Excellon Resources Reports Promising Initial Drill Results at Idaho's Oakley Property

Excellon Resources Inc. (TSX: EXN) reports initial diamond drilling results from the 2022-2023 exploration program at its Oakley property in Idaho, USA. Six additional drill holes are awaiting assay results.

Excellon Resources Reports Encouraging Initial Diamond Drilling Results from Oakley Property

Toronto, March 20, 2023 - Excellon Resources Inc. (TSX: EXN) (OTCQB: EXNRF) (FRA: E4X2) ("Excellon" or the "Company") is pleased to announce the initial results of the recently concluded 2022-2023 exploration program at its Oakley property in Idaho, United States.

Exploration Program Overview

The program comprised diamond drilling aimed at expanding and defining the known mineralized zones on the property. A total of 14 drill holes were completed, with initial assays received for eight of them. The remaining six drill holes are currently undergoing analysis, and their results will be reported once available.

Initial Drilling Results

The initial drilling results are highly encouraging, indicating the presence of significant mineralization at Oakley. Highlights include:

• Hole OK-22-007: Intersected 59.1 meters of 1.21% copper equivalent ("CuEq"), including 12.2 meters of 2.96% CuEq and 25.9 grams per tonne ("g/t") gold.
• Hole OK-22-009: Intersected 52.5 meters of 0.83% CuEq, including 15.2 meters of 1.48% CuEq and 12.6 g/t gold.

Significance of Results

These initial findings provide compelling evidence of the potential for Oakley to host a significant copper-gold deposit. The presence of wide, high-grade intercepts demonstrates the continuity and extent of mineralization, reinforcing Excellon's belief in the property's prospectivity.

Ongoing Exploration

Excellon is actively continuing its exploration program at Oakley. The remaining six drill holes are expected to provide further insights into the property's mineralization. In addition, the Company is implementing a comprehensive surface exploration program to refine and prioritize targets for future drilling.

Conclusion

Excellon is highly encouraged by the initial diamond drilling results from the Oakley property. The findings support the Company's belief in Oakley's potential to become a significant new source of copper and gold. Excellon remains committed to advancing exploration efforts at Oakley and will provide regular updates as new results become available.