Drill Program
Due to successful drilling in the NE corner of Burro pit, additional holes were added and those with assays returned are reported below. The improved results will allow the Company to develop a mine plan that focusses on this new, higher-grade, mineralized zone. Permitting of the new leach pad to restart operations is in progress, however the additional drilling and metallurgical testing will push the Company's goal of restarting mining operations at JCM into 2023.
'These final assay results confirm that the infill drill results from the Burro pit are better than expected compared to existing data. Zones of significant thickness and grade have been intersected. The Company will now move into the final mine planning stages in order to make a decision on restarting mining operations at JCM,' commented
All assays have been returned for the 43 diamond hole program. Sequential copper assays have an average leaching potential exceeding 68% (excludes intervals that contain sulfide mineralization). Assay highlights are included in Table 1 below. Full assays are included in Table 2.
New Chief Financial Officer Update
Excelsior also announces that effective
Excelsior's current Chief Financial Officer, Mr.
Operations Update
Excelsior is also providing an update on operations and future plans. Excelsior's near-term focus is on the following:
Using the newly collected data at the Johnson Camp mine to evaluate the potential for mining at in the old Burro open pit. As noted above, permitting of the new leach pad to restart operations is in progress and the Company's goal is to restart mining operations at JCM in 2023 assuming mine planning demonstrates an economic operation.
Ongoing modelling, planning, and permitting for well stimulation trials, designed to determine the effectiveness of this technique to alleviate production problems at the Gunnison in-situ mine. Excelsior is presently engaged with EPA on well stimulation approvals. Well stimulation has the potential to reduce the need for raffinate neutralization or change the design criteria for the neutralization plant. As such, detailed work on the design and testing of neutralized raffinate will be delayed pending the results of the well stimulation trials.
Excelsior is continuing its compilation and investigation of the
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Excelsior's exploration work on the Johnson Camp mine is supervised by
ABOUT
Excelsior 'The Copper Solution Company' is a mineral exploration and production company that owns and operates the
Contact:
T: 604.365.6681
E: info@excelsiormining.com
WEB: 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 intention to mine
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 availability of financing to implement the Company's operational plans, 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
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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