Why Is Excellon Resources (EXN) Stock Up Today?

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Today, one of the big movers in the junior mining sector is Excellon Resources (NYSEMKT:EXN). Currently, EXN stock is up more than 30% on very heavy volume.

Closeup of a large gold nugget. stocks under $10
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As a precious metals exploration company, Excellon’s business model relies on discovering and developing mineral properties in North America. Right now, gold prices are surging toward all-time highs. Silver, while not as hot as gold, has also been rising.

For precious metals producers, this provides greater interest in developing out projects that may not have been profitable in the past. Additionally, the search for junior miners with high-quality prospective projects increases in these times.

Today, Excellon provided a key update to one of its properties. Let’s dive into what investors are watching with this miner today.

EXN Stock Soars on High-Grade Gold Opportunities

Today, Excellon announced a few key operational updates from its ongoing review of the Kilgore project in Idaho.

Initial results showed high-grade gold opportunities from historical exploration of this mine. It seems that thanks to new technology and this ongoing review, Excellon believes there is opportunity for gold reclamation in Kilgore. Essentially, this would involve bringing the Kilgore project site back to its former state of operations.

In a press release, the company said:

“We are applying a modern approach to historical data and plan to deploy more advanced surveying techniques in the upcoming drill campaigns at Kilgore. Historic results demonstrate numerous high-grade intervals throughout the deposit lithology, often associated with silicified zones, but with minimal associated structural analysis. In this year’s program, we aim to delineate the structures associated with high-grade gold emplacement through drilling, geophysics and continued surface exploration to expand our understanding and the potential of the deposit and project.”

Overall, investors appear to like the potential this Kilgore mine provides. Excellon acquired the mine in 2020, with this announcement being key to the justification of the valuation Excellon paid for the property.

Today, investors have many more reasons to like EXN stock, and are voting with their wallets accordingly.

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On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


Article printed from InvestorPlace Media, https://investorplace.com/2022/03/why-is-excellon-resources-exn-stock-up-today/.

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