High-grade Gold Opportunities Outlined At Kilgore

TORONTO - Excellon Resources Inc. reported on the ongoing review of high-grade gold opportunities from historical exploration of the Kilgore Project in Idaho. 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: 10.79 g/t Au over 6.20 meters in 16OKC-354; 9.53 g/t Au over 13.72 meters in 16OKC-353; 11.19 g/t Au over 7.62 meters in 10OKC-228; 8.65 g/t Au over 9.14 meters in 10OKC-220; 19.75 g/t Au over 4.27 meters in 95EKC-100; and 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," said 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 delineate 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."

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 confirmation 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 Reflection Radiometer (ASTER) defined targets.