Excelsior Mining Announces Interim Assay Results from the JCM Infill Drill Program
NEWS RELEASE
Excelsior Mining Announces Interim Assay Results from the JCM Infill Drill Program
June 22, 2022
Excelsior Mining Corp. (TSX: MIN) (PFSE: 3XS) (OTCQX: EXMGF) ("Excelsior" or the “Company”)
is pleased to announce additional assay results from the infill drill program on the Johnson Camp mine
pits (JCM) located in Cochise County, southeastern Arizona and provide an operations update.
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.
“The recent infill drill results from the Burro pit are better than expected compared to existing data. Zones
of significant thickness and grade have been intersected. We look forward to getting all the results back,
completing the geological and resource interpretations and design optimization, with our goal of restarting
the JCM open pits as soon as possible,” commented Roland Goodgame, Senior Vice President Business
Development.
The drilling program is now completed with a total of 43 diamond holes being drilled. Six holes are still
awaiting assays. Sequential copper assays for the remaining 37 holes 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 %
EBD-21 170 187 17 13.0 2.05 S&T 27%
EBD-22 325 573 248 190.0 0.34 O&T 74%
EBD-24 223 638 415 383.9 0.42 O&T&S 69%
EBD-25 247 733 486 486.0 0.42 O&T 74%
EBD-26 176.5 182 5.5 4.2 4.03 S 11%
EBD-27 160 550 390 372.5 0.4 O&T 70%
EBD-33 410 600 190 145.5 0.53 O&T 89%
EBD-34 395 600 205 157.0 0.36 O&T 77%
EBD-35 397 547 150 114.9 0.42 T 91%
Mineralized Zone: O = Oxide, T = Transition, S = Sulfide. TCu% = Total Copper %
2
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.
Table 2
Hole ID From (Ft) To (Ft) Interval (Ft) True Thickness (Ft) TCu% Type Avg. Leaching Potential %
EBD-09 15 25 10 7.7 0.12 O 92%
75 175 100 76.6 0.22 O&S 41%
EBD-17 128 158 30 23.0 0.16 T&S 31%
208 330 122 93.5 0.3 S&T&O 27%
EBD-18 80 90 10 9.9 0.25 O 92%
160 290 130 128.1 0.28 T&S 61%
EBD-19 0 80 80 61.3 0.24 O 71%
80 150 70 53.6 0.24 O&S 29%
EBD-20 190 230 40 30.6 0.57 S 14%
250 260 10 7.7 0.19 T&S 42%
270 290 20 15.3 0.16 O 75%
EBD-21 40 130 90 68.9 0.2 O 70%
170 187 17 13.0 2.05 S&T 27%
EBD-22 30 110 80 61.3 0.33 O 73%
130 204 74 56.7 0.36 O&T 58%
244 254 10 7.7 0.21 T 48%
264 274 10 7.7 0.13 O&T 77%
284 295 11 8.4 0.18 O&T 89%
325 573 248 190.0 0.34 O&T 74%
EBD-24 55 65 10 9.3 0.17 O 76%
115 183 68 62.9 0.18 O 72%
223 638 415 383.9 0.42 O&T&S 69%
EBD-25 113 133 20 20.0 0.22 O 84%
167 177 10 10.0 0.17 O 84%
247 733 486 486.0 0.42 O&T 74%
EBD-26 90 100 10 7.7 0.16 O 94%
120 130 10 7.7 0.24 O 88%
176.5 182 5.5 4.2 4.03 S 11%
190 200 10 7.7 0.66 O&T 77%
230 283.5 53.5 41.0 0.24 O 75%
EBD-27 20 80 60 57.3 0.63 O 95%
160 550 390 372.5 0.4 O&T 70%
EBD-29 110 120 10 7.7 0.17 O 82%
147 210 63 48.3 0.36 O 56%
240 280 40 30.6 0.21 T 71%
EBD-31 40 100 60 46.0 0.4 O 50%
3
Hole ID From (Ft) To (Ft) Interval (Ft) True Thickness (Ft) TCu% Type Avg. Leaching Potential %
140 170 30 23.0 0.28 O 54%
EBD-32 30 50 20 20.0 0.28 O 85%
68 78 10 10.0 0.17 O 88%
98 108 10 10.0 0.46 O 63%
128 138 10 10.0 0.18 O 63%
158 173 15 15.0 0.24 O 79%
EBD-32A 24 44 20 20.0 0.34 O 85%
94 104 10 10.0 0.18 O 61%
124 162 38 38.0 0.43 O 44%
EBD-33 60 70 10 7.7 0.42 O 95%
100 110 10 7.7 0.12 O 97%
200 235 35 26.8 0.39 O 59%
255 265 10 7.7 0.38 O 28%
275 285 10 7.7 0.68 O 76%
295 325 30 23.0 0.33 O 62%
