TORONTO, Feb. 1, 2021 /CNW/ - Excellon Resources
Inc. (TSX: EXN),(TSX: EXN.WT); (NYSE: EXN); (FRA: E4X2)
("Excellon" or the "Company") is pleased to announce
results from underground expansion and exploration drilling at the
Platosa Mine in Durango,
Mexico.
Highlights
- Further definition and expansion of the NE-1S and Pierna
Mantos, with diamond drilling results including:
-
- 1,170 g/t silver equivalent ("AgEq") over 4.2 metres
(741 g/t Ag, 7.5% Pb, 4.8% Zn and 0.9 g/t Au) in EX20UG485,
including 1,812 g/t AgEq over 2.0 metres (1,153 g/t
Ag, 12.3% Pb, 6.1% Zn and 1.7 g/t Au); and
- 1,886 g/t AgEq over 2.4 metres (728 g/t Ag, 21.2% Pb and
17.8% Zn) in EX20UG463, including 2,109 g/t AgEq over 1.9 metres
(818 g/t Ag, 24.7% Pb, 19.1% Zn);
- Drilling underway to define and discover new mineralization
in an area of the Platosa deposit that was never effectively
drilled from surface – the Gap Zone – with 300 metres of potential
mineralized strike to be explored.
"Definition and expansion drilling continues to deliver from
underground at Platosa," stated Ben
Pullinger, Senior Vice President Geology & Corporate
Development. "We have two rigs turning underground right now, with
a number of targets to follow-up on. A critical target is the "Gap
Zone," an area of potential sub-vertical mineralization that was
never properly drilled historically from surface and that is open
to our developing 10-20 target, 300 metres away. This area
represents a significant opportunity to define additional
mineralization at Platosa."
Exploration Results
The following table shows highlighted intervals from the current
definition and infill program being conducted from underground at
Platosa:
Hole
ID
|
Interval(1)
|
Interval(2)
|
Ag
|
Pb
|
Zn
|
Au
|
AgEq(3)
|
Area
|
From
|
To
|
metres
|
g/t
|
%
|
%
|
g/t
|
g/t
|
EX20UG448
|
25.3
|
27.6
|
2.4
|
441
|
6.4
|
10.6
|
-
|
970
|
Pierna
|
including
|
26.2
|
27.3
|
1.2
|
859
|
12.4
|
17.8
|
-
|
1,789
|
|
EX20UG451
|
17.5
|
17.9
|
0.4
|
825
|
17.6
|
16.7
|
-
|
1,850
|
Pierna
|
EX20UG457
|
39.4
|
42.2
|
2.8
|
181
|
5.0
|
6.5
|
-
|
532
|
Pierna
|
including
|
41.5
|
42.2
|
0.7
|
331
|
11.4
|
6.4
|
-
|
842
|
|
EX20UG461
|
58.7
|
59.8
|
1.1
|
472
|
5.3
|
5.3
|
-
|
791
|
Pierna
|
including
|
58.7
|
59.5
|
0.8
|
637
|
7.3
|
6.8
|
-
|
1,058
|
|
EX20UG463
|
39.6
|
42.0
|
2.4
|
728
|
21.2
|
17.8
|
-
|
1,886
|
Pierna
|
including
|
40.1
|
42.0
|
1.9
|
818
|
24.7
|
19.1
|
-
|
2,109
|
|
EX20UG464
|
32.9
|
37.1
|
4.2
|
267
|
7.1
|
14.5
|
-
|
948
|
Pierna
|
including
|
34.8
|
36.5
|
1.7
|
333
|
8.6
|
17.9
|
-
|
1,167
|
|
EX20UG478
|
45.5
|
49.7
|
4.2
|
585
|
3.4
|
3.3
|
0.1
|
796
|
NE-1S
|
including
|
46.4
|
47.5
|
1.1
|
1,060
|
6.6
|
6.4
|
-
|
1,454
|
|
EX20UG480
|
57.0
|
57.2
|
0.2
|
1,582
|
9.9
|
4.5
|
-
|
1,991
|
NE-1
|
EX20UG481
|
61.8
|
62.2
|
0.3
|
322
|
2.8
|
5.1
|
-
|
567
|
NE-1
|
EX20UG482
|
56.8
|
57.7
|
0.9
|
451
|
3.4
|
9.6
|
-
|
867
|
NE-1
|
EX20UG483
|
78.6
|
79.2
|
0.6
|
184
|
2.1
|
0.1
|
-
|
242
|
NE-1
|
EX20UG485
|
41.9
|
46.1
|
4.2
|
741
|
7.5
|
4.8
|
0.9
|
1,170
|
NE-1S
|
including
|
41.9
|
43.9
|
2.0
|
1,153
|
12.3
|
6.1
|
1.7
|
1,812
|
|
(1)
From-to intervals are measured from the drill collar, with drill
holes marked UG or PH drilled from underground
stations. (2) All intervals are reported as
core length. (3) AgEq in drill results
assumes $24.00 Ag, $0.90 Pb, $1.20 Zn and $1,800
Au with 100% metallurgical recovery.
