As a result of the strong expressions of interest received, Eclipse has granted an option (the “Agents’ Option”) to the syndicate of agents led by Stifel GMP and including Canaccord Genuity Corp., Raymond James Ltd., Beacon Securities Limited, and PI Financial Corp (the “Agents”), entitling the Agents to sell, on Eclipse’s behalf, up to an additional 8 million subscription receipts at C$0.50 per subscription receipt for additional gross proceeds of up to C$4 million.

Douglas J. Hurst, proposed Chairman of the combined company stated, “The support reflected in this over-subscribed financing validates our vision for the company. For us as shareholders, management, and the Board, this demonstrates alignment with investors on our views regarding the exploration upside offered by Moss and Hercules, and the value of operating cash flow.”

Kenneth Berry, President, CEO and Director stated, “With a strengthened balance sheet we look forward to advancing the Moss mine and systematically exploring both the Moss and Hercules properties. The potential of both properties provides a unique opportunity for value generation and growth of the combined company.”

The Offering is in connection with the proposed plan of arrangement transaction (the “Transaction“) between Northern Vertex and Eclipse that was announced on December 7, 2020.

All other terms of the Offering and the Transaction as set out in the December 7 and December 15, 2020 press releases remain the same. The Offering is currently expected to close on or before January 14, 2021, subject to standard industry conditions, including, but not limited to, receipt of approval by the TSXV, the entering into of an agency agreement between Eclipse and the Agents and the return of properly completed subscription agreements.

About Northern Vertex

Northern Vertex Mining Corp. owns and operates the Moss Mine, currently the largest pure gold and silver mine in Arizona. Focused on low-cost gold and silver production, the company has experience across all areas of operations, mine development, exploration, acquisitions, and financing of mining projects. With operations at the flagship Moss, the company intends to consolidate additional producing and exploration gold assets within the Western US. Through mergers and acquisitions Northern Vertex’s corporate goal is to become a mid-tier gold producer.

About Eclipse Gold Mining

Eclipse Gold Mining is exploring the district-scale Hercules gold property within Nevada’sWalker Lane trend. The Hercules property is located only a one-hour drive from Reno and appears to have all the characteristics of a large, low-sulphidation epithermal gold system. The company brings together a team with a track record of extensive M&A and nine successful buyouts totaling $4.6 billion.

ON BEHALF OF THE BOARD OF DIRECTORS OF NORTHERN VERTEX MINING
Kenneth Berry
President, CEO and Director

TSXV: NEE | Nasdaq Intl: NHVCF | Frankfurt: 54N | ISIN: CA6660061012 | WKN: A1JUA0

ON BEHALF OF THE BOARD OF DIRECTORS OF ECLIPSE GOLD MINING
Michael G. Allen
President, CEO and Director

TSXV: EGLD | OTC: EGLPF | Frankfurt: 43J | ISIN: CA27888R1001 | WKN: A2PYV4

Cautionary Statement Regarding Forward Looking Information

All statements, trend analysis and other information contained in this press release about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. All statements, other than statements of historical fact, included herein, including, without limitation, statements regarding the closing of the Transaction and the Offering, are forward-looking statements. Although Eclipse believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements since Eclipse can give no assurance that such expectations will prove to be correct. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including the risks, uncertainties and other factors identified in Eclipse’s periodic filings with Canadian securities regulators, and assumptions made with regard to: Eclipse’s ability to complete the proposed Transaction; Eclipse’s ability to secure the necessary shareholder, securityholder, legal and regulatory approvals required to complete the Transaction; the ability to complete the Offering; the estimated costs associated with the advancement of Eclipse’s projects; and Eclipse’s ability to achieve the synergies expected as a result of the Transaction. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Important factors that could cause actual results to differ materially from Eclipse’s expectations include risks associated with the business of Eclipse and Northern Vertex; risks related to the satisfaction or waiver of certain conditions to the closing of the Transaction; non-completion of the Transaction; risks related to reliance on technical information provided by Eclipse and Northern Vertex; risks related to exploration and potential development of Eclipse’s projects; business and economic conditions in the mining industry generally; fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; the need for cooperation of government agencies in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; and other risk factors as detailed from time to time and additional risks identified in Eclipse and Northern Vertex’s filings with Canadian securities regulators on SEDAR in Canada (available at www.sedar.com). Forward-looking statements are based on estimates and opinions of management at the date the statements are made. Eclipse does not undertake any obligation to update forward looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.

