Excellon Resources (TSX: EXN) (NYSE American: EXN) (FSE: E4X2) today announced the commencement of a 2,800-metre diamond drilling program at the Oakley Project, Idaho in collaboration with Centerra (U.S.) Inc. According to the update, Centerra has the option to earn up to a 70% interest in the project by, among other things, spending up to US$7 million in exploration expenditures prior to May 2026. Under the terms of the option agreement between the parties, Excellon is the manager of the project and Centerra is the operator and currently funds all expenditures. “Oakley is a low-sulphidation, epithermal gold project with the potential for Carlin-style mineralization at depth, a similar setting to Liberty Gold’s Black Pine Project, 70 kilometres due east,” said Ben Pullinger, SVP Geology and Corporate Development. “Over the past year, we have been advancing the project with Centerra, collaboratively developing high-quality targets as they earn into their option on the project. The current drill program promises to test a number of these targets over the coming months and complements our strong 2021 exploration pipeline.”
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About Excellon Resources Inc.
Excellon’s vision is to create wealth by realizing strategic opportunities through discipline and innovation for the benefit of its employees, communities and shareholders. The company is advancing a precious metals growth pipeline that includes: Platosa, Mexico’s highest-grade silver mine since production commenced in 2005; Kilgore, a high-quality gold development project in Idaho with strong economics and significant growth and discovery potential; and an option on Silver City, a high-grade epithermal silver district in Saxony, Germany with 750 years of mining history and no modern exploration. The company also aims to continue capitalizing on current market conditions by acquiring undervalued projects. Additional details on Excellon’s properties are available at www.ExcellonResources.com.
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