Excellon Resources Expands Footprint Of Oakley Project

About this update from Excellon Resources Inc.

[{"type":"text","content":" TORONTO, Aug. 6, 2020 /CNW/ - Excellon Resources Inc. (TSX: EXN) (TSX: EXN.WT) (OTC: EXLLF) (FRA: E4X1) (\"Excellon\" or the \"Company\") is pleased to provide an update on the Oakley Project, Idaho (\"Oakley\"), on which the Company has granted Centerra (U.S.) Inc. (\"Centerra\") an option to earn up a 70% by, among other things, spending up to US$7 million in exploration expenditures on the project prior to May 2026. Highlights Increased land holdings by approximately 2,500 acres (1,012 hectares) to approximately 7,000 acres (2,833 hectares) through staking of an additional 125 Federal Lode Mining claims on land managed by the BLM at the Cold Creek, Blue Hill Creek and Matrix Creek Prospects Continued application process for 960 acres (388 hectares) of State of Idaho-managed land as \"mineral leases,\" adding to the current 320 acres (129.5 hectares) of mineral leases for a total of 1,280 acres (518 hectares) Completed soil sampling across the newly staked ground with 1,347 samples sent for gold and multi-element analysis Completed 1,330 line-kilometer, airborne magnetic survey across the entire Oakley Project area including expanded footprint Completed detailed geologic mapping program over the Cold Creek Prospect Claim Staking Continuing on from exploration work completed in 2018, and in collaboration with Centerra, Excellon staked an additional 125 federal lode mining claims on the Cold Creek (78 claims), Blue Hill Creek (23 claims) and Matrix Creek (24 claims) Prospects (Figure 1). The additional claims were staked as follow-up to the gold and silver anomalies identified in soils and rocks in 2018 and the mineral trends identified to the north-west and south-east. The new staking adds 2,500 acres (1,012 hectares) to the existing 225 federal lode mining claims, or 4,500 acres (1,821 hectares), on public land managed by the Bureau of Land Management (BLM) for a total of 350 claims or 7,000 acres (2,833 hectares).  Mineral Leases Excellon continues with the application process for State of Idaho mineral leases covering 960 acres (389 hectares). The proposed leases lie to the north of the Blue Hill Creek claims up to the Emery Claims, and to the west of the Matrix Creek claims; these areas are considered prospective and follow-up on the 2018 exploration program results that indicated north and northwest anomalo...

More updates from Excellon Resources Inc.