SOURCE Northern Vertex Mining Corp.

 View original content to download multimedia: http://www.newswire.ca/en/releases/archive/December2020/21/c6934.html

Contact:

CORPORATE INQUIRIES, NORTHERN VERTEX MINING: Kenneth Berry, President, CEO and Director at Northern Vertex, Company Website: http://www.northernvertex.com, +1 (855) 633-8798 Toll Free, +1 (604) 601-3656 Office, Email: ken@northernvertex.com; CORPORATE INQUIRIES, ECLIPSE GOLD MINING: Dylan Berg, VP Investor Relations at Eclipse Gold Mining, Company Website: http://www.eclipsegoldmining.com, +1 (844) 427-6453 Toll Free, +1 (778) 945-3949 Direct, Email: dylan.berg@eclipsegoldmining.com

© 2020 Canjex Publishing Ltd. All rights reserved.

GoviEx’s principal objective is to become a significant uranium producer through the continued exploration and development of its mine-permitted Madaouela Project in Niger, its mine-permitted Mutanga Project in Zambia, and its Falea Project in Mali.

Mr. Major will share his perspective on the uranium sector including the supply and demand fundamentals contributing to what he is stating as a bull market. We will also discuss recent news with regard to initial geophysical and assay results targeting the company’s Falea polymetallic mineralization. Ellis Martin is a shareholder of Goviex Uranium.

To watch the interview, please visit:
https://www.abnnewswire.net/press/en/103888/gxu

About GoviEx Uranium:

GoviEx Uranium (CVE:GXU) (OTCMKTS:GVXXF) is a mineral resource company focused on the exploration and development of uranium properties in Africa. GoviEx’s principal objective is to become a significant uranium producer through the continued exploration and development of its flagship mine-permitted Madaouela Project in Niger, its mine-permitted Mutanga Project in Zambia, and its other uranium properties in Africa.

Contact:

 
Information Contacts:
Govind Friedland, Executive Chairman
Daniel Major, Chief Executive Officer
Tel: +1-604-681-5529
Email: info@goviex.com
Web: www.goviex.com 

Source:
GoviEx Uranium

Copyright (C) 2020 ABN Newswire. All rights reserved.

© 2020 Canjex Publishing Ltd. All rights reserved.

Drilling was designed to continue testing the Colomac Main sill below the current resource within the two zones and to follow up on previous drilling, which has resulted in the extension of broad uniform zones of mineralization to new depths.

Dr. Michael Byron, president and chief executive officer, commented: “Drilling at zone 2.0 has continued to demonstrate its well-mineralized nature and consistent widening of the deposit to depth, with drilling at zone 2.5 extending continuous mineralization to depth. Both areas remain largely untested.

“Drilling success to date has further strengthened resource expansion opportunities by confirming the presence of broad and extensive zones of mineralization that increase in true width to depth where it remains open in most dimensions.”

Colomac drilling highlights

Zone 2.0:

• Hole C20-10 returned 154.95 metres (60.00 m true width) of 1.36 grams per tonne gold with several internal higher-grade intercepts:
  • An upper intersection included 12.75 metres of 3.80 grams per tonne gold, including 8.00 metres of 5.51 g/t Au, and including 3.70 metres of 9.35 g/t Au.
  • A lower intersection included 52.80 metres of 1.54 g/t Au, including 12.50 metres of 3.02 g/t Au and including 5.40 metres of 4.96 g/t Au.
• Hole C20-10B returned 135.00 metres (45.00 m true width) of 1.50 g/t Au with several internal higher-grade intercepts:
  • Drilling intersected 210 metres of relatively continuous downhole mineralization, which corresponds to an 80-metre true width of the mineralized sill at 520 m vertical depth.
  • An upper intersection included 34.00 metres of 2.30 g/t Au, including 5.50 metres of 4.50 g/t Au.
  • A lower intersection included 17.50 metres of 2.25 g/t Au, including 10.30 metres of 2.46 g/t Au.
• Holes C20-10 and C20-10B have helped delineate uninterrupted mineralization from near surface to over 500 m vertical depth where it remains open, effectively extending resource growth opportunities to depth beneath the historic main open pit at zone 2.0.

