EXN.V · 2025-03-21 12:00:00

Excellon Reports Sampling over 9 g/t Gold and 1,000 g/t Silver at Tres Cerros

Drill Results Sampling & Geoscience Results

Excellon Reports Sampling over 9 g/t Gold and

1,000 g/t Silver at Tres Cerros

Toronto, Ontario--(Newsfile Corp. - March 21, 2025) -

Excellon Resources Inc. (TSX: EXN) (FSE:

E4X2)

Excellon

" or the "

Company

") is pleased to announce new confirmatory exploration results

from ongoing surface sampling at the Tres Cerros Gold-Silver Project ("

Tres Cerros

") in north-central

Peru.

Highlights

High-Grade Gold Samples

: Assays returned gold values of up to 9.313 g/t gold in oxidized

quartz-sulfide vein outcrops, confirming the presence of a high-sulfidation epithermal system.

Significant Silver Mineralization:

Silver grades over 1,000 g/t silver (assay limit) were also

identified in brecciated zones, highlighting the potential for robust precious-metal mineralization.

Broad Alteration Footprint

: Systematic mapping has revealed advanced argillic alteration over a

2,500 metre by 500 metre trend. Mineralization remains open in all directions.

Possible Sulphide Anomaly Detected:

Ground-based Induced Polarization ("IP") geophysical

surveys have outlined a broad high-chargeability, low-resistivity anomaly south of the primary

alteration zone, suggesting a deeper sulphide-rich feeder system.

Evidence of Potential Porphyry System:

Elevated copper content (0.3%-0.6%) in select

channel samples suggests a deep porphyry-style target.

Historical and Recent Data Alignment

: Over 500 samples collected since 2016 confirm a

consistent precious-metal anomaly (+100 ppb Au and/or 1 oz/t Ag) along the full 2,500 metre trend,

reinforcing the potential for a large, cohesive mineralized system.

Over 19% of these samples

assayed above 1 g/t Au and 22% were above 1 oz/t Ag.

Potential for Scale

: Tres Cerros shares similar host rocks (Tertiary Calipuy volcanic units abutting

Cretaceous Chimu silicified arenites), advanced argillic alteration, and structural controls to the

Lagunas Norte deposit, which historically produced >10 Moz Au in the same regional belt.

Shawn Howarth, President and CEO of Excellon, commented, "With the acquisition of the Mallay Mine

and Tres Cerros, we saw two clear value creation opportunities: a near-term, low-cost restart of a silver

mine with strong growth potential at $30+ silver prices, and the first ever drilling of a potentially world-

class gold-silver exploration target with remarkable similarities to renowned Peruvian gold deposits."

"We believe Tres Cerros has the potential to become a Tier 1 deposit in Peru, underscored by sampling

and ground-based geophysics work completed to-date. The similarities to the Lagunas Norte deposit

underscore Tres Cerros as a rare early-stage opportunity, within a proven mineral belt.

Our next steps

include prioritizing drill targets and engaging extensively with local stakeholders to ensure responsible,

transparent project development."

About Tres Cerros

Tres Cerros is a high-sulfidation epithermal gold-silver exploration project, spanning approximately

2,500 x 500 meters in the Lima Region of Peru, and located just 6 kilometres west of the Mallay mine

and camp, from which it can be serviced.

Initially discovered by Buenaventura geologists, Tres Cerros features prominent extensive, structurally

controlled mineralization hosted in Lower Cretaceous sandstones adjacent to a major volcanic centre.

While an extensive alteration footprint is apparent, a significant proportion of the area is under cover, so

sampling to date has focused on the more silicfified, topographically prominent areas.

The mineralization is controlled by faulting in two major directions - a North-South boundary fault which

intersects with East-West tensional structures - generating considerable brecciation and stockwork

veining. The current sampling program targeted the 'grain' of the mineralization and has confirmed that

the highest grades of both gold and silver are associated with both the E-W structures and conjugate

NNW-SSE orientations.

Excellon regards Tres Cerros as a potential large, low-grade oxidized bulk-tonnage gold project and the

next phase of exploration will involve extensive trenching and rock-sawing to clearly define the

mineralized envelope and its characteristics.

Ongoing exploration aims to delineate near-surface

mineralization and assess the potential for a robust precious-metal resource analogous to established

Peruvian mines such as Lagunas Norte.

In addition to near-surface mineralization, a strong chargeability target has been identified in the

southern part of the property

[1]

This geophysical anomaly is coincident with a strong surface

geochemical signature - including gold, silver, copper, lead and tungsten - suggesting the source of the

IP anomaly could be a Cu-porphyry system with related skarn mineralization hosted in underlying

carbonate sediments.

Both the geophysical and geochemical anomalies are large, measuring

approximately 600 x 500 meters.

Surface Sampling Program Details

Previous systematic surface sampling across a prominent mineralized corridor was validated by

geologists in late 2024.

Eighty-four rock chip and channel samples were collected from key outcrops. In

total, more than 500 samples have now been collected over the trend area (see Figure 1).

Figure 1.

Tres Cerros Au geochemistry including December 2024 surface sampling

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/1601/245538_excellon_figure1.jpg

The objective of the 2024 sampling program was to verify the presence of mineralization hosted in

fractures and breccias found in outcrop on the Tres Cerros Project and to establish the tenor of that

mineralization.

