Excellon Intercepts 115 Meters @ 0.74 G/T Au at Kilgore
www.excellonresources.com
EXCELLON INTERCEPTS 115 METERS @ 0.74 G/T AU AT KILGORE
Toronto, Ontario – December 6, 2022 – 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):
o 0.74 g/t Au over 115.6 0 meters, including 1.07 g/t Au over 26.9 3 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 depos it. 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 mineraliza tion 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.
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The following table highlight s 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 response s. 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
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.
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sampling, considering that a significant portion of the property is under post-mineralization cover.
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.
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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 si lver
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.
For Further Information, Please Contact:
Excellon Resources Inc.
Shawn Howarth, President & Chief Executive Officer
(416) 312-6665
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 9001:2001 5. 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.
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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”, “cont inue”, “could”, “demonstrate d”, “development”, “discovery”, “encouraged”,
“expectation”, “explor ation”, “estimate”, “focus”, “further”, “future”, “grow th”, “improve”, “initial”,
“interpretation”, “may”, “model ing”, “opportunities”, “option”, “pending”, “pipeline”, “plan s”, “potential”,
“priority”, “program”, “project”, “prospecti ng”, “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, mineraliz ed 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
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provided in the 2022 AIF and the other aforementioned documents. The forward -looking statements referenced or
contained i n 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 res ults 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 r esources 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, uncer tainties, 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 t he 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 o ther 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” m ineral
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 Mi ning, 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 pro jects.
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 su ch estimates under S-K 1300.