Zone 2.5:

• Hole C20-12 intersected 34.50 metres (11.00 m true width) of 1.85 g/t Au, including 18.00 metres of 2.83 g/t Au and including 6.00 metres of 4.88 g/t Au, tracking mineralization to 320 m vertical depth where it remains open.

Note

All assays are uncut.

Of the 29 drill holes (16,421 metres) completed at Colomac in 2020, 17 drill holes for 9,703 metres have now been released. Drilling results are also pending for 15 holes for 5,511 metres completed at the Treasure Island gold project, one of the company’s high-grade, high-priority regional targets located 11 kilometres north-northwest of Colomac.

                     COLOMAC DRILL RESULTS -- SUMMARY TABLE (UNCUT) 

Hole ID            From              To       Core length        True width    Gold grade
               (metres)        (metres)         (metres)*          (metres)         (g/t)

C20-10           284.30          439.25            154.95             60.00          1.36
including        284.30          297.75             13.45                            1.49
including        284.30          287.40              3.10                            2.31
including        291.25          297.75              6.50                            1.58
including        314.75          327.50             12.75                            3.80
including        319.00          327.00              8.00                            5.51
including        319.00          322.70              3.70                            9.35
including        319.00          320.70              1.70                           17.75
including        326.00          327.00              1.00                            6.98
including        364.20          374.15              9.95                            2.42
including        368.95          374.15              5.20                            3.72
including        383.15          435.95             52.80             18.00          1.54
including        400.55          405.30              4.75                            1.71
including        412.00          434.20             22.20             10.00          2.17
including        412.00          424.50             12.50                            3.02
including        413.10          418.50              5.40                            4.96
C20-10B          340.20          475.20            135.00             45.00          1.50
including        340.20          429.85             89.65                            1.74
including        341.40          375.40             34.00             11.00          2.30
including        341.40          349.60              8.20                            2.48
including        347.60          349.60              2.00                            5.91
including        358.35          375.40             17.05                            2.85
including        358.35          363.85              5.50                            4.50
including        371.50          375.40              3.90                            3.23
including        386.80          404.10             17.30              5.00          2.25
including        393.80          404.10             10.30                            2.46
including        407.00          416.15              9.15                            1.91
including        410.65          416.15              5.50                            2.46
including        447.70          463.30             15.60                            1.72
including        451.75          454.50              2.75                            3.38
                 479.40          484.60              5.20                            1.56
including        482.85          483.85              1.00                            6.52
C20-12           278.00          312.50             34.50             11.00          1.85
including        278.00          304.00             26.00                            2.21
including        278.00          296.00             18.00              5.00          2.83
including        278.00          284.00              6.00                            4.88
including        278.00          281.75              3.75                            6.93
including        292.25          296.00              3.75                            4.13
including        310.50          312.50              2.00                            2.87
including        310.50          311.50              1.00                            5.18
                 330.00          334.00              4.00                            2.57
C20-13           275.00          286.00             11.00                            1.28
including        278.75          285.25              6.50                            1.89
including        280.75          284.00              3.25                            3.18
including        280.75          281.75              1.00                            6.95
                 292.00          292.75              0.75                            2.68
                 301.00          321.50             20.50              9.00          0.47

* Lengths are reported as core lengths. True widths vary depending on drill hole dip.

Technical Information

Nighthawk has implemented a quality control program to comply with best practices in the sampling and analysis of drill core. Drill core samples were transported in security-sealed bags for analyses at the ALS laboratory in Vancouver, B.C. ALS Global is an ISO/IEC (International Organization for Standardization/International Electrotechnical Commission) 17025-accredited laboratory. Pulp and metallics assaying for gold was conducted on the entire pulverized sample.

As part of its QA/QC program, Nighthawk inserts external gold standards (low to high grade) and blanks every 20 samples in addition to the standards, blanks and pulp duplicates inserted by ALS Global.

