Excelsior Mining Announces Final Assay Results from the JCM Infill Drill Program
NEWS RELEASE
Excelsior Mining Announces Final Assay Results from the JCM Infill Drill Program
October 3, 2022
Excelsior Mining Corp. (TSX: MIN) (PFSE: 3XS) (OTCQX: EXMGF) ("Excelsior" or the “Company”)
is pleased to announce the final assay results from the infill drill program on the Johnson Camp mine pits
(JCM) located in Cochise County, southeastern Arizona.
Drill Program
Due to successful drilling in the NE corner of Burro pit, additional holes were added and those with assays
returned are reported below. The improved results will allow the Company to develop a mine plan that
focusses on this new, higher-grade, mineralized zone. Permitting of the new leach pad to restart
operations is in progress, however the additional drilling and metallurgical testing will push the Company’s
goal of restarting mining operations at JCM into 2023.
“These final assay results confirm that the infill drill results from the Burro pit are better than expected
compared to existing data. Zones of significant thickness and grade have been intersected. The
Company will now move into the final mine planning stages in order to make a decision on restarting
mining operations at JCM,” commented Roland Goodgame, Senior Vice President Business
Development.
All assays have been returned for the 43 diamond hole program. Sequential copper assays have an
average leaching potential exceeding 68% (excludes intervals that contain sulfide mineralization). Assay
highlights are included in Table 1 below. Full assays are included in Table 2.
Table 1
Hole ID
From
(Ft) To (Ft) Interval (Ft) True Thickness (Ft) TCu% Type Avg. Leaching Potential %
EBM-38 190 550 360 354.6 0.46 O&T 72%
EBM-39 230 550 320 315.2 0.43 O&T 58%
EBM-40 282 501 219 215.7 0.41 O&T 67%
Mineralized Zone: O = Oxide, T = Transition, S = Sulfide. TCu% = Total Copper %
The leaching potential of copper mineralization is defined as acid soluble copper (AsCu) plus sodium
cyanide soluble copper (CNCu) divided by total copper (TCu).
All samples are prepared from manually split or sawn PQ or HQ core sections on site in Arizona. Drill
core samples are then sent to Skyline Assayers & Laboratories in Tucson, Arizona for Total Copper and
Sequential Copper analyses. Standards, blanks, and duplicate assays are included at regular intervals
in each sample batch submitted from the field as part of an ongoing Quality Assurance/Quality Control
Program. Pulps and sample rejects are stored by Excelsior for future reference.
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Table 2
Hole ID
From
(Ft) To (Ft) Interval (Ft) True Thickness (Ft) TCu% Type Avg. Leaching Potential %
EBD-14 109 120 11 8.4 0.3 T 49%
150 190 40 30.6 0.24 S 15%
230 290 60 46.0 0.33 S 10%
300 330 30 23.0 0.28 S&T 23%
EBD-15 12 12.5 0.5 0.4 0.72 O 94%
170 330 160 122.6 0.26 S&T 33%
EBD-16 0 20 20 20.0 0.24 O 82%
175 285 110 110.0 0.28 S&T&O 51%
EBM-38 80 100 20 19.7 0.285 O 94%
110 120 10 9.9 0.27 O 96%
140 150 10 9.9 0.18 O 91%
160 170 10 9.9 0.11 O 80%
190 550 360 354.6 0.46 O&T 72%
EBM-39 100 110 10 9.9 0.27 O 90%
120 162 42 41.4 0.21 O&T 81%
180 200 20 19.7 0.71 O&T 65%
210 220 10 9.9 0.11 O 88%
230 550 320 315.2 0.43 O&T 58%
EMB-40 35 95 60 59.1 0.24 O 86%
125 135 10 9.9 0.84 S 14%
145 162 17 16.7 0.19 O&T 79%
182 192 10 9.9 0.12 O&T 74%
242 252 10 9.9 0.14 O&T 83%
282 501 219 215.7 0.41 O&T 67%
Mineralized Zone: O = Oxide, T = Transition, S = Sulfide. TCu% = Total Copper %
The Johnson Camp Mine has historically been an open pit, heap leach operation since Cyprus Minerals
opened the property in the 1970’s. The operation includes two open pits, a two-stage crushing-
agglomerating circuit, a fully functioning SX-EW plant capable of producing 25 million pounds of cathode
copper per year, a complete set of PLS and raffinate ponds, and full infrastructure (ancillary facilities,
access, power, water, and communications).
New Chief Financial Officer Update
Excelsior also announces that effective October 10, 2022, Mr. Danny Heatherson will be appointed as
the Interim Chief Financial Officer of the Company. Mr. Heatherson is the Company’s current Corporate
Accounting Manager. Mr. Heatherson has over eleven years accounting experience in roles as a
controller, director and accounting manager. Mr. Heatherson is a CPA and holds a Bachelor of Science
in Accountancy from Arizona State University, School of Global Management & Leadership and a
Bachelor of Science in Management, Arizona State University, W.P. Carey School of Business.
Excelsior’s current Chief Financial Officer, Mr. Greg Duschek, is relocating to pursue a new opportunity.
