At Excellon’S Oakley Project
www.excellonresources.com
CENTERRA INTERCEPTS 190 METRES @ 0.40 G/T AU
AT EXCELLON’S OAKLEY PROJECT
Toronto, Ontario – March 20, 2023 – Excellon Resources Inc. (TSX:EXN; OTCQB:EXNRF; FRA:E4X2)
(“Excellon” or the “Company”) is pleased to announce the initial diamond drilling results from the recently
completed 2022-2023 exploration program at its Oakley property in Idaho, USA (“Oakley”). Assays from
additional six drill holes are still outstanding.
Centerra (U.S.) Inc. ( “Centerra”), a wholly owned subsidiary of Centerra Gold Inc. (TSX:CG and
NYSE:CGAU), has an option to earn up to a 70% interest in Oakley by, among other things, spending US$7
million in exploration expenditures on the project by May 2026. At the end of February 2023, Centerra
had spent US$4.5 million to earn an initial 51% interest in Oakley.
Highlights
• Significantly expanded mineralization more than 90 metres from the currently defined extents
of the mineral resource estimate at Blue Hill Creek, with results from the recent drilling
including:
o 0.40 grams/tonne (g/t) if gold (Au) over 189.56 metres (m) in BHC-22-02; and
o 0.43 g/t Au over 110.64 m in BHC-22-03, including 3.94 g/t Au over 2.03 m.
• Further assays are pending.
“These intercepts extend mineralization by more than 120 metres (m) from the nearest drill hole and
represent a significant step towards unlocking the potential of the Blue Hill Creek claims ,” stated Jorge
Ortega, Vice President Exploration at Excellon . “We are encouraged b y the se initial results as they
demonstrate that the deposit is open to the south and the west, and confirm the outstanding opportunity
to increase the currently defined inferred mineral resource estimate (163,000 oz Au; 9,972,000 tonnes (t)
@ an average grade of 0.5 g/t Au)1”.
Hole ID From (m) To (m) Interval* (m) Au (g/t)
BHC-22-02 8.79 198.35 189.56 0.40
including 11.28 70.94 59.66 0.60
and including 120.35 122.33 1.98 1.00
and Including 132.28 146.5 14.22 1.21
BHC-22-03 11.89 122.53 110.64 0.43
including 11.89 72.00 60.11 0.54
and including 120.50 122.53 2.03 3.94
* All intervals are reported as core length.
1 For more information on the Oakley Project, including the current mineral resource estimate, see the technical report entitled
“NI 43-101 Technical Report - Geology, Mineralization, Resource Estimate and Exploration Potential of the Blue Hill Creek and
Matrix Creek Gold-Silver Properties Cassia County, Idaho, USA” with an effective date of August 16, 2016 (the “Oakley Technical
Report, 2016”), available on the Company’s website at www.excellonresources.com.
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The 2022-2023 drill program comprises 12 diamond drill holes totalling 2,751.53 metres targeting Blue
Hill Creek and Cold Creek claim blocks.
Claims Blocks Year Number of Drillholes Metres Drilled
Cold Creek 2022 3 608.38
Blue Hill Creek 2022 5 1,173.00
Blue Hill Creek 2023 4 940.15
Figure 1: Plan view demonstrating the extent of the Oakley project, drill hole locations
and the estimated mineral resource area.
1 Source: Oakley Technical Report, 2016
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Figure 2: Cross-Section demonstrating assay results for BHC-22-02 and BHC-22-03
1 Source: Oakley Technical Report, 2016
Drilling at Cold Creek focused on testing mineralization within the Tertiary Conglomerate unit that hosts
mineralization at Oakley to the south of the currently defined mineralization footprint. Although weakly
mineralized conglomerates were encountered, no significant Au values were reported. At Blue Hill Creek,
the assay results for three diamond drill holes have been received. BHC-22-01 tested the location of the
mineralization-bounding Tertiary C onglomerate/Paleozoic Limestone con tact and did not intersect
significant mineralization. Both BHC-22-02 and BHC-22-03 intersected wide mineralized zones east of the
previously identified mineralization, indicating that the Tertiary Conglomerate unit extends 100 metres
deeper than anticipated, which significantly increases the potential of the area to host mineralization.
Hole ID Easting (m) (1) Northing (m) (1) Elevation (m)(1) Azimuth Dip Depth (m)
CC-22-01 263622 4662191 2121 60 -60 243.23
CC-22-02 263622 4662191 2121 240 -60 227.69
CC-22-03 263780 4662531 2097 240 -55 137.46
BHC-22-01 261304 4656393 1841 90 -70 70.1
BHC-22-02 260641 4656394 1840 90 -70 285.6
BHC-22-03 260639 4656396 1840 0 -70 232.85
BHC-22-04 260641 4656399 1841 180 -55 291.55
BHC-22-05 260641 4656399 1841 270 -70 292.91
BHC-22-06 260492 4656399 1841 90 -70 231.05
BHC-22-07 260491 4656401 1789 180 -55 239.85
BHC-22-08 260491 4656401 1789 0 -70 231.35
BHC-22-09 260300 4656400 1781 90 -70 237.90
1 NAD83 Zone 12 (EPSG: 26912)
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Technical Information and Quality Control Notes
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”). True widths of cited intercepts are unknown.