About Nighthawk Gold Corp.

Nighthawk is a Canada-based gold exploration company with 100-per-cent ownership of a district-scale land position within the Indin Lake greenstone belt, located approximately 200 km north of Yellowknife, NWT. Nighthawk has advanced its flagship asset Colomac, outlining a robust project with current indicated resources of 25.89 million tonnes with an average grade of 2.01 g/t Au for 1.67 million ounces of gold and inferred resources of 5.71 million tonnes with an average grade of 2.03 g/t Au for 370,000 ounces of gold, with the majority of ounces contained within an underground resource. Near-term resource expansion opportunities exist proximal to the current resources, and additional upside exists throughout the plus-seven-kilometre strike length of the host quartz diorite with a substantial opportunity at depth where the true width is known to expand significantly across a 3.5 km long section.

Qualified person

Technical information related to the 2020 mineral resource estimate on the 100-per-cent-owned Indin Lake gold property was reviewed and approved by Marina Iund, MSc, PGeo, project geologist, and Carl Pelletier, PGeo, co-president and founder of InnovExplo, who are independent qualified persons as defined by National Instrument 43-101, with the ability and authority to verify the authenticity and validity of these data. Please refer to the NI 43-101 technical report “NI 43-101 Technical Report and Mineral Resource Estimate for the Indin lake Gold Property, Northwest Territories, Canada,” dated Sept. 11, 2020, as filed under the company’s profile on SEDAR.

Dr. Byron, who is the qualified person as defined by NI 43-101 for this project, has reviewed and approved of the technical disclosure contained in this news release.

We seek Safe Harbor.

© 2020 Canjex Publishing Ltd. All rights reserved.

John Holliday, technical committee chair, and Peter Leaman, senior vice-president of exploration, commented: “The latest drill hole at the Trundle Park prospect, TRDD012, was targeted to make a deeper intersection of the structurally controlled covellite-pyrite-chalcocite massive sulphide mineralization intersected at shallow depth in hole TRDD011.

“TRDD012 looks particularly positive as our site geologists report it has intersected the best observed primary bornite and chalcopyrite zones to date at the Trundle project. The zones are coincident with magnetite, with some intervals also hosting covellite and chalcocite. TRDD012 and TRDD011 provide encouragement for increased grade potential, vectors towards the more favourable part of the mineralized system and of an improved geological model for the Trundle Park prospect.”

Sam Spring, president and chief executive officer, noted: “Recent drill results have provided the confidence to mobilize a second drill rig at Trundle, looking to build momentum into the proposed listing on the ASX and increased site access post the recent harvest period. Drilling to date, assays to come and increasing confirmation of our exploration concepts at Trundle certainly provide significant encouragement and suggest that Kincora won’t be a (only) $16-million market capitalized company for much longer.

“We would like to thank our team, contractors, our drilling contractor, DrillIt, and local stakeholders for their support during this field season and their contribution to the significant progress made at Trundle in 2020.”

Trundle Park prospect

As outlined in the Nov. 30, 2020, press release, drill hole TRDD011, intersected intense structurally controlled mineralization hosted within near-surface skarn alteration. TRDD011 extended the mineralized skarn horizon to the northwest of TRDD001 and was followed up by a 50-metre step back to the southeast with TRDD012, which is an 80-metre stepout to the south of TRDD001. TRDD012 sought to intersect the downdip extension of previously intersected higher-grade, near-surface intervals and to better understand the width potential of the skarn horizons.

TRDD012 was drilled to 581 metres and was extended beyond the original target depth of 400 metres due to the extension of skarn alteration and mineralization intersected.

The average depth of prior explorer drilling at the Trundle Park prospect is 28 metres, with only two diamond core drill holes completed to moderate depths. Benefiting from this field season’s deeper diamond core drilling program, relogging of Kincora’s core has resulted in a change in current drill hole orientation toward the northwest. Our activities are resulting in a significantly improved understanding of the bedding direction hosting the skarn horizons, along with key structures/faulting and the identified multiple phases of mineralization within the skarn, all supporting a substantial mineralizing event and provide further vectors to the targeted causative intrusion system.

Recent drill results have provided the confidence to mobilize a second drill rig, which is planned to be active early in the 2021.

