PHOENIX, Jan. 11, 2022 /PRNewswire/ - Excelsior Mining
Corp. (TSX: MIN) (OTCQX: EXMGF) (FSE: 3XS) ("Excelsior" or the
"Company") announces that 2 diamond drills have been mobilized to
the Johnson Camp Mine ("JCM"), for infill drilling of the Burro and
Copper Chief open pits, as well as drilling of the geophysical
anomalies at the Strong & Harris and Peabody Sill deposits
("S&H").
Godbe Drilling LLC. ("Godbe") from Colorado has been retained to drill 11,000
feet (3,250 meters) infill and metallurgical drilling targeting the
Burro and Copper Chief deposits at JCM. The purpose of this
drilling is to support the planned restart of copper mining at JCM.
"We are moving quickly on key items related to the JCM
restart, which, once operational, will provide cash flow while the
raffinate neutralization plant is being designed and built for our
flagship asset, the Gunnison Copper Mine." Comments Stephen
Twyerould, President and CEO of Excelsior Mining.
Godbe will also conduct 10,000 feet (3,050 meters) of infill and
metallurgical drilling for S&H, as well as 4,000 feet (1,220
meters) in exploration drilling. Exploration drilling will evaluate
a magnetic anomaly similar in size and intensity as the nearby
S&H deposit. This anomaly is closer to the center of the JCM
mineralized system than S&H and as such is a high priority
target. The exploration drilling will also target an IP (Induced
Polarization) anomaly along strike of known mineralization in the
Peabody sill. See image.
The plan is to first drill the JCM deposit infill and
metallurgical holes. These holes will be completed before the end
of Q1, 2022. The drill rigs will then be moved to Strong &
Harris and Peabody Sill for exploration drilling and finally for
the infill and metallurgical drilling there. All drilling is
expected to be completed before the end of Q2, 2022.
About Excelsior Mining
Excelsior "The Copper Solution Company" is a mineral
exploration and production company that owns and operates the
Gunnison Copper Project in Cochise
County, Arizona. The project is a low cost, environmentally
friendly in-situ recovery copper extraction project that is
permitted to 125 million pounds per year of copper cathode
production. Excelsior also owns the past producing Johnson Camp
Mine and a portfolio of exploration projects, including
the Strong & Harris and Peabody Sill deposit.
Excelsior's technical work on the Gunnison Copper Project and
Johnson Camp Mine is supervised by Stephen Twyerould, Fellow of
AUSIMM, President & CEO of Excelsior and a Qualified Person as
defined by National Instrument 43-101. Mr. Twyerould has reviewed
and approved the technical information contained in this news
release related to the Gunnison Copper Project and Johnson Camp mine, and underlying sampling,
analytical and test data.
For more information on Excelsior, please visit our website at
www.excelsiormining.com.
Cautionary Note Regarding Forward-Looking
Information
This news release contains
"forward-looking information" concerning anticipated developments
and events that may occur in the future. Forward looking
information contained in this news release includes, but is not
limited to, statements with respect to: (i) the future development
plans for the Gunnison Project and its status as a low cost
environmentally friendly in-situ recovery copper extraction
project;(ii) future production of copper from the Gunnison Project
and Johnson Camp Mine and the associated cashflow from some
operations; (iii) the details of the drill program including
targets, timing and number of feet of drilling.
In certain cases, forward-looking information can be
identified by the use of words such as "plans", "expects" or "does
not expect", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes",
or variations of such words and phrases or state that certain
actions, events or results "may", "could", "would", "might",
"occur" or "be achieved" suggesting future outcomes, or other
expectations, beliefs, plans, objectives, assumptions, intentions
or statements about future events or performance. Forward-looking
information contained in this news release is based on certain
factors and assumptions regarding, among other things, the
estimation of mineral resources and mineral reserves, the
realization of resource and reserve estimates, expectations and
anticipated impact of the COVID-19 outbreak, copper and other metal
prices, the timing and amount of future development expenditures,
the estimation of initial and sustaining capital requirements, the
estimation of labour and operating costs (including the price of
acid), the availability of labour, material and acid supply,
receipt of and compliance with necessary regulatory approvals and
permits, the estimation of insurance coverage, and assumptions with
respect to currency fluctuations, environmental risks, title
disputes or claims, and other similar matters. While the Company
considers these assumptions to be reasonable based on information
currently available to it, they may prove to be incorrect.
Forward looking information involves known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking information. Such
factors include risks inherent in the construction and operation of
mineral deposits, including risks relating to changes in project
parameters as plans continue to be redefined including the
possibility that mining operations may not be sustained at the
Gunnison Copper Project or Johnson Camp Mine, risks relating to
variations in mineral resources and reserves, grade or recovery
rates, risks relating to the ability to access infrastructure,
risks relating to changes in copper and other commodity prices and
the worldwide demand for and supply of copper and related products,
risks related to increased competition in the market for copper and
related products, risks related to current global financial
conditions, risks related to current global financial conditions
and the impact of COVID-19 on the Company's business, uncertainties
inherent in the estimation of mineral resources, access and supply
risks, risks related to the ability to access acid supply on
commercially reasonable terms, reliance on key personnel,
operational risks inherent in the conduct of mining activities,
including the risk of accidents, labour disputes, increases in
capital and operating costs and the risk of delays or increased
costs that might be encountered during the construction or mining
process, regulatory risks including the risk that permits may not
be obtained in a timely fashion or at all, financing,
capitalization and liquidity risks, risks related to disputes
concerning property titles and interests, environmental risks and
the additional risks identified in the "Risk Factors" section of
the Company's reports and filings with applicable Canadian
securities regulators.
Although the Company has attempted to identify important
factors that could cause actual actions, events or results to
differ materially from those described in forward-looking
information, there may be other factors that cause actions, events
or results not to be as anticipated, estimated or intended.
Accordingly, readers should not place undue reliance on
forward-looking information. The forward-looking information is
made as of the date of this news release. Except as required by
applicable securities laws, the Company does not undertake any
obligation to publicly update or revise any forward-looking
information.
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SOURCE Excelsior Mining Corp.