The Board wishes to thank Mr. Duschek for his service to the Company.
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Operations Update
Excelsior is also providing an update on operations and future plans. Excelsior's near-term focus is on
the following:
Using the newly collected data at the Johnson Camp mine to evaluate the potential for mining at
in the old Burro open pit. As noted above, permitting of the new leach pad to restart operations is
in progress and the Company's goal is to restart mining operations at JCM in 2023 assuming mine
planning demonstrates an economic operation.
Ongoing modelling, planning, and permitting for well stimulation trials, designed to determine the
effectiveness of this technique to alleviate production problems at the Gunnison in-situ mine.
Excelsior is presently engaged with EPA on well stimulation approvals. Well stimulation has the
potential to reduce the need for raffinate neutralization or change the design criteria for the
neutralization plant. As such, detailed work on the design and testing of neutralized raffinate will
be delayed pending the results of the well stimulation trials.
Excelsior is continuing its compilation and investigation of the Cochise Mining District (Johnson
Camp Mine area) which has enjoyed a long history of underground and open pit operations (Cu,
Zn, Pb and Ag).
QUALIFIED PERSON
Excelsior's exploration work on the Johnson Camp mine is supervised by Stephen Twyerould, Fellow of
AUSIMM, President and CEO of Excelsior and a Qualified Person as defined by NI 43-101. Mr. Twyerould
has reviewed and is responsible for the technical information contained in this news release. Mr.
Twyerould has verified the data disclosed in this news release, including sampling, analytical and test
data underlying the information disclosed in this news release. Mr. Twyerould has verified that the results
were accurate from the official assay certificates provided to Excelsior.
ABOUT EXCELSIOR MINING
Excelsior “The Copper Solution Company ” is a mineral exploration and production company that owns
and operates the Gunnison Copper Project in Cochise County, Arizona. The project is a low cost,
environmentally friendly in-situ recovery copper extraction project that is permitted to 125 million pounds
per year of copper cathode production. Excelsior also owns the past producing Johnson Camp Mine and
a portfolio of exploration projects, including the Peabody Sill and the Strong and Harris deposits.
For more information on Excelsior, please visit our website at www.excelsiormining.com.
For further information regarding this press release, please contact:
Excelsior Mining Corp.
Concord Place, Suite 300, 2999 North 44th Street, Phoenix, AZ, 85018.
Shawn Westcott
T: 604.365.6681
www.excelsiormining.com
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" concerning anticipated developments and events that may
occur in the future. Forward looking information contained in this news release includes, but is not limited to,
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statements with respect to: (i) the intention to mine Johnson Camp and future production therefrom; (ii) permitting
timelines; (iii) the development timeline to mine Johnson Camp; and (iv) details of future operational plans.
In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or
"does not expect", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate",
or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could",
"would", "might", "occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans,
objectives, assumptions, intentions or statements about future events or performance. Forward-looking information
contained in this news release is based on certain factors and assumptions regarding, among other things, the
availability of financing to implement the Company’s operational plans, the estimation of mineral resources and
mineral reserves, the realization of resource and reserve estimates, expectations and anticipated impact of the
COVID-19 outbreak, copper and other metal prices, the timing and amount of future development expenditures, the
estimation of initial and sustaining capital requirements, the estimation of labour and operating costs (including the
price of acid), the availability of labour, material and acid supply, receipt of and compliance with necessary
regulatory approvals and permits, the estimation of insurance coverage, and assumptions with respect to currency
fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers
these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
Forward looking information involves known and unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievements of the Company to be materially different from any future results,
performance or achievements expressed or implied by the forward-looking information. Such factors include risks
inherent in the construction and operation of mineral deposits, including risks relating to changes in project
parameters as plans continue to be redefined including the possibility that mining operations may not be sustained
at the Gunnison Copper Project, risks relating to variations in mineral resources and reserves, grade or recovery
rates, risks relating to the ability to access infrastructure, risks relating to changes in copper and other commodity
prices and the worldwide demand for and supply of copper and related products, risks related to increased
competition in the market for copper and related products, risks related to current global financial conditions, risks
related to current global financial conditions and the impact of COVID-19 on the Company’s business, uncertainties
inherent in the estimation of mineral resources, access and supply risks, risks related to the ability to access acid
supply on commercially reasonable terms, reliance on key personnel, operational risks inherent in the conduct of
mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the
risk of delays or increased costs that might be encountered during the construction or mining process, regulatory
risks including the risk that permits may not be obtained in a timely fashion or at all, financing, capitalization and
liquidity risks, risks related to disputes concerning property titles and interests, environmental risks and the
additional risks identified in the “Risk Factors” section of the Company’s reports and filings with applicable Canadian
securities regulators.
Although the Company has attempted to identify important factors that could cause actual actions, events or results
to differ materially from those described in forward-looking information, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or intended. Accordingly, readers should not place
undue reliance on forward-looking information. The forward-looking information is made as of the date of this news
release. Except as required by applicable securities laws, the Company does not undertake any obligation to
publicly update or revise any forward-looking information.