Otis Options Oakley Project to Centerra Gold - Seite 2

Brendan Cahill, President and CEO of Excellon stated: “We are pleased to see this option agreement on Oakley and look forward to working with Centerra following the closing of our proposed acquisition of Otis.”

On February 24, 2020, Otis announced that it had entered into a definitive agreement with Excellon Resources Inc (TSX:EXN) whereby Excellon proposes to acquire all the issued and outstanding shares of Otis pursuant to a plan of arrangement under the Business Corporations Act (British Columbia).

About the Oakley Project
The Oakley Project hosts gold-silver, epithermal hot spring-type mineralization at two targets: Blue Hill Creek and Cold Creek, and detachment-related gold-silver mineralization at Matrix Creek. Blue Hill Creek (Technical Report dated August 8, 2016) contains an Inferred Resource of 163,000 ounces Au in 9.97 million tonnes at a grade of 0.51 g/t Au. The Blue Hill Creek resource is hosted in rocks of the Tertiary Salt Lake Formation within a northwest-trending Tertiary graben that is part of a north trending, five-mile-long by one-mile–wide zone of low-sulphidation, hot spring-type gold occurrences along the western margin of the Albion Mountains.

Matrix Creek is located 1.5 km southeast of the Blue Hill Creek resource. The black matrix breccia (“BMB”) mineralization at Matrix Creek is distinctive from the epithermal mineralization at Blue Hill Creek in terms of style, host rock lithology and structural controls, however, both occur within the Tertiary graben setting. The BMB from outcrop section observations is at least 12 metres thick and consists of quartzite fragments in a black to dark-grey matrix of fine-grained quartz and pyrite. The host rocks are part of a lower Paleozoic package of quartzite and limestone that occurs throughout eastern Nevada, western Utah, and southern Idaho.

Qualified Person
Alan Roberts, MSc, CPG, Vice President of Exploration, serves as the Qualified Person for this news release and has reviewed and approved the technical content contained herein.

About the Company 
Otis is a resource company focused on the acquisition, exploration, and development of precious metal deposits in Idaho, USA. Otis is currently developing its flagship property, the Kilgore Project, located in Clark County, Idaho and the Oakley Project, located in Cassia County, Idaho.

ON BEHALF OF THE BOARD

“Craig T. Lindsay”

President & CEO

For additional information, please contact:

Mr. Craig Lindsay – CEO
Tel:  [phone] Email:  [e-mail]

Mr. Tony Perri – Corporate Development
Tel:  [phone]  Email:  [e-mail]

Neither TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This News Release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “US Securities Act”) or any State securities laws, and may not be offered or sold within the United States or to US Persons unless registered under the US Securities Act and applicable State securities laws, or an exemption from such registration is available.