Excellon has entered into an agreement with Globex Mining for the option to acquire a 100 percent interest in the Silver City project.
Excellon Resources (TSX:EXN,OTC:EXLLF,FRA:E4X1) has entered into an agreement with Globex Mining Enterprises (TSX:GMX,OTCQX:GLBXF,FRA:G1MN) for the option to acquire a 100 percent interest in the Silver City project, a 164 square kilometers silver district in Saxony, Germany. The Silver City project is located within a large, high-grade epithermal system and has a long history of mining dating back to the 12th century, with no modern exploration for precious metals.
Highlights are as follows:
- First mover advantage in the historic mining district of Bräunsdorf, which boasts 750-year history of silver mining, immediately west of Freiberg (known as Silberne Stadt or Silver City);
- Bräunsdorf exploration license (the Silver City project) totals 164 square kilometers encompassing 36 kilometers of strike, including six major historic silver mine camps, five minor camps and other prospects, with no modern exploration completed to date;
- Historically reported veins ranged from 0.5 to 10 metres width, with grades of over 3,500 grams per tonne silver and no assaying for gold or zinc available at the time;
- Petrographic and fluid inclusion studies recently conducted by the Mineral Systems Analysis Group at the Freiberg University of Mining and Technology suggest a productive depth for precious metals from 50 to 450 metres below surface;
Brendan Cahill, president & CEO, commented:
This low-risk, low-cost option gives us first mover advantage in a large high-grade epithermal silver district. With historic, high-grade mines seldom reaching depths of 200 metres, Silver City may be akin to turning the clock back 100 years on the Fresnillo trend. This opportunity aligns perfectly with our focus on exploring large, underexplored properties for high-grade discoveries on world-class precious metal belts.”