TORONTO, Jan. 13, 2022 /CNW/ - January 13, 2022 –
Excellon Resources Inc. (TSX: EXN) (NYSE: EXN) (FRA: E4X2)
("Excellon" or the "Company") is pleased to announce
results from underground drilling at the Platosa Mine in
Durango, Mexico.
Highlights
- Follow-up drilling on the 817 Zone below Manto 623 defined a
zone of high-grade silver mineralization, with underground diamond
drilling results including:
-
- 2,490 g/t silver equivalent ("AgEq") over 2.9 metres (1,430
g/t Ag, 12.0% Pb, 21.7% Zn) and 5,089 g/t AgEq over 0.4 metres
(4,035 g/t Ag, 25.2% Pb, 11.8% Zn) in EX21UG761;
- 3,905 g/t AgEq over 1.8 metres (2,398 g/t Ag, 14.2% Pb and
33.2% Zn) in EX21UG760;
- 2,124 g/t AgEq over 2.8 metres (1,267 g/t Ag, 7.5% Pb and
19.0% Zn) in EX21UG812;
- 4,939 g/t AgEq over 0.9 metres (4,060 g/t Ag, 29.7% Pb, 3.3%
Zn) in EX21UG769;
- 3,158 g/t AgEq over 1.0 metres (2,956 g/t Ag, 6.1% Pb and
1.3% Zn) in EX21UG770;
- Underground drilling continues to test below
historically-mined areas for potential vertical zones.
"Drilling at Platosa following up on the 817 Zone has defined
vertically-oriented, high-grade mineralization over approximately
30 metres of strike and 30 metres of vertical extent," stated
Jorge Ortega, Vice President
Exploration. "The proximity of existing infrastructure should allow
access to this zone in the coming months and supplement first and
second quarter production. We continue underground drilling to
target areas ahead of production, test the extent of mineralization
around mine workings and test for vertical zones of
mineralization."
Exploration Results
The following table shows highlighted intervals from the current
definition and infill program being conducted from underground at
Platosa:
|
Hole
ID(1)
|
Interval(2)
|
Interval(3)
|
Ag
|
Pb
|
Zn
|
Au
|
AgEq(4)
|
Area
|
|
From
|
To
|
metres
|
g/t
|
%
|
%
|
g/t
|
g/t
|
|
EX21UG758
|
11.0
|
11.5
|
0.5
|
2,176
|
22.8
|
10.9
|
-
|
3,138
|
817
|
|
and
|
20.8
|
21.5
|
0.7
|
392
|
1.9
|
5.4
|
-
|
625
|
817
|
|
EX21UG759
|
16.9
|
17.3
|
0.4
|
1,799
|
16.0
|
4.1
|
-
|
2,353
|
817
|
|
EX21UG760
|
15.4
|
17.2
|
1.8
|
2,398
|
14.2
|
33.2
|
-
|
3,905
|
817
|
|
EX21UG761
|
14.1
|
14.5
|
0.4
|
4,035
|
25.2
|
11.8
|
-
|
5,089
|
817
|
|
and
|
17.6
|
20.5
|
2.9
|
1,430
|
12.0
|
21.7
|
0.1
|
2,490
|
817
|
|
EX21UG762
|
11.0
|
12.0
|
1.0
|
722
|
5.1
|
38.8
|
0.1
|
2,188
|
817
|
|
EX21UG763
|
11.4
|
11.8
|
0.4
|
428
|
5.2
|
9.3
|
0.1
|
884
|
817
|
|
EX21UG764
|
11.5
|
12.4
|
0.9
|
515
|
4.3
|
19.4
|
0.1
|
1,295
|
817
|
|
EX21UG765
|
18.4
|
18.7
|
0.3
|
1,791
|
17.9
|
25.4
|
-
|
3,124
|
817
|
|
EX21UG766
|
18.2
|
18.8
|
0.6
|
2,044
|
14.7
|
5.9
|
-
|
2,627
|
817
|
|
EX21UG767
|
14.8
|
15.5
|
0.7
|
3,043
|
26.1
|
2.3
|
-
|
3,794
|
817
|
|
EX21UG768
|
15.9
|
16.3
|
0.4
|
618
|
0.9
|
0.1
|
-
|
644
|
817
|
|
EX21UG769
|
17.3
|
18.2
|
0.9
|
4,060
|
29.7
|
3.3
|
-
|
4,939
|
817
|
|
EX21UG770
|
13.5
|
14.5
|
1.0
|
2,956
|
6.1
|
1.3
|
-
|
3,158
|
817
|
|
EX21UG777
|
18.0
|
20.2
|
2.2
|
910
|
4.4
|
0.4
|
-
|
1,038
|
817
|
|
EX21UG812
|
66.3
|
69.1
|
2.8
|
1,267
|
7.5
|
19.0
|
0.2
|
2,124
|
817
|
|
PH16-11
|
25.7
|
25.9
|
0.2
|
4,847
|
26.1
|
9.0
|
-
|
5,830
|
817
|
|
(1)
|
Highlighted
intervals include holes intersecting >0.2m and over 500 g/t AgEq
from a total of 30 drill holes (1,388 metres).