The assay results from this method of surface vein sampling cannot be stated as

representative of a bulk tonnage target.

Samples were collected from vein material only, not including wall rock.

Between 2 and 3 kg of material was collected from each sample site.

Samples of breccias without definitive structural orientation were sampled as rock chip panels at a

minimum size of 1m x 1m.

Samples were collected using sledgehammer, rock hammers and chisel.

Fresh rock was exposed along the channels or panels prior to sampling.

All samples were assayed at the certified Certimin Laboratory in Lima.

A summary of the recent sampling is highlighted below and in Table 1.

Gold (Au)

High-grade veins

: up to 9.313 g/t Au and over 1,000 g/t Ag (assay limit)

Multiple lower-grade zones

: averaging 0.3-0.7 g/t Au in brecciated outcrops.

Silver (Ag)

Brecciated zones

: up to 241.0 g/t Ag in breccia-hosted mineralization.

Outcrop continuity

: consistent anomalous silver along major structures.

Copper (Cu)

Local hotspots

: 0.3%-0.6% Cu associated with chalcopyrite in veins.

Vector for deep porphyry

: elevated Au, Cu and W values coincide with a prominent IP

chargeability anomaly.

Table 1.

Assay results from select surface samples collected in December 2024*

Sample

Dimension

(m)

Type

Structure

Vein

Width

(m)

ppm

150602

0.40x1.0

Vein

0.40

2.192

>1000

>10000

123

150603

0.25x0.6

Vein

0.25

0.668

968.0

>10000

150605

0.45x0.4

Bx vein

0.45

0.181

283.0

205

>10000

1576

150609

0.156

201.0

3129

150612

0.6x0.15

Vein

0.60

0.419

90.0

192

2250

150614

0.3x0.3

Vein

0.30

1.235

219.0

257

8837

147

150615

1.1x0.25

Vein

1.10

0.367

20.9

1747

106

150616

0.65x0.2

Fault bx

0.171

241.0

4268

150617

0.85x0.15

Fault bx

0.148

7.8

116

1611

150619

0.40x0.2

Vein

0.20

1.692

97.6

157

875

150620

0.20x1.0

Vein

0.20

9.313

>1000

273

6758

150623

0.40x0.3

Fault bx

0.130

4.3

319

150625

Grab

0.610

37.0

355

>10000

150626

0.6x0.3

Vein

0.30

0.142

315.0

213

>10000

150627

0.7x0.3

Bx vein

0.70

1.199

8.2

216

150628

1.0x1.0

Fault bx

0.729

1.9

356

150633

3.5x0.4

Fractures

0.162

2.5

257

150635

0.3x0.4

Fault bx

0.479

68.7

884

578

150636

6.6x0.3

Fault bx

1.601

79.0

185

568

150637

0.2x0.6

Bx vein

0.20

0.133

0.3

150639

0.7x0.4

Bx vein

0.70

3.100

365.0

8775

302

150640

1.0x0.5

Bx vein

0.50

3.708

23.0

396

388

150641

2.0x0.6

Fractures

1.022

176.0

1174

315

150642

0.65x0.25

Bx vein

0.56

2.321

125.0

7754

3000

161

150644

0.3x0.3

Bx vein

0.30

0.504

38.3

474

216

150648

2.5x2.3

Qtzt bx

0.120

0.1

150652

0.3x0.3

Vein

0.15

1.416

136.0

>10000

935

120

150653

0.3x1.4

Vein

1.00

1.380

42.3

6060

671

196

150654

0.3x0.3

0.263

244.0

1859

>10000

212

150659

0.3x1.0

Vein

0.30

0.499

33.6

153

767

150660

0.3x0.3

Bx vein

0.20

1.423

51.4

7173

260

150661

1.5x0.3

Bx vein

0.30

1.190

21.5

2217

173

* Note:

Grab samples are selective representations and the assay results may not necessarily represent true underlying mineralization.

Bx: Breccia, Qtzt: Quartzite

The following selected photos highlight samples that returned anomalous Au and Ag grades at Tres

Cerros:

Sample 150639:

0.70m @ 3.10 g/t Au, 365.0 g/t Ag.

Quartz-sulfide stockwork hosted in brecciated

quartz arenite.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/1601/245538_e8eff7fcb489eb68_003full.jpg

Sample 150640:

0.50m @ 3.71 g/t Au, 23.0 g/t Ag.

Quartz-sulfide vein hosted in tension fracture

through finely bedded quartz arenite.

Sample trench filled and hand samples from vein placed across

vein width.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/1601/245538_e8eff7fcb489eb68_004full.jpg

Panel sample (1.0 x 1.0 m) on brecciated quartz arenite outcrop.

Sample 150628:

0.729 g/t Au, 2

g/t Ag.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/1601/245538_e8eff7fcb489eb68_005full.jpg

Chargeability Anomaly: Deep Exploration Target

Ground-based geophysics has identified a strong, broad chargeability anomaly in the South Zone

extending 600 x 500

metres at 220m depth, highlighting a priority target for deep drilling.

The anomaly

exhibits high chargeability, indicative of disseminated sulphides, and low resistivity, suggesting

extensive hydrothermal alteration.

The main chargeability anomaly is located on the intersection of two regional scale structures, adjacent

to the caldera rim.

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