Excellon Resources Inc. Logo (CNW Group/Excellon Resources Inc.)

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 Mine – UG Infill & Expansion Drilling (CNW Group/Excellon Resources Inc.)

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.

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