|
|
(2)
|
From-to intervals
are measured from the drill collar. All holes were drilled from
underground stations.
|
|
(3)
|
All intervals are
reported as core length; true width is estimated to range from
50-90% of core length.
|
|
(4)
|
AgEq in drill
results assumes $24.00 Ag, $0.90 Pb, $1.20 Zn and
$1,800 Au with 100% metallurgical
recovery.
|
Follow up drilling on the high-grade interval intersected in
EX21UG690 (2,860 g/t AgEq over 7.5 metres) has defined a
high-grade, vertical zone on approximately 30 metres of vertical
extent. The 817 Zone provides additional dry tonnes to the
current mine plan, with production expected to commence from the
area as early as February 2022.
Drilling from underground continues ahead of production at the
NE-1 Manto, and will continue to target areas ahead of production,
test the extent of mineralization around mine workings and test for
vertical zones of mineralization at the 623, NE-1, Guadalupe Sur, Guadalupe
Norte, 4, and 6A/B mantos.
As referenced on January 5, 2022,
Excellon continues to assess whether maintaining a consistent
production schedule at the Platosa Mine is feasible beyond mid-2022
at achievable dewatering rates and with acceptable capital
expenditures.
Technical Information and Quality Control Notes
The drilling results contained in this news release have been
prepared in accordance with National Instrument 43-101 Standards of
Disclosure for Mineral Projects ("NI 43-101").
Platosa drill core samples are prepared and assayed by SGS
Minerals Services in Durango,
Mexico. The lab is accredited to ISO/IEC 17025. Assay
turnarounds have been impacted recently by supply and labour
shortages related to COVID-19. The Company has a comprehensive
QA/QC program, supervised by an independent Qualified Person.
The sampling of, and assay data from, the core sampling and
reporting is monitored through a quality assurance and quality
control (QAQC) program designed according to best industry
practice. Samples from HQ sized drill core are selected by
Excellon geologists and cut into halves at the project site. Half
of the core is retained at the site for reference purposes. Sample
intervals vary from 0.2 to 1.5 metres in length with samples being
selected to honour geological contacts. Samples are labeled and
packed into sealed plastic bags which are grouped into larger fiber
bags for shipping. A formal chain-of-custody procedure is in place
for security of samples from project to laboratory.
Samples are shipped to SGS Laboratories in Durango City. Samples
then undergo crushing to two millimetres followed by pulverizing to
homogenize samples before a 50-gram sub sample is selected for
analysis. The samples are then analyzed using fire assay for gold
and silver with a gravimetric finish and multi-element analysis
performed by ICP analysis for base metals and multi-element
data.
Qualified Person
Mr. Jorge Ortega, P. Geo., Vice
President Exploration, 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,
a high-grade silver mine producing in Mexico since 2005; Kilgore, an advanced gold exploration 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 strategic
transactions, 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.