Excellon Resources Inc (TSX:EXN, OTCQB:EXNRF) told investors that analysis of past drilling at the Kilgore project in Idaho has confirmed high-grade gold mineralization.
The positive findings sparked a rally in Excellon’s shares, which gained around 26% to trade at 21.5 cents.
A final batch of results from drilling, undertaken in 2022, have returned highlight intersections up to 1.37 grams per ton of gold over 81.21 meters, including 2.77 g/t gold over 15.64 meters and 5.28 g/t gold over 5.54 meters.
Other results included 0.53 g/t gold over 56.24 meters and 0.74 g/t gold over 115.6 meters.
"Today's announcement is two-fold: we have successfully confirmed mineralization in an area of Kilgore previously underdrilled, returning grade intervals inline with the current mineral resource estimate cut-off and potentially further extending mineralization to the southwest of the deposit," chief executive Shawn Howarth said.
"We have also intersected mineralization in the Aspen sediments, where we are focusing on the potential for higher-grade zones.
“The information announced today will help us to better understand grade contouring and will be used in future resource modelling and exploration drill programs."