The Trundle project

Kincora’s Trundle project is the only brownfield porphyry copper-gold project held by a listed junior in Australia’s foremost porphyry belt, located within the same mineralized complex as Australia’s second-largest porphyry mine. Trundle is located west of the China Molybdenum Co. Ltd.-operated Northparkes copper-gold mine/mill operation, within the same Northparkes igneous complex.

Previous explorer drilling has been extensive at Trundle with the completion of 2,208 holes for 61,146 metres, but deeper drilling utilizing modern exploration knowledge has been very limited. Over 92 per cent of prior drilling has been completed to less than 50 m depth and is considered to be too shallow, with just 11 holes completed deeper than 300 metres (0.5 per cent of holes drilled).

Following positive initial drilling results from Kincora’s maiden drilling program in August, 2020, the company completed an oversubscribed $5.33-million equity raising, with proceeds primarily to be used to expand the initial six-hole program to over 20 drill holes with an additional 11,000 metres of drilling. Kincora’s primary targets at Mordialloc and Trundle Park lie 8.5 km apart and have not been drill tested since the industry-leading HPX proprietary Typhoon IP system and detailed magnetic surveys were completed.

Drilling, assaying, logging and QA/QC (quality assurance/quality control) procedures

Sampling and QA/QC procedures are carried out by Kincora Copper and its contractors using the company’s protocols as per industry best practice.

All samples have been assayed at ALS Minerals Laboratories, delivered to Orange, New South Wales, Australia. In addition to internal checks by ALS, the company incorporates a QA/QC sample protocol utilizing prepared standards and blanks for 5 per cent of all assayed samples.

Diamond drilling was undertaken by DrillIt Consulting Pty Ltd, from Parkes, under the supervision of our field geologists. All drill core was logged to best industry standard by well-trained geologists and Kincora’s drill core sampling protocol consisted a collection of samples over all of the logged core.

Sample interval selection was based on geological controls or mineralization or metre intervals, and/or guidance from the technical committee provided subsequent to daily drill and logging reports. Sample intervals are cut by the company and delivered by the company direct to ALS.

All reported assay results are performed by ALS and widths reported are drill core lengths. There are insufficient drilling data to date to demonstrate continuity of mineralized domains and determine the relationship between mineralization widths and intercept lengths.

True widths are not known at this stage.

The following assay techniques have been adopted:

• Gold: Au-AA24 (fire assay), reported;
• Multiple elements: ME-ICP61 (four-acid digestion with ICP-AES (inductively coupled plasma atomic emission spectroscopy) analysis for 33 elements) and ME-MS61 (four-acid digestion with ICP-AES and ICP-MS (inductively coupled plasma mass spectrometry) analysis for 48 elements), the latter report for TRDD001 and former reported for holes TRDD002-TRDD010;
• Copper oxides and selected intervals with native copper: ME-ICP44 (aqua regia digestion with ICP-AES analysis) has been assayed, but not reported;
• Assay results greater than 10 g/t gold and/or 1 per cent copper are reassayed.

Qualified person

The scientific and technical information in this news release was prepared in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and National Instrument 43-101 — Standards of Disclosure for Mineral Projects and was reviewed, verified and compiled by Kincora’s geological staff under the supervision of Peter Leaman (MSc, mineral exploration, FAusIMM), senior vice-president of exploration of Kincora, and John Holliday (BSc, honours, BEc, member of the Australian Institute of Geoscientists), non-executive director and technical committee chairman, who are the qualified persons for the purpose of NI 43-101.

The review and verification process for the information disclosed herein for the Trundle project has included the receipt of all material exploration data, results and sampling procedures of previous operators and review of such information by Kincora’s geological staff using standard verification procedures.

About Kincora Copper Ltd.

Kincora Copper is an active explorer and project generator focused on world-class copper-gold discoveries.

The company is currently drilling the only brownfield project (Trundle) held by a listed junior in Australia’s foremost porphyry belt (the Macquarie Arc, in New South Wales), with district-scale project pipeline, and seeking to confirm its position as the leading pure-play porphyry explorer in Australia.

We seek Safe Harbor.

© 2020 Canjex Publishing Ltd. All rights reserved.

