Excellon Outlines High-Grade GOLD Opportunities at Kilgore
www.excellonresources.com
EXCELLON OUTLINES HIGH-GRADE GOLD
OPPORTUNITIES AT KILGORE
Toronto, Ontario – March 10, 2022 – Excellon Resources Inc. (TSX:EXN; NYSE:EXN; FRA:E4X2) (“Excellon”
or the “Company”) is pleased to provide an update on the ongoing review of high-grade gold
opportunities from historical exploration of the Kilgore Project in Idaho.
Highlights
• Intensive review and rebuilding of Kilgore drillhole database demonstrates opportunities to
focus on high-grade gold potential with updated exploration techniques.
• Historic results were often reported in broad intervals, with discrete high-grade zones
encountered in diamond drilling including:
o 10.79 g/t Au over 6.20 metres in 16OKC-354;
o 9.53 g/t Au over 13.72 metres in 16OKC-353;
o 11.19 g/t Au over 7.62 metres in 10OKC-228;
o 8.65 g/t Au over 9.14 metres in 10OKC-220;
o 19.75 g/t Au over 4.27 metres in 95EKC-100;
• Drilling planned to define structures associated with high-grade gold emplacement through first
applications of modern downhole and oriented core surveying at Kilgore.
“The opportunity to define high-grade gold and make new high-grade discoveries was a key reason behind
our acquisition of the Kilgore Project in 2020,” stated Jorge Ortega, Vice President Exploration. “We are
applying a modern approach to historical data and plan to deploy more advanced surveying techniques in
the upcoming drill campaigns at Kilgore . Historic results demonstrate numerous high -grade intervals
throughout the deposit lithology, often associated with silicified zones, but with minimal associated
structural analysis. In this year’s program, we aim to de lineate the structures associated with high-grade
gold emplacement through drilling, geophysics and continued surface exploration to expand our
understanding and the potential of the deposit and project.”
High-Grade Interval Summary
The following table highlights high -grade intervals encountered in historic drilling and reported within
broader intervals of lower grade mineralization, also noting the drilling method used: diamond drilling
(“Core”) or reverse circulation (“RC”):
Hole ID Interval(1) Interval(2) Au Method From (m) To (m) metres g/t
17OKC-373
and
125.88
136.55
128.93
138.07
3.05
1.52
17.32
30.50
Core
16OKC-354
and
105.16
245.36
109.73
251.46
4.57
6.20
12.18
10.79
Core
16OKC-353 225.55 239.27 13.72 9.53 Core
16OKR-330 65.53 68.58 3.05 24.19 RC
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Hole ID Interval(1) Interval(2) Au Method From (m) To (m) metres g/t
16OKR-318 146.30 149.35 3.05 19.00 RC
16OKR-315 108.20 132.59 24.39 27.23 RC
15OKR-309
and
126.49
143.26
128.02
156.97
1.53
13.71
12.55
14.26
RC
15OKR-308 228.60 231.65 3.05 23.23 Core
10OKC-228 69.19 76.81 7.62 11.19 Core
10OKC-220 45.42 54.56 9.14 8.65 Core
10OKC-215 118.57 121.62 3.05 12.73 Core
10OKC-210 113.69 116.74 3.05 20.89 Core
10OKC-208 130.76 133.81 3.05 8.51 Core
KG04-2 124.97 128.02 3.05 14.46 Core
95EKC-100* 53.64 57.91 4.27 19.75 Core
95EKR-92* 42.67 57.91 15.24 37.66 RC
95EKM-5
and
81.38
90.53
82.92
95.10
1.53
4.57
12.75
29.31
RC
94EKR-86 77.72 80.77 3.05 46.68 RC
94EKR-81* 44.20 47.24 3.04 8.71 RC
* Not previously disclosed.
(1) From-to intervals are measured from the drill collar.
(2) All intervals are reported as drilled length.
2022 Exploration Plans
The Kilgore deposit is a caldera -related epithermal gold deposit in Clark County, Idaho with a current
Indicated Resource of 44.6 million tonnes at 0.58 g/t Au for 825,000 ounces Au and an Inferred Resource
of 9.4 million tonnes at 0.45 g/t Au for 136,000 ounces Au.
The primary objectives of the 2022 exploration program at Kilgore are to (i) grow and increase the grade
of the existing mineral resource and (ii) define vertical to sub-vertical high-grade zones within the existing
mineral resource and to depth in the underlying Aspen formation. Detailed planning for the program is
ongoing, but is expected to include a combination of drilling, geophysics and surface work.
The proposed drilling program comprises two phases to define structures associated with high-grade gold
emplacement through the first applications of modern downhole survey and core orientation equipment
at Kilgore, including (i) the c onfirmation of historic high -grade intercepts within the Kilgore deposit and
(ii) exploration along trend and at depth focused on defined geophysical, geochemical and structural
features associated with gold mineralization.
Geophysical surveying is expected to include induced polarization and magnetotelluric surveys over the
Kilgore deposit and high priority targets to (i) better define structural features associated with gold
mineralization and (ii) define additional drill targets.
Surface work is expected to include mapping, sampling and soils over key areas, following up on Advanced
Spaceborne Thermal Emission and Refle ction Radiometer (ASTER) defined targets (see Company’s press
release dated December 21, 2020).
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Additional details and scheduling will be provided in due course.
Figure 1 – Long Section of Kilgore Deposit with High-Grade Intervals
Figure 2 – Historically Reported Intervals
Technical Information and Quality Control Notes
Refer to the technical report, including Section 11, titled "Independent Technical Report and Preliminary
Economic Assessment - Kilgore Project - Clark County, Idaho, USA" with an effective date of July 30, 2019,
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which is available on the SEDAR profile of Otis Gold Corp., or on the Company's website.
Qualified Person
Mr. Jorge Ortega, P. Geo., Vice President Exploration, has acted as the Qualified Person, as defined in
National Instrument 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, a high -grade silver mine producing in Mexico since 2005;
Kilgore, an advanced gold exploration project in Idaho with strong economics and significant grow th 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
Jorge Ortega, Vice President Exploration
(416) 364-1130
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 strategic transactions, 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, bus iness 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 qu antity of any
mineral deposits that may be located, significant downward variations in the market price of any minerals produced, t he 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 fu lly 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.
Cautionary Note to U.S. Investors: The terms “mineral resource,” “measured mineral resource,” “indicated mineral resource” and “inferred
mineral resource,” as used on Excellon’s website and in its press releases are Canadian mining terms that are defined in accordance with National
Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). These Canadian terms are not defined terms under United States
Securities and Exchange Commission (“SEC”) Industry Guide 7 and are normally not permitted to be used in reports and reg istration statements
filed with the SEC by U.S. registered companies. The SEC permits U.S. companies, in their filings with the SEC, to disclose only those mineral
deposits that a company can economically and legally extract or produce. Accordingly, note that information describing the Company’s “mineral
resources” is not directly comparable to information made public by U.S. companies subject to reporting requirements under U. S. securities laws.
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U.S. investors are urged to consider closely the disclosure in the Company’s Form 40 -F which may be secured from the Company , or online
at http://www.sec.gov/edgar.shtml.