Excellon Resources (TSX/NYSE: EXN) has reported additional diamond drill results from the 2020 drill program at the Silver City project in Saxony, Germany, with assays from an additional eight holes still outstanding.
New discovery at Grauer Wolf:
- High-grade silver discovery at Grauer Wolf, the fourth target drilled at Silver City:
- 1,043 grams per tonne silver equivalent (silver Eq) over 1.3 metres (954 g/t silver, 0.1 g/t gold, 0.7% lead and 2.0 per cent zinc), within 194AgEq over 8.1 metres (173 g/t Ag, 0.1 g/t, Au, 0.4% Pb and 0.3% Zn);
- 331 g/t Silver Eq over 1.2 metres (325 g/t silver, 0.1 g/t gold, 0.03% Pb and 0.03% Zn) intersected in hangingwall;
- Broad intersection of anomalous silver and gold encountered in second hole on section;
- High-grade silver mineralization intersected on 12 kilometres of strike within 36-kilometre strike potential that remains to be tested.
"This high-grade silver discovery at Grauer Wolf adds a fourth priority area for follow-up in our 2021 drilling program at Silver City," stated Ben Pullinger, senior vice-president, geology and corporate development. "Importantly, the discovery is on a geological contact that saw little historical mining, opening up a parallel strike for additional potential discoveries. Drilling to date has confirmed high-grade silver mineralization over 12 kilometres of strike within 36 kilometres of strike potential on the project, demonstrating the impressive scale of this epithermal silver system. We are currently permitting the 2021 drilling program, with more extensive drilling planned for Braunsdorf, Reichenbach, Peter vein and now Grauer Wolf, while we also test additional fresh targets on this district-scale exploration project."
Silver City covers a 36 km SW-NE strike by one to five km wide epithermal vein system situated west of the city of Freiberg (30 km southwest of Dresden) in the famous Freiberg mining district. The exploration license and surrounding area have a long and rich history of silver mining with numerous historic mining camps, small mines and prospects, many of which have only been explored and/or mined to shallow depths seldom exceeding 200 metres below surface.
As of today, Excellon Resources (TSX/NYSE: EXN) has 32.34M shares outstanding, and is currently trading at $4.40, giving it a market cap of $143M.
*DISCLAIMER: EXCELLON RESOURCES IS A MARKETING CLIENT