SEMARNAT Decision

Under relevant legislation, SEMARNAT is obliged to provide specific technical reasons why projects may not meet the environmental standards required for approval.

Generally speaking, reasons cited by SEMARNAT for not approving the MIA include, in SEMARNAT’s view, insufficient information regarding the impacts of open pit mining on the environment, local and regional area. SEMARNAT appears to have discounted the Company’s prevention, mitigation and compensation measures which were part of the MIA application.

The Company is continuing its review of SEMARNAT’s response to the MIA and is evaluating its alternatives which include the re-submittal of a revised MIA, continuing dialogue, and legal options. In the event the Company chooses to re-submit a MIA on the existing mine plan, it believes that the necessary information is readily available and Almaden would have the ability to do so swiftly.

Morgan Poliquin, President and CEO, commented: “We are disappointed with SEMARNAT’s decision. We will review the reasons provided and the factors that may have led to this decision and determine a path to move this project forward. We believe that since discovery we have outlined a resource and ultimately a mineral project that is highly economic, robust, and reflective of the ideal that successful mining projects can and should make a significant positive difference for local communities over the short, medium and long term. We are committed to continuing to unlock the substantial value of this project for all stakeholders. We stand ready to work in a cooperative and respectful manner with Mexican government officials as we seek to explore the potential of this project through continued exploration, ongoing refinement of the mine operating plan, and ongoing review of the notification.”

Background to Ixtaca Project

In light of SEMARNAT’s decision, the Company wishes to provide a brief background of the environmental and social aspects of the Ixtaca Project, which have been disclosed in the Feasibility Study report titled “Ixtaca Gold-Silver Project, Puebla State, Mexico NI 43-101 Technical Report on the Feasibility Study”, which was prepared in accordance with NI 43-101 (the “FS”), is available under the Company’s profile on SEDAR and on the Company’s website:

The mine plan has a dry stack filtered tailings facility, and co disposal with waste rock with no tailings dam;

The project’s limestone “waste” rock and flotation tailings are neutralising and have low potential for metal leaching;

The mine plan includes a fresh water storage dam for mine and community use, enhancing community access to a fresh water reservoir beyond closure;

The Company has received a letter from the Mexican archaeology authority (INAH) clearing the area for development;

The Company has received a letter from the environmental enforcement agency (PROFEPA) confirming that the Company’s exploration program has been conducted in accordance with the environmental code;

A letter from the authority responsible for indigenous affairs (formerly the CDI now the INPI) states that, after analyzing the case, it considered there is no need for consultation, as the data analyzed indicated the absence of an indigenous population in the area of the project.;

The surface ownership over the mine development area is privately owned and the property acquired by the Company in this area has been by voluntary agreements;

The Company commissioned and has received an independent Social Impact Assessment (EVIS in Mexico) by a recognised expert consultancy to provide social, ethnology and economic mapping and to help develop a Social Investment Plan with local communities for the life of the mine;

Local community members have publicly expressed their support of the project. Over 800 people have signed a declaration of support for the project which they delivered to the environmental authorities, and a Memorandum of Understanding has been signed with local water users;

The Municipality of Ixtacamaxtitlan has included mining as one of its accepted investment and development activities;

The project would employ over 400 people during an 11-year mine life and would also provide updated infrastructure to a highly marginalised region.

John A. Thomas, P. Eng., VP Project Development of Almaden, and a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical contents of this news release that relate to the FS.

About Almaden

Almaden Minerals Ltd. owns 100% of the Ixtaca project in Puebla State, Mexico, subject to a 2.0% NSR royalty held by Almadex Minerals Ltd. The Ixtaca Gold-Silver Deposit was discovered by Almaden in 2010.

We seek Safe Harbor.

© 2020 Canjex Publishing Ltd. All rights reserved.

A glut of uranium on the global market caused uranium spot prices to fall below profitable levels in recent years. Most domestic production of uranium has shut down. If uranium prices return to historical levels, all domestic uranium companies including EnCore Energy will do well. We believe such a move will occur in the next few years in response to rising demand and a decreasing international supply of uranium. We believe EnCore’s Rosita processing plant can be started quickly and relatively inexpensively should uranium prices rise. EnCore’s strong balance sheet and low-cost structure give it a competitive advantage over other domestic uranium producers. As it waits for uranium prices to return, EnCore has been putting together a management team consisting of the leading uranium experts in the country.”

