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Thursday, February 2, 2023

Excellon Resources Inc. (EXN) Stock Skyrocketing in Premarket, Here’s Why

Excellon Resources Inc. (EXN), a company involved in the exploration and mining of silver, has rocketed 171.43% in the premarket trading session. As a result, the stock was trading at $2.66 when last checked. During Thursday’s regular trading session, EXN stock gained an increase of 2.68 percentage points to close the day at $1.15. The humongous rise in premarket arrived as a result of the company’s announcement of gold opportunities at Kilgore.

Gold Opportunities at Kilgore Project

On Thursday, EXN reported an update regarding the ongoing review of high-grade gold opportunities at its Kilgore Project located in Idaho State. The company said that the research on an extensive scale has shown that there exist several opportunities for the extraction of high-grade gold via utilizing the latest revolutionary exploration techniques. Historically, the drilling results were reported in broad intervals, while this time, the high-grade zones were found out which occurred in a discrete fashion.

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Commencement of Labor Action

On the 7th of March, EXN announced that it had initiated the labor action at Platosa Mine, located in Durango, Mexico. Brendan Cahill, President, and CEO of Excellon said that the company always had a positive relationship with the Platosa union. At Platosa, the workers of the company have one of the best compensation plans in entire Mexico. The company hopes that the workers would understand the challenges company is facing during the current fiscal, said Cahill.

EXN Released Results of Diamond Drilling Campaign

On the 9th of February, EXN released the results of the diamond drilling campaign 2021. Alongside that, the company also provided an update regarding its exploration program at the Silver City Project. Silver City Project is located in Saxony, Germany. The company announced that the step-out drilling intersected a significant proportion of silver mineralization along with the four targets. Also, a total of 24 diamond holes were completed on the program, which summed up to 8,360 meters.

What’s Next for EXN?

Looking ahead, analysts think that EXN stock is a hold candidate. Even though some of the technical indicators are pointing toward a positive direction for the stock, they are not enough for it to be a buy candidate. Hence, investors should preferably hold the stock at the moment while waiting for upcoming developments.

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