Oakley drill core samples are prepared and assayed by Bureau Veritas lab ( “BV”) at Elko, Nevada. BV is
accredited to ISO/IEC 17025:2017. Assay turnaround times have been impacted recently by a worldwide
increase in demand for laboratory services. Centerra has a comprehensive quality assurance and quality
control (“QA/QC”) program supervised by a Qualified Person, as defined in NI 43-101.
The sampling of, and assay data from, the core sampling and reporting are monitored through a QA/QC
program designed according to best industry practice s. Samples from HQ drill core are selected by
Centerra geologists and cut into halves at the project site. Half of the core is retained at the site for
reference purposes. Samples are labe lled and packe d 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 shipped by Centerra staff to the BV laboratory in Elko, Nevada . Samples then undergo
crushing to 70% passing 10 US Mesh (2mm), rotary split of 250 grams, a 50-gram sub-sample is selected
for analysis. Fire assay with atomic absorption spectrometry for gold is performed at Reno, Nevada BV
facility, and ICP-MS 36 multi-element analysis is performed at Vancouver, British Columbia BV laboratory.
Qualified Person
Mr. Jorge Ortega, P. Geo, Vice President Exploration of the Company and a Qualified Person, as defined
in NI43-101, reviewed, verified and approved the scientific and technical information contained in this
news release.
About the Oakley Project
The Oakley Project is a gold-silver exploration prospect located 21 km south of Oakley, Idaho. The Oakley
project totals 2,833 hectares. The exploration targets include hot -spring style low-sulfidation epithermal
mineralization hosted by tertiary rocks as well as the potential for low -sulfidation Carlin-style epithermal
mineralization hosted within Basin-and-Range Palaeozoic sediments. The property lies along the western
flank of the Albion Mountains, part of the Albion -Raft River-Grouse Creek Metamorphic Core Complex.
Oakley contains multiple targets, including Cold Cre ek, Blue Hill Creek and Matrix Creek. The Oakley
Project’s mineralization at Blue Hill Creek is comparable to Liberty Gold’s Black Pine project, also in
southern Idaho, currently with an indicated mineral resource estimate of 2.613 M Au oz (157,267,000 t @
an average grade of 0.52 g/t Au and inferred mineral resource estimate of 0.48 M Au oz (35,150,000 t @
an average grade of 0.43 g/t Au ). The Black Pine mineral resource estimate was reported using a
constraining resource pit at a cut-off grade of 0.20 g/t Au. As reported by Libery Gold, metallurgical testing
at Black Pine is positive, averaging an 80.8% gold recovery for oxidized ore on column leach tests.2
2 Source for details on Liberty Gold’s Blackpine Project: https://libertygold.ca/projects/black-pine.
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About Excellon
Excellon’s vision is to realize opportunities for the benefit of our employees, communities and
shareholders, through the acquisition of advanced development or producing assets with further
potential to gain from an experienced operational management team. Th e Company is advancing a
portfolio of gold, silver and base metals assets including Kilgore, an advanced gold exploration project in
Idaho; and Silver City, a high-grade epithermal silver district in Saxony, Germany with 750 years of mining
history and no modern exploration. The Company has also entered into an agreement to acquire La Negra,
a past-producing Ag-Zn-Cu-Pb mine with exploration potential, located in Querétaro State, Mexico.
Additional details on Excellon’s properties 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
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 “forward-looking 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”, “anticipated”, “believe”, “consider ed”, “contact”, “continue”,
“could”, “demonstrate”, “development”, “encouraged”, “expectations”, “exploration”, “estimate”, “focused”, “future”, “growth”,
“indicating”, “initial”, “may”, “model ing”, “opportunit y”, “option”, “outstanding”, “pending”, “pipeline”, “plan”, “potential”,
“program”, “project”, “prospect”, “risk”, “samples”, “scenario”, “targeting”, “testing”, “towards”, “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, happen, occur or result 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 area or footprint, or mineral deposits (including potential, grade, further definition or
expansion or extension, continuation, openness and location); mineral resource estimates (including any potential for a future
increase or reclassification); exploration programs and activities (including prospectivity or potential (and any increase thereof) ,
targets and assessments or interpretations of drilling and results thereof to date);Excellon’s vision (including the realization of
opportunities, the means thereof, benefits arising therefrom and basis therefor) ; and the acquisition of La Negra and its
exploration potential. 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 Company’s annual information form dated March 31, 2022 (“ 2022 AIF”), the
Oakley Technical Report, 2016, the Company’s Management’s Discussion and Analysis for the year-ended December 31, 2021 and
the first three quarters of 2022 (together with the accompanying financial statements, collectively, the “ FYE2021 and 2022
MD&A”) and the Company’s other applicable pub lic 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 sub ject 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
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statements. Such risks, uncertainties, contingencies and other factors include, among others, the “Risk Factors” in the 2022 A IF,
and the risks, uncertainties, contingencies and other factors identified in the Oakley Technical Report, 2016 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 Oakley Technical Report , 2016 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 d o 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 b y,
among other things, environmental, permitting, legal, titl e, 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 nat ure 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 explora tion
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 assumption s
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 n ature 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 explora tion
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 struc tural 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 re quired
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 by Canadian issuers such as Excellon.
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 Oakley, 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 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.
Third-party Data Sources
Information regarding the Black Pine project in this news release was obtained from the noted third party source. The accuracy
and completeness of such third-party project disclosure is not guaranteed and Excellon makes no representation as to the accuracy
of such data. The Company accepts no responsibility for referenced third -party sources and sh all have no liability arising from,
such sources.