Kilgore Property Highlights

Completed ASTER and LiDAR geophysical surveying over 110 km2

Staked 175 new claims, enlarging the Kilgore Property by approximately 28%

Identified multiple new promising regional targets through sampling and prospecting, returning visible gold in sediments and outcrop

Reviewed 3,000 metres of historical core, providing new insights into Kilgore deposit geology

Established strong, on-the-ground geological team

“Our initial field season has confirmed our belief in the multiple growth opportunities on the Kilgore Property, both within and beyond the known mineral resource,” stated Ben Pullinger, SVP Geology & Corporate Development. “Remote sensing, relogging of drill core and analysis of the structural controls on the Kilgore Deposit have aided regional targeting and led to numerous new showings in prospective host lithologies. We are currently moving through the permitting process for the next phase of exploration on the property and look forward to building on our learning since acquiring the property in April 2020.”

The Company completed aerial surveys providing Light Detection and Ranging (LiDAR) and orthophotographic data and imagery over the Kilgore Property in August, covering 110 km2. Further remote sensing has included Advanced Spaceborne Thermal Emission and Reflection Radiometer (ASTER) satellite data, which produced spectra indicative of alteration associated with the emplacement of the target epithermal system.

These surveys provided essential information for follow up staking and prospecting on the broader Kilgore Property and, combined with detailed relogging, geochemical modeling and structural interpretation, identified additional prospects within and adjacent to Excellon’s claims at Kilgore. An additional 175 claims totaling 1,477 hectares were subsequently staked and added to the Kilgore Property, expanding the property by 28%. The expanded Kilgore Property, along with regional targets and the current resource location is illustrated below:

Prospecting on new targets commenced in late summer, focusing on historically underexplored areas within and surrounding the Kilgore claims. A total of 101 rock samples were collected. Four new prospecting targets were developed through the identification of favorable lithologies, inferred structural trends, and recovered gold in stream sediments.

During the ongoing 2020 program, the Company has relogged over 3,000 metres of historic drill core from 11 diamond drill holes within the Kilgore deposit area. The Kilgore deposit is a caldera-related epithermal gold deposit with current Indicated Resource of 44.6 million tonnes at 0.58 g/t Au for 825,000 ounces Au and an Inferred Resource of 9.4 million tonnes at 0.45 g/t Au for 136,000 ounces Au.

Planning for the 2021 season is underway with a multifaceted geochemical and geophysical program planned for the GK prospect (six kilometres northwest of the Kilgore deposit), including rock and soil sampling, BLEG stream sediment sampling and IP/RES surveys to identify potential controls on mineralization and drill targets. Regional surface sampling, geologic mapping, and prospecting will continue within the newly identified prospective areas.

The Company filed an updated Plan of Operations with the United States Forest Service (“USFS”) in June 2020, and the USFS is now in the process of revising the National Environmental Policy Act Environmental Assessment (“EA”) accordingly. The Company is informed by the USFS that the process to prepare a Revised EA and Decision Notice (“DN”) will be complete by Q2 2021. If the DN is received within that timeframe and barring any unforeseen delays, the Company could commence further exploration drilling by mid-July 2021.

About Excellon

Excellon’s vision is to create wealth by realizing strategic opportunities through discipline and innovation for the benefit of our employees, communities and shareholders. The Company is advancing a precious metals growth pipeline that includes: Platosa, Mexico’s highest-grade silver mine since production commenced in 2005; Kilgore, a high quality gold development project in Idaho with strong economics and significant growth and discovery potential; and an option on Silver City, a high-grade epithermal silver district in Saxony, Germany with 750 years of mining history and no modern exploration. The Company also aims to continue capitalizing on current market conditions by acquiring undervalued projects.

An anonymous director reports

© 2020 Canjex Publishing Ltd. All rights reserved.

