Excellon Resources Inc. (TSX: EXN) (NYSE: EXN) (FRA: E4X2) is pleased to announce initial drill results from the recently completed 2022 exploration program at its Kilgore Project in Idaho, USA.

The 2022 Kilgore drill program was composed of six oriented diamond drill holes totalling 2,145 metres. The first hole reported an intercept of 0.74 g/t Au over 115.60 meters (EX22KG001), including 1.07 g/t Au over 26.93 metres and 26.5 g/t Au over 0.65 metres. The Kilgore exploration program completed in 2022 also included 3D induced polarization and magnetotellurics geophysical survey, and property-wide prospecting.

Highlights

• The infill portion of the 2022 Kilgore drill program, together with detailed sampling, was completed to improve the understanding of the structural controls on the high-grade mineralization encountered at Kilgore.
• Initial infill drill results (EX22KG001):
  • 0.74 g/t Au over 115.60 meters, including 1.07 g/t Au over 26.93 metres and 26.5 g/t Au over 0.65 metres.
• Further assays are pending, and the Company will provide relevant updates as this information becomes available.
• A geophysical survey consisting of 75 line-kilometres of 3D IP/MT has been completed, and data inversion and interpretation are pending.
• Project-wide systematic prospecting has been completed with 211 rock samples collected, and 166 assays have been received to date.

Jorge Ortega, Vice President Exploration, commented: “We are encouraged by the results we have received to date as they improve our understanding of the deposit and confirm the historical data. The techniques used, including oriented core and detailed sampling, have provided an important insight into the geological controls on high-grade gold mineralization that, along with the pending IP/MT survey data, will continue to define further drill targets and exploration plans in order to realize the full potential for the Kilgore Project.”

Kilgore Exploration Results To Date¹

The 2022 drill program at Kilgore focused on confirming the historical and reverse circulation intercepts within the Kilgore deposit, and exploring along the trend and at depth while obtaining structural readings from the oriented core throughout the deposit. Diamond drill hole EX22KG001 was a confirmation drillhole within the current mineral resource envelope identified by the previous drilling. A more detailed sampling was conducted, identifying a high level of grade variability, and control of mineralization by narrow jarosite-filled structures and narrow, high-grade vein stockwork.

The following table highlights selected intervals received to date from the first hole of the six holes completed:

Figure 1: Cross-section demonstrating the assay results for EX22KG001²

In addition to diamond drilling, the Company completed a 75-line-kilometre IP and MT survey across high-priority targets along the Kilgore deposit. The survey aims to better define structural features associated with, and the extent of, mineralization and to further define drill targets.

Additionally, 71 Spatiotemporal Geochemical Hydrocarbon (SGH), 37 traditional ICP-MS, and 37 Mobile Metal Ion (MMI) samples have been collected over the deposit to map geochemical responses, with all analytical methods returning strong geochemical responses. Analysis of SGH results by Activation Laboratories Ltd. specialists accurately identified the deposit area (including the parts of the deposit located under post-mineralization cover), suggesting that SGH may be a preferred method of soil sampling, considering that a significant portion of the property is under post-mineralization cover.

As part of the property-wide prospecting program at Kilgore, 211 rock samples have been collected, with 45 assay results still pending. The prospecting confirmed that a significant portion of the property is covered with a barren post-mineralization cover.  A combination of geophysics, SGH soil and stream sediment sampling will be used for the target generation in areas under cover.

Figure 2: SGH-identified anomaly in relation to the Kilgore deposit

About the Kilgore Project

Kilgore is an advanced exploration-stage low sulfidation epithermal gold deposit located in Clark County, Idaho. Excellon has a 100% undivided interest in Kilgore with claims totalling 6,762 hectares. Kilgore has Indicated and Inferred mineral resource estimates as stated below.

The Company’s 2022 infill drilling program targeted higher-grade mineralization and structures at depth, predominantly in the Aspen formation, seeking to define the potential for structure-controlled higher-grade gold mineralization at the deposit.

About Excellon

Excellon’s vision is to realize opportunities through the acquisition of advanced development or producing assets with further potential to gain from an experienced operational management team for the benefit of our employees, communities and shareholders. The Company is advancing a precious metals growth pipeline that includes: Kilgore, an advanced gold exploration 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 evaluating and acquiring undervalued projects in the Americas.

Additional details on Excellon’s projects are available at www.excellonresources.com.

Technical Information and Quality Control Notes

The drill results contained in this news release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators.

Kilgore drill core samples are prepared and assayed by ALS in Twin Falls, Idaho, Reno, Nevada and Vancouver, BC. The lab is accredited to ISO/IEC 17025:2017 and ISO 9001:20015. Assay turnaround times have been impacted recently by a worldwide increase in demand for laboratory services. The Company has a comprehensive quality assurance and quality control program, supervised by a Qualified Person, as defined by NI 43-101.

The sampling of, and assay data from, the core sampling and reporting are monitored through a QAQC program designed according to best industry practice. Samples from HQ- and BQ-sized drill core are selected by Excellon geologists and cut into halves at the project site. Half of the core is retained at the site for reference purposes. Sample intervals vary from 0.2 to 3.05 metres in length, with samples being selected to honour geological contacts. Samples are labelled and packed into sealed plastic bags which are grouped into larger fibre bags for shipping. A formal chain-of-custody procedure is in place for the security of samples from project to laboratory.

Samples are delivered by Excellon staff to the ALS laboratory in Twin Falls, Idaho. Samples then undergo crushing to 70% passing two millimetres, rotary split of 250 grams, followed by pulverizing to 85% passing 75 microns before a 50-gram sub-sample is selected for analysis. Fire assay with a gravimetric finish overlimit for gold is performed at Reno, Nevada ALS facility, and ICP-MS multi-element analysis for silver, base metals, and multi-element data is performed at Vancouver,BC ALS laboratory.

Qualified Person

Mr. Jorge Ortega, P. Geo., Vice President Exploration of the Company and a Qualified Person, as defined in NI 43–101 of the CSA, reviewed, verified and approved the scientific and technical information contained in this news release.