Excelsior Mining Mobilizes for Drilling of the Johnson Camp Mine and the Strong & Harris and Peabody Sill Deposits, Arizona

Rhea-AI Summary

Excelsior Mining Corp. (OTCQX: EXMGF) announced the mobilization of two diamond drills to the Johnson Camp Mine (JCM) for infill drilling at the Burro and Copper Chief open pits, as well as geophysical anomalies at the Strong & Harris and Peabody Sill deposits. Godbe Drilling LLC will undertake 11,000 feet of infill drilling and 10,000 feet at S&H, aiming to support the restart of copper mining at JCM. Drilling is expected to conclude by the end of Q2 2022, with the goal of generating cash flow during the construction of the raffinate neutralization plant for the Gunnison Copper Mine.

Positive

• Mobilization of two diamond drills to JCM is a proactive step towards restarting copper mining.
• Infill drilling aims to generate cash flow while other projects are developed.
• Targeting high-priority anomalies could enhance resource estimation and operational viability.

Negative

• None.

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.

FAQ

What is the latest update from Excelsior Mining Corp. regarding the Johnson Camp Mine?

Excelsior Mining Corp. announced the mobilization of drills for infill and metallurgical drilling at the Johnson Camp Mine to support the restart of copper mining.

How much drilling is planned at Johnson Camp Mine?

Excelsior Mining Corp. plans 11,000 feet of infill and metallurgical drilling at the Burro and Copper Chief deposits and an additional 10,000 feet at the Strong & Harris deposits.

When is the drilling expected to be completed at the Johnson Camp Mine?

The drilling operations are expected to be completed by the end of Q2 2022.

What is the purpose of the drilling at the Strong & Harris and Peabody Sill deposits?

The drilling at the Strong & Harris and Peabody Sill deposits is intended to evaluate geophysical anomalies and enhance resource potential.

What is the significance of the drilling activities for Excelsior Mining Corp.?

The drilling activities are crucial for supporting the planned restart of copper mining at the Johnson Camp Mine, which is expected to provide cash flow.