Gary R. Thompson, Chairman and CEO of Brixton Metals, stated: “Brixton is pleased to see the continued support of the company, and it is encouraging to end 2020 with a healthy budget for 2021. With Brixton’s near-term catalysts aligning with a positive outlook for the metals market, we are excited to advance our high-impact Cu-Au-Ag projects towards resource definition.”

The gross proceeds from the issuance of the FT Shares will be used for “Canadian exploration expenses” (within the meaning of the Income Tax Act (Canada)) (the “Qualifying Expenditures”), which will be renounced to the subscribers with an effective date no later than December 31, 2020 to the initial purchasers of the FT Shares in an aggregate amount not less than the gross proceeds raised from the issue of the FT Shares, as applicable, and, if the Qualifying Expenditures are reduced by the Canada Revenue Agency, the Company will indemnify each FT Shares subscriber for any additional taxes payable by such subscriber as a result of the Company’s failure to renounce the Qualifying Expenditures as agreed.

Finders acting in connection with the closing of this Private Placement received finder’s fees in the aggregate total amount of $30,240 and were issued an aggregate of 84,000 finder’s warrants. Each finder’s warrant is exercisable for one common share of the Company at an exercise price of $0.36 for a period of 24 months from the date of closing of the Private Placement.

The FT Shares and any finders warrants, including all underlying securities thereof, issued with respect to the Private Placement, will be subject to a hold period of four months and one day in accordance with applicable securities laws and the policies of the TSX Venture Exchange (“TSX-V”).

In addition to the flow-through financing, a total of 5,486,983 warrants have been exerscised for an aggregate of $1,372,222 this year to the Company.

About Brixton Metals Corp. Brixton is a Canadian exploration and development company focused on the advancement of its gold and silver projects toward feasibility. Brixton wholly owns four exploration projects: the Thorn copper-gold-silver and the Atlin Goldfields projects located in NWBC, the Langis-HudBay silver-cobalt project in Ontario and the Hog Heaven silver-gold-copper project in NW Montana, USA.

We seek Safe Harbor.

© 2020 Canjex Publishing Ltd. All rights reserved.

The best results obtained from the newly discovered Barry North zone include several intersections which are as follows: 3.8 g/t Au over 0.7 m in hole MB-20-290, 2.6 g/t Au over 3.9 m in hole MB-20-295 and 3.3 g/t Au over 2.0 m in hole MB-20-302. These holes are located just north and adjacent to the Barry deposit (See Table 1 and Figure 1).

Pascal Hamelin, President and CEO commented, “This newly discovered zone near surface is very promising and confirms the existence of previously untested gold mineralization just north of the Barry deposit. We look forward to receiving more drill results from this zone.”

The Company has drilled 42 holes representing a total of 15,225 m at Barry since July 23, 2020. Results from 11 holes have been received since the press release dated October 21, 2020 (See Table 1 and Figures 1 and 2).

In addition, infill drilling continues to confirm the western mineral continuity of the H1 and 800 zones at Barry. The best results include 7.4 g/t Au over 2.3 m, including 20.4 g/t Au over 0.8 m and 5.7 g/t Au over 0.5 m in hole MB-20-298 and 5.6 g/t Au over 1.5 m in hole MB-20-296 for the H1 Sector and H1 zones, respectively. The 800 zone was intersected with 1.8 g/t Au over 11.0 m including 8.3 g/t Au over 2.0 m in hole MB-20-294.

Quality control and reporting protocols

The Barry project’s drill core gold analyses are performed at the Bachelor Mine’s analytical laboratory (the “Laboratory”). The Company employs a rigorous QA-QC analysis program that meets industry standards. The analyses are carried out by the fire assay (A.A.) with atomic absorption finish. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor the Laboratory’s performance. The Company’s QA-QC program requires that at least 10% of samples be analyzed by an independent laboratory. These verification samples are sent to ALS Minerals laboratory facility located in Val-d’Or, Quebec. The verifications show a high degree of correlation with the Laboratory’s results.

Qualified person

Marc Ducharme, P.Geo. and Bonterra’s Exploration Manager, has compiled and approved the information contained in this press release. Mr. Ducharme is a qualified person as defined by National Instrument 43-101.

We seek Safe Harbor.

© 2020 Canjex Publishing Ltd. All rights reserved.