Excellon Resources Inc. announced the initial diamond drilling results from the recently completed 2022-2023 exploration program at its Oakley property in Idaho, USA ("Oakley"). Assays from additional six drill holes are still outstanding. The 2022-2023 drill program comprises 12 diamond drill holes totalling 2,751.53 metres targeting Blue Hill Creek and Cold Creek claim blocks.

Drilling at Cold Creek focused on testing mineralization within the Tertiary Conglomerate unit that hosts mineralization at Oakley to the south of the currently defined mineralization footprint. Although weakly mineralized conglomerates were encountered, no significant Au values were reported. At Blue Hill Creek, the assay results for three diamond drill holes have been received.

BHC-22-01 tested the location of the mineralization-bounding Tertiary Conglomerate/Paleozoic Limestone contact and did not intersect significant mineralization. Both BHC-22-02 and BHC-22-03 intersected wide mineralized zones east of the previously identified mineralization, indicating that the Tertiary Conglomerate unit extends 100 metres deeper than anticipated, which significantly increases the potential of the area to host mineralization. The drill results contained in this news release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") of the Canadian Securities Administrators ("CSA").

True widths of cited intercepts are unknown. Oakley drill core samples are prepared and assayed by Bureau Veritas lab ("BV") at Elko, Nevada. BV is accredited to ISO/IEC 17025:2017.

Assay turnaround times have been impacted recently by a worldwide increase in demand for laboratory services. Centerra has a comprehensive quality assurance and quality control ("QA/QC") program supervised by a Qualified Person, as defined in NI 43-101. The sampling of, and assay data from, the core sampling and reporting are monitored through a QA/QC program designed according to best industry practices.

Samples from HQ drill core are selected by Centerra geologists and cut into halves at the project site. Half of the core is retained at the site for reference purposes. Samples are labelled and packed into sealed plastic bags which are grouped into larger fibre bags for shipping.

A formal chain-of-custody procedure is in place for the security of samples from project to laboratory.