Globex Mining Enterprises Inc said Excellon Resources (TSX:TSX:EXN) Inc has announced the extension to September 30, 2025, of the 164 square kilometre (km2) Bräunsdorf exploration license, composing part of the 340 km2 Silver City project in Germany.
Globex noted that it is impressed and pleased with the exploration efforts of Excellon on the Bräunsdorf License and looks forward to its continued exploration efforts.
“The Bräunsdorf License optioned from Globex was the first piece of Excellon’s Silver City Project and has been the primary focus of our exploration efforts since we arrived in Saxony in Q3 2019,” Excellon Resources (TSX:TSX:EXN) CEO Brendan Cahill said in a statement.
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“Our drilling programs on the license have delineated a high-grade epithermal silver system over tens of kilometres, that remains open with multiple targets yet to be followed up on and the new licenses we acquired last year yet to be explored,” Cahill added.
Excellon also said it looks forward to earning a 100% interest in the license in the third quarter of this year, which would involve paying C$200,000 to Globex and issuing Excellon common shares with a value equivalent to C$625,000, based on the 5-day volume-weighted average price (VWAP) on or before September 23, 2022, as well as granting Globex a gross metals royalty on the Bräunsdorf License equal to 3% of precious metals and 2.5% of other metals, which can be reduced to 2% and 1.5%, respectively, with a US$1.5 million payment.
Excellon has also agreed to make a one-time C$300,000 payment upon the release of a maiden resource on the Bräunsdorf License and a one-time payment of C$700,000 upon the achievement of commercial production from the Bräunsdorf License, Globex said.
Globex Mining Enterprises is a Toronto Stock Exchange, Frankfurt and OTCQX-listed corporation with a diversified North American portfolio of mid-stage exploration, development and royalty properties containing precious metals, base metals, specialty metals and minerals, and industrial minerals and compounds.
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