedro is appealing this decision to the federal courts of Mexico and believes that the decision is without merit and not supported by the evidence, facts or law.
"We will vigorously appeal this erroneous decision," stated Brendan Cahill, President and CEO. "The Miguel Auza Mine never reached commercial production or generated revenues before it was put on care-and-maintenance by Silver Eagle in 2008. The Agreement with the Plaintiff clearly provides for an advance royalty payment in the event that the mine is not producing and, in fact, the currently disputed award is multiple times greater than any income the NSR royalty could possibly produce. We expect this decision to be reversed and rationalized in the federal court system. In the interim, we do not expect any impact on Excellon's ongoing business activities."
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 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. 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 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 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.
Excellon Provides Update on Restart of Operations T.EXN | 5 days ago
Excellon Resources Inc. (CNW Group/Excellon Resources Inc.)
TORONTO, June 1, 2020 /CNW/ - Excellon Resources Inc. (TSX:EXN, EXN.WT, OTC:EXLLF and FRA:E4X1) ("Excellon" or the "Company") is pleased to announce that the Mexican Government has officially declared mining an essential business in the Federal Registry and companies can commence the restart of operations beginning on June 1st provided that they meet established COVID-19 guidelines. At this time, the Company's Platosa and Miguel Auza operations in Mexico are preparing for a safe restart in the immediate term.
"We are pleased that the Government of Mexico has confirmed mining as an essential service, facilitating the restart of our operations," stated Brendan Cahill, President and CEO. "Our operations and those of the mining industry throughout Mexico are critical to economic activity in the country and to the well-being of our employees and the communities that rely on our presence. We will continue to implement our protocols and remain vigilant to protect our employees, their families and the wider communities as we restart operations. During the suspension of operations, we have also focused on planning a series of cost-saving and efficiency initiatives, which we will implement as operations resume."
During the suspension, critical pumping and routine maintenance of critical infrastructure continued at both Platosa and Miguel Auza to ensure a smooth restart of operations. The Company is also reviewing exploration programs to determine a safe restart. The Company has not reported any cases of COVID-19 and there have been minimal cases reported in the surrounding communities.
The Company has progressed several improvement plans that are expected to materially reduce operating costs. Specifically, the Company is finalizing preparations with a new energy provider, has reduced its labour force and is negotiating or implementing a series of other optimization or cost-saving initiatives. The switch in energy providers is expected to result in a significant decrease in unit rates, with energy recently accounting for approximately 40% of operational expenditures.
The Company has been implementing a series of measures to protect its workforce and the local communities over the past two months based on evolving international best practice from the U.S. Centers for Disease Control and the mining industry. The Company is reviewing those measures to ensure that they are fully functional and meet the Mexican Government requirements prior to resuming operations. The Company has provided detailed plans to the Undersecretariat of Mining and the Health Ministry to demonstrate compliance with the prescribed requirements.
The Company's response to COVID-19 included implementation of the following:
Routine health checks of all persons entering our business units; Procuring the necessary personal protective equipment and other materials necessary for effective COVID-19 response; Physical distancing within the workplace; Prohibiting entry of visitors and contractors; Limiting entry of suppliers to those delivering critical operational materials; and Engaging with local communities to raise COVID-19 awareness, encouraging people to remain at home and practice physical distancing and providing locally made cloth masks to the communities of Bermejillo and Miguel Auza.
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
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
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.
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).
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.
Excellon Resources Inc. (TSX:EXN, EXN.WT; NYSE:EXN; FRA:E4X2) (“Excellon” or the “Company”) is pleased to announce permitting approval for the Drill Operation Plan at the Silver City Project in Saxony, Germany and to outline 2021 drilling plans.
Highlights of 2021 Drilling Program
Initial 12,000 metre diamond drilling program commencing imminently on four priority targets– Grauer Wolf, Reichenbach, Bräunsdorf and Peter Vein – following up on high-grade silver mineralization encountered in
2020 program Priority drilling also planned at Munzig, where anomalous mineralization was encountered in multiple zones during 2020 drilling Program also designed to test new targets on over 30 kilometres of strike on two confirmed contacts, with the mafic-schist contact identified in 2020 at Reichenbach and Grauer Wolf representing a potentially more conducive setting for epithermal silver mineralization “Our 2020 drilling program confirmed the presence of a major epithermal system, encountered high-grade silver species and delivered high-grade assays, including new discoveries at Grauer Wolf and Reichenbach,” stated Ben Pullinger, SVP Geology & Corporate Development.
“We achieved these milestones with only 16 holes over 24 kilometres of strike. This year’s program will build on the modelling and integration of those results to expand on our 2020 discoveries and make new ones in 2021.”
Highlights from the 2020 drilling program include:
1,042 g/t 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) at Bräunsdorf; 1,043 g/t AgEq over 1.3 metres (954 g/t Ag, 0.1 g/t Au, 0.7% Pb and 2.0% Zn) within 100 metres of surface, within 194 g/t AgEq over 8.1 metres (173 g/t Ag, 0.1 g/t, Au, 0.4% Pb and 0.3% Zn), and 331 g/t AgEq over 1.2 metres (325 g/t Ag, 0.1 g/t Au, 0.03% Pb and 0.03% Zn) in the hanging wall at Grauer Wolf, a new high-grade discovery in an area with no historic drilling. Drillling at the Munzig target in late 2020 encountered two zones of mineralization within 75 metres of surface (including 2.43 metres grading 116 g/t AgEq from 70 metres and 1.60 metres grading 143 g/t AgEq from 77 metres in SC20MUN015) separated by a non-mineralized dike, potentially aligning with historic records describing some of the broadest widths in the Bräunsdorf area.
Including the Munzig target, mineralization has now been encountered over 24 kilometres of strike. The table below summarizes targets and associated mineralization on areas tested in 2020.
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