TORONTO, July 21, 2021 /CNW/ - Excellon Resources
Inc. (TSX: EXN) (TSX: EXN.WT) (NYSE: EXN) (FRA:
E4X2) ("Excellon" or the "Company") is pleased to
announce Q2 2021 production results from the Platosa Mine in
Durango, Mexico.
Q2 2021 Production (compared to Q2 2020)
- Silver equivalent ("AgEq") production of 487,009 oz (Q2 2020
– 34,924 AgEq oz), including:
-
- Silver production of 296,013 oz (Q2 2020 – 18,919
oz)
- Lead production of 1.9 million lb (Q2 2020 – 0.1 million
lb)
- Zinc production of 2.5 million lb (Q2 2020 – 0.2 million
lb)
- Fourth consecutive quarter of over 21,000 tonnes mined and
milled, with record tonnes mined (86,316) and milled (88,648) over
trailing twelve months
"Platosa delivered a fourth consecutive quarter of production at
historically high productivity rates," stated Brendan Cahill, President & CEO. "We
continue to see room for improvement, with our ongoing work to
improve recoveries at Miguel Auza
and, additionally, a sizeable inventory of ore and concentrate at
quarter-end due to mill maintenance and weather conditions in late
June."
Production Results
|
|
|
|
|
|
Q2
2021
|
Q2
2020
|
6-mos
2021
|
6-mos
2020
|
Tonnes
Mined
|
21,772
|
3,270
|
42,984
|
23,170
|
Tonnes
Milled
|
21,646
|
1,288
|
43,410
|
20,330
|
Ore
grades
|
Silver
(g/t)
|
489
|
492
|
506
|
539
|
Lead
(%)
|
5.14
|
5.37
|
5.24
|
5.44
|
Zinc
(%)
|
6.48
|
6.91
|
6.61
|
6.78
|
Recoveries
|
Silver
(%)
|
87.0
|
92.9
|
88.4
|
89.5
|
Lead
(%)
|
78.6
|
84.7
|
80.2
|
82.9
|
Zinc
(%)
|
79.4
|
80.9
|
77.1
|
75.3
|
Metal
Production(1)
|
Silver
(oz)
|
296,013
|
18,919
|
624,760
|
315,200
|
Lead
(lb)
|
1,927,048
|
129,204
|
4,026,790
|
2,019,661
|
Zinc
(lb)
|
2,456,137
|
158,735
|
4,868,595
|
2,289,769
|
AgEq
(oz)(2)
|
487,009
|
34,924
|
1,004,825
|
558,666
|
Average Realized
Prices
|
Silver
(US$/oz)
|
26.89
|
14.60
|
26.59
|
14.70
|
Lead
(US$/lb)
|
0.97
|
0.76
|
0.95
|
0.76
|
Zinc
(US$/lb)
|
1.33
|
0.85
|
1.29
|
0.86
|
1.
|
Subject to
adjustment following settlement with concentrate
purchaser.
|
2.
|
AgEq ounces
established using average realized metal prices during the period
indicated applied to the recovered metal content of
concentrates.
|
Strong and consistent production continued in Q2 2021 with
continued focus on improving maintenance practices at both sites
and enhancing the geological and engineering teams at Platosa. Head
grades were lower in Q2 2021 compared to Q2 2020 due to
higher mining dilution in narrower sections of the ore body.
The Miguel Auza plant continues to
focus on improving metal recoveries. Zinc recoveries improved
relative to Q1 2021 following plant upgrades in the zinc flotation
circuit. More generally, metal recoveries were impacted by weather
conditions, power outages and metallurgical variances. The
combination of mill maintenance in early June and weather
conditions in late June resulted in sizeable stockpiles of ore
(1,634 tonnes) and concentrate (154 tonnes of lead and 134 tonnes
of zinc) at quarter-end, which were processed and/or delivered in
early July.
Comparative results for the three- and six-month periods ended
June 30, 2020 were impacted by the
suspension of operations in Mexico
from April 2, 2020 to June 1, 2020 in response to the outbreak of
COVID-19.
The Company expects to file Q2 2021 financial results after
close of market on July 29, 2021.
COVID-19 Update
Excellon continues to benefit from robust measures to prevent
COVID-19 among the workforce and local communities and to monitor
the effectiveness of these measures in mitigating any potential
impact on business activities. The Company's actions have been
successful to date and the pandemic has not had any material impact
on production or shipment of concentrate. Vaccination programs are
progressing in Mexico.
Qualified Persons
Paul Keller, P. Eng., Chief
Operating Officer, has acted as the Qualified Person, as defined in
NI 43-101, with respect to the disclosure of the scientific and
technical information relating to production results 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.