Excellon Provides Update on Globex Royalty Property Area (Silver City)

ROUYN-NORANDA, Quebec, Aug. 31, 2023 (GLOBE NEWSWIRE) -- GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz, LS Exchange, TTMzero, Düsseldorf and Quotrix Düsseldorf Stock Exchanges and GLBXF – OTCQX International in the US) provides an update from Excellon Resources Inc. (EXN-TSX) that states despite the current difficult markets, “With Silver City, we (Excellon) see optionality in a district-scale exploration growth story, or the ability to capitalize on expected market trends as new Europe-focused exploration opportunities begin to emerge.” Excellon holds 4 licenses totaling 340 square kilometres, 164 square kilometers of which are an exploration block optioned from Globex. Excellon have met all the option conditions and the property is now in the list of Globex Royalty Properties. Globex retains a 3% Gross Metal Royalty for Precious Metals and 2.5% GMR for all other metals of which 1% Royalty may be purchased for $1,500,000 million dollars.

To date Excellon has undertaken approximately 13,300 metres of drilling on the Globex royalty claims, 16 holes totaling approximately 3,700 metres in 2020 and 27 holes totaling approximately 9,600 metres in 2021-2022.

The following is an excerpt from Excellon’s MD&A outlining work undertaken on the Globex royalty license including key highlighted holes:

In Q2 2021, the 2021 Drilling Operation Plan (“DOP”) was approved, and the Company was permitted to drill up to 22,000 metres on the Bräunsdorf license up to March 31, 2022. Drilling commenced in late Q2 2021 with two drill rigs. During 2021 the Company drilled 24 holes totaling 8,360 metres. An additional three holes totaling 1,223 metres were completed in Q1 2022.

The 2021 DOP contemplated drilling on four priority follow-up targets identified in the 2020 program including:

• Peter Vein: a historically significant mine where initial drilling encountered 1,042 g/t AgEq over 0.45 metres (911 g/t Ag, 0.4 g/t Au, 2.8% Pb and 0.9% Zn), within 231 g/t AgEq over 2.30 metres (183 g/t Ag, 0.4 g/t Au, 0.5% Pb and 0.2% Zn)
• Reichenbach (Großvoigtsberg): a new, near-surface discovery in an area with minimal historic mining, where initial drilling encountered 505 g/t AgEq over 0.71 metres (356 g/t Ag, 2.0 g/t Au), within 191 g/t AgEq over 1.90 metres (134 g/t Ag and 0.8 g/t Au)
• Bräunsdorf: a historically significant mine, where initial drilling encountered 319 g/t AgEq over 0.35 metres (300 g/t Ag, 0.2 g/t Au and 0.2% Zn), within 101 g/t AgEq over 2.05 metres (87 g/t Ag, 0.2 g/t Au)
• Grauer Wolf: a new high-grade discovery in an area with no historic drilling, where initial drilling encountered 1,043 g/t AgEq over 1.3 metres (954 g/t Ag, 0.1 g/t Au, 0.7% Pb and 2.0% Zn) less than 100 metres from surface, within 194 g/t AgEq over 8.1 metres (173 g/t Ag, 0.1 g/t, Au, 0.4% Pb and 0.3% Zn), and 331 g/t AgEq over 1.2 metres (325 g/t Ag, 0.1 g/t Au, 0.03% Pb and 0.03% Zn) in the hanging wall

The results of the 2021 drill program at Silver City include: