Globex Mining Enterprises Inc (TSE:GMX) (OTCQX:GLBXF) announced Tuesday that silver producer Excellon Resources (TSE:EXN) (OTCMKTS:EXLLF) received a drill permit for the Silver City project in Germany.
Silver City, in the German state of Saxony, is under option to Excellon from Globex. Under the agreement, Excellon may earn 100% interest in the project in exchange for cash and share payments and a gross metal royalty.
Excellon is planning a 15-hole drill program totaling 2,500 metres, with an additional 12 holes permitted for immediate follow up if the program intersects mineralization.
“We have a special opportunity at Silver City to put the first drill holes into an historic high-grade silver district,” Ben Pullinger, senior vice president geology at Excellon.
“Production records from the property indicate multi-kilo per tonne silver grades over substantial widths throughout the district. Equally compelling are our local partnerships with both the Freiberg University of Mining and Technology and the Helmholtz Institute Freiberg.”
Excellon also finalized contracts with landowners for drill sites and access roads.
Silver City is a 164-square kilometre high-grade epithermal silver district that was mined for over 750 years but has seen no modern-day exploration for precious metals.
Globex optioned the project to Excellon in September 2019.
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