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Be the first with the news that moves the market- Excellon Resources (TSX:EXN) has received regulatory approval for its drilling plan at the Silver City project in Germany
- The company has been approved for an initial 15-hole drill program totalling 2,500 metres of drilling
- The additional 12 holes are approved for immediate follow up work, should the company intersect any significant mineralization on the site
- Through an option agreement with Globex, Excellon can earn up to 100 per cent of the interest in the project by completing certain cash and share payment milestones
- Excellon Resources (EXN) is in the grey and is trading at C$0.72 per share
Excellon Resources (TSX:EXN) has received regulatory approval for its drilling plan at the Silver City project in Germany.
The project has been approved by the mining authority of Saxony, the regional government surrounding the project.
The company has been approved for an initial 15-hole drill program totalling 2,500 metres of drilling, which is scheduled to begin in the second half of this year.
Alongside this, the company has been permitted for a further 12 holes for immediate follow-up drilling should the program intersect any significant mineralisation.
The project is currently under option from Globex, and Excellon can earn 100 per cent of the interest in the project should it complete certain cash and share payment milestones.
The project stretches across 164 square kilometre in a region that is known to have produced silver around 750 years ago. Despite the historic mining, the region has seen no modern-day exploration. The company hopes the underexplored region could hold neglected deposits.
The Senior Vice President of Geology for Excellon, Ben Pullinger said the company had a special opportunity at Silver City to put the first drills into a historic high-grade district.
“Production records from the property indicate multi-kilo per tonne silver grades over substantial widths throughout the district.
“Equally compelling are our local partnerships with both the Freiberg University of Mining and Technology and the Helmholtz Institute Freiberg,” he said.
Excellon Resources (EXN) is in the grey and is trading at C$0.72 per share at 10:40 pm EDT.