|
Drilling from underground continues to define and expand known
mineralization ahead of production at the Pierna, NE-1 and NE-1S
Mantos. Most significantly, drilling into the Gap Zone (see Figure
1), a zone of vertical mineralization inadequately tested with
vertical holes drilled from surface, provides a significant
opportunity to add additional mineralization along a target
approximately 300 metres along strike with a vertical extent of
30-40 metres. This target will be a priority for the 2021 program
and remains open to the south of the deposit, where drilling from
surface at the 10-20 target has intersected mineralization beyond
the current extent of the Platosa mineral footprint.
Platosa drill core samples are prepared and assayed by SGS
Minerals Services in Durango,
Mexico. The lab is accredited to ISO/IEC 17025. The Company
has a comprehensive QA/QC program, supervised by an independent
Qualified Person.
Qualified Person
Mr. Ben Pullinger, P.Geo., Senior
Vice President Geology & Corporate Development, has acted as
the Qualified Person, as defined in NI 43-101, with respect to the
disclosure of the scientific and technical information contained in
this press release.
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.
Additional details on Excellon's properties are available at
www.excellonresources.com.
Forward-Looking Statements
The Toronto Stock Exchange has not reviewed and does not
accept responsibility for the adequacy or accuracy of the content
of this Press Release, which has been prepared by management. This
press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act and Section 27E of the
Exchange Act. Such statements include, without limitation,
statements regarding mineral resources estimates, the future
results of operations, performance and achievements of the Company,
including potential property acquisitions, the timing, content,
cost and results of proposed work programs, the discovery and
delineation of mineral deposits/resources/reserves, geological
interpretations, proposed production rates, potential mineral
recovery processes and rates, business and financing plans,
business trends and future operating revenues. Although the Company
believes that such statements are reasonable, it can give no
assurance that such expectations will prove to be correct.
Forward-looking statements are typically identified by words such
as: believe, expect, anticipate, intend, estimate, postulate and
similar expressions, or are those, which, by their nature, refer to
future events. The Company cautions investors that any
forward-looking statements by the Company are not guarantees of
future results or performance, and that actual results may differ
materially from those in forward looking statements as a result of
various factors, including, but not limited to, variations in the
nature, quality and quantity of any mineral deposits that may be
located, significant downward variations in the market price of any
minerals produced, the Company's inability to obtain any necessary
permits, consents or authorizations required for its activities, to
produce minerals from its properties successfully or profitably, to
continue its projected growth, to raise the necessary capital or to
be fully able to implement its business strategies. All of the
Company's public disclosure filings may be accessed via
www.sedar.com and readers are urged to review these materials. This
press release is not, and is not to be construed in any way as, an
offer to buy or sell securities in the United States.
Cautionary Note to U.S. Investors: The
terms "mineral resource," "measured mineral resource," "indicated
mineral resource" and "inferred mineral resource," as used on
Excellon's website and in its press releases are Canadian mining
terms that are defined in accordance with National Instrument
43-101 – Standards of Disclosure for Mineral Projects ("NI
43-101"). These Canadian terms are not defined terms under United
States Securities and Exchange Commission ("SEC") Industry Guide 7
and are normally not permitted to be used in reports and
registration statements filed with the SEC by U.S. registered
companies. The SEC permits U.S. companies, in their filings
with the SEC, to disclose only those mineral deposits that a
company can economically and legally extract or
produce. Accordingly, note that information describing
the Company's "mineral resources" is not directly comparable to
information made public by U.S. companies subject to reporting
requirements under U.S. securities laws. U.S. investors are urged
to consider closely the disclosure in the Company's Form 40-F which
may be secured from the Company, or online
at http://www.sec.gov/edgar.shtml.
SOURCE Excellon Resources Inc.