345 355 10 7.7 0.2 O&T 61%
385 402 17 13.0 0.56 O 59%
410 600 190 145.5 0.53 O&T 89%
EBD-34 130 140 10 7.7 0.37 O 83%
150 165.5 15.5 11.9 0.45 O 71%
305 325 20 15.3 0.37 O 42%
395 600 205 157.0 0.36 O&T 77%
EBD-35 35 45 10 7.7 0.14 O 76%
295 315 20 15.3 0.32 O&T 37%
397 547 150 114.9 0.42 T 91%
EBD-36 13 30 17 13.0 0.63 O 90%
76 90 14 10.7 0.65 O 46%
100 120 20 15.3 0.32 O 39%
140 150 10 7.7 0.46 O 40%
160 170 10 7.7 0.32 O 68%
250 260 10 7.7 0.17 O&T 72%
336 350 14 10.7 0.19 O&T 74%
EBD-37 10 190 180 137.9 0.27 O&T 78%
Mineralized Zone: O = Oxide, T = Transition, S = Sulfide.
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).
Operations Update
Excelsior is also providing an update on operations and future plans. Excelsior’s near-term focus is on
the following:
4
• Continuing to evaluate the recent drill results and development of a mine plan for Johnson
Camp that targets the higher-grade section to maximize cashflows at the start of operations.
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.
• Continuing to investigate the key recommendations from the March 2022 Gunnison project
Pre-feasibility Study Update (“PFS”), including conducting experimentation to ensure that
neutralized raffinate is effective in dissolving CO2 in the subsurface and evaluating a scope of
work and bid package to select a water treatment vendor to design the water treatment
system. Selection criteria will be focused on rapid, low-cost solutions to demonstrate that the
technology is effective in solving the wellfield challenges.
• Planning for well stimulation trials to be undertaken to determine if the technique(s) have the
potential to alleviate or solve CO2 blocking, improve connectiveness, and increase flow rates
and sweep efficiency. The results of well stimulation have the potential to reduce the need for
raffinate neutralization or change the design criteria for the neutralization plant, which could
result in significant cost savings.
• The Cochise Mining District (Johnson Camp Mine area) has enjoyed a long history of
underground and open pit operations (Cu, Zn, Pb and Ag), with little sophisticated analysis of
the development potential of the entire camp. Excelsior intends to undertake a more
comprehensive evaluation of the oxide and sulfide potential of its mineral resource and mining
assets.
• Whilst water flushing activities in the wellfield continue to show flow improvements on
individual wells, the Company will still need to implement the solutions from the PFS to
remediate the entire wellfield. Therefore, in order to conserve cash and maintain a robust
balance sheet, Excelsior is reducing its workforce and putting the wellfield on reduced
operation by temporarily stopping acid injection whilst continuing recovery and compliance to
ensure underground solutions are managed and controlled. Wellfield operations are not
currently cashflow positive, and these initiatives will provide additional cash and management
bandwidth to focus on the key priorities listed above.
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.
5
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,
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; (iv) details of future operational plans including
implementation of recommendations from the 2022 pre-feasibility study and wellfield stimulation trials.
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.