TORONTO, ON–(Marketwired – July 26, 2017) – Excellon Resources Inc. (TSX: EXN) (TSX: EXN.WT) (OTC: EXLLF) (“Excellon” or the “Company”) is pleased to announce results from its ongoing exploration program at the Platosa Mine in Durango, Mexico.
- Multiple intersections of high grade mineralization potentially expanding the 623 Manto and connecting the 623 and Guadalupe South mantos, including:
- 886 g/t Ag, 8.8% Pb and 20.5% Zn or 2,318 g/t Ag equivalent (“AgEq”) over 6.76 metres in EX17UG323;
- 2,965 g/t Ag, 16.4% Pb and 0.9% Zn or 3,702 g/t AgEq over 1.45 metres and 1,171 g/t Ag, 9.3% Pb and 2.9% Zn or 1,713 g/t AgEq over 1.06 metres in EX17UG324;
- 1,600 g/t Ag, 6.4% Pb and 8.7% Zn or 2,319 g/t AgEq over 3.70 metres in EX17UG325;
- 3,574 g/t Ag, 28.2% Pb and 18.7% Zn or 5,727 g/t AgEq over 1.27 metres in EX14UG200; and
- 1,238 g/t Ag, 5.3% Pb and 2.9% Zn or 1,611 g/t AgEq over 2.10 metres in PH17-27;
- Dry conditions are facilitating efficient underground exploration around the Platosa mantos.
“Today’s results confirm the potential to add significant high-grade mineralization to the 623 Manto and demonstrate continuity between the 623 and Guadalupe South mantos,” stated Ben Pullinger, Vice-President, Geology. “This mineralization is near mine workings and therefore has the potential to increase near term high-grade production. Our drilling program continues to successfully demonstrate the ability to expand Platosa’s mineralized footprint around existing resources. Dry conditions are also providing easier and more efficient access to strategic areas for underground drilling around the Platosa mantos.”
Approximately 15,000 metres have been completed in 120 drill holes from surface and underground in the ongoing drill program. Material intersections reported today are summarized below:
(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 $16.50 Ag, $1.00 Pb and $1.25 Zn with 100% metallurgical recovery.
The Company commenced a 25,000-metre diamond drilling exploration program in Q3 2016. This program encompasses drilling from surface and from underground. The program is currently focused on definition and growth of the existing resource in areas that will be in production in 2017, and exploring for new manto mineralization accessible from mine workings above the water table.
Underground drilling in six holes has successfully delineated an area of approximately 100 metres by 25 metres that may expand the 623 Manto and connect the 623 and Guadalupe South mantos. EX14UG200 was a previously unsampled hole identified as mineralized through ongoing review of historical core. EX17UG323, EX17UG324, EX17UG325 and EX17UG326 followed up on EX16UG274, which intersected 662 g/t Ag, 4.9% Pb, 25.5% Zn and 0.57 g/t Au over 13.00 metres (see press release dated October 27th, 2016). These holes delineate a growing area of mineralization that runs from the Guadalupe South Manto, which is currently in production, to the upper level of the high-grade 623 Manto (M+I resources of 83,000 tonnes at 1,866 g/t AgEq) and may, therefore, be rapidly incorporated into existing mine plans. Mine operations are currently driving the 795 heading towards this area. Follow up drilling is underway to further delineate this connector zone.
Diamond drill hole EX17LP1116 targeted the extension of the NE-1 Manto and successfully increased the mineralized area of this manto by approximately fifteen metres. Above the mineralized horizon, EX171116 intersected what appears to be a flat thrust fault, which seems to be a control on mineralization as the system moves east. This fault will be modeled for follow-up later in the year.
Exploration for the remainder of 2017 will focus on defining high-grade manto mineralization around existing Platosa resources and will also continue to define structural controls within the resource that may lead to further discoveries of manto and feeder-style mineralization. Surface drilling is currently on hold, pending ongoing permitting of drill pads and is expected to re-commence later this year. The Company also continues to develop its regional exploration program for CRD/Source-style (skarn) mineralization.
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.
Mr. Ben Pullinger, P. Geo, Vice-President Geology, 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 exploration results contained in this press release.
Excellon’s 100%-owned Platosa Mine in Durango has been Mexico’s highest-grade silver mine since production commenced in 2005. The Company is focused on optimizing the Platosa Mine’s cost and production profile, discovering further high-grade silver and CRD mineralization on the Platosa Project and capitalizing on the opportunity in current market conditions to acquire undervalued projects in Latin America.
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 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 [particularly silver], 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, including the technical reports filed with respect to the Company’s mineral properties, and particularly the July 9, 2015 NI 43-101-compliant technical report prepared by Roscoe Postle Associates Inc. with respect to the Platosa Property. 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.
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