TORONTO, Dec. 14, 2017
/CNW/ - Excellon Resources Inc. (TSX:EXN, EXN.WT and EXN.WT.A;
OTC:EXLLF) ("Excellon" or the "Company") is pleased to
announce the commencement of an extensive surface exploration
program on the 21,000-hectare Platosa Property in Durango, Mexico targeting further extensions
to the Platosa Mine system and new manto and skarn discoveries. The
program is planned to include:
- 30,000 metres of diamond drilling to:
-
- define additional mineralization near existing infrastructure
at the Platosa Mine from underground drill platforms, following up
on successful drilling from earlier in 2017;
- test and discover new manto mineralization along the
prospective Platosa Corridor, which has recently been defined by
geophysical analyses over a five-kilometer strike north and south
of the Platosa Mine, with surface drilling commencing this week;
and
- test skarn targets (~500m below surface) northeast of the 2012
Rincon Del Caido discovery ("Rincon") in more prospective
settings.
- extensive soil geochemistry and induced polarization ("IP")
surveys at developing targets including Saltillera, Jaboncillo and San Gilberto; the latter two
targets have not been explored historically but exhibited
mineralization on surface in recent prospecting.
"The upcoming exploration program is founded on a back-to-basics
review and reanalysis of the large historical database of
geophysics, geochemistry and drilling on the Platosa Property,"
stated Ben Pullinger, Vice President
Geology. "This analysis has already successfully identified new
prospective targets at Jaboncillo
and San Gilberto, which have been confirmed by field mapping. We
are confident that this methodology and the improved understanding
of the regional system surrounding the Platosa Mine will lead to
positive exploration results in 2018. We are also pleased to have
the funding secured to execute this comprehensive exploration
program as we explore for new manto and skarn discoveries on one of
Mexico's most prospective mineral
belts."
Defining Additional Tonnage at the Platosa Mine
Since Q3 2016, the Company has completed 24 diamond drill holes
totaling 6,600 metres from surface and 75 diamond drill holes
totaling 6,000 metres from existing underground infrastructure at
Platosa. Highlights from this program include:
- discovery of the connection between the Pierna and the Rodilla
Mantos;
- extension of the NE-1 Manto to the east;
- discovery of new mineralization linking the high-grade 623 and
Guadalupe South Mantos, with significant results* including:
-
- 1,203 g/t Ag, 9.3% Pb and 13.4% Zn or 2,255 g/t silver
equivalent ("AgEq") over 11.1 metres in EX17UG330, including 2,079
g/t Ag, 14.2% Pb, 23.9% Zn or 3,857 g/t AgEq over 5.2 metres;
- 1,366 g/t Ag, 7.9% Pb and 13.6% Zn or 2,369 g/t AgEq over 3.2
metres in EX17UG328
- 2,291 g/t Ag, 15.0% Pb and 13.3% Zn or 3,570 g/t AgEq over 3.6
metres in EX17UG329
- 886g/t Ag, 8.8% Pb and 20.5% Zn over 6.76 metres in
EX17UG323;
- 2,965 g/t Ag, 16.4% Pb and 0.9% Zn over 1.45 metres and 1,171
g/t Ag, 9.3% Pb and 2.9% Zn over 1.06 metres in EX17UG324; and
- 1,600 g/t Ag, 6.4% Pb and 8.7% Zn over 3.70 metres in
EX17UG325.
|
*
|
All intervals are
reported as core length. AgEq in holes 328-330 assume $17.00 Ag,
$1.03 Pb and $1.23 Zn, while holes
323-325 assume $16.50 Ag, $1.00 Pb and $1.25 Zn, all with 100%
metallurgical recovery.
|
Drilling has been ongoing from a dedicated drill drift over the
high-grade 623 Manto since late October, with this phase of the
program designed to delineate additional mineralization around the
periphery and to depth on the manto. Following completion of this
phase of drilling in Q1 2018, the underground program will focus on
further delineating the connection between the Pierna and Rodilla
Mantos and subsequently focus on expanding the Pierna Manto
laterally to the south and to depth. The Company expects to release
further results from this program in Q1 2018.
Drilling for New Platosa Mantos and Skarn Discoveries
The Company has also completed a comprehensive reprocessing and
review of geophysical data and a property-wide re-interpretation of
the structural and lithological controls for mineralization at
Platosa. Through this process, the Company has generated numerous
targets based on geology, chemistry, structure and geophysics that
will be tested throughout 2018. Priority drill targets in this
program include:
- manto targets defined by lithological and structural analyses
on the Platosa Corridor immediately south of the high-grade
Guadalupe South Manto;
- manto targets north of the historically mined Guadalupe North Manto, where stringer
mineralization encountered in recent underground drilling indicates
potential for additional manto mineralization associated with
structural confluences;
- manto targets on the Platosa Corridor north and south of the
Platosa Mine defined by IP and gravity geophysics; and
- skarn targets similar to Rincon (146 g/t Ag, 2.8% Pb, 1.9% Zn and 0.22
g/t Au over 43.40 metres, including 381 g/t Ag, 10.6% Pb, 11.5% Zn,
0.35 g/t Au over 5.8 metres in LP1023A) in larger and potentially
more prospective settings to the northeast of Rincon, which have been defined through
reprocessing and reanalyses of IP, magnetics (ZTEM) and gravity
geophysics.
Exploring for More Platosa-style Deposits on the Platosa
Property
Over the last 12 months, in addition to surface and underground
drilling, the Company has reinitiated fundamental exploration of
the Platosa Property, including focused mapping and prospecting at
Saltillera North and Jaboncillo,
six kilometres and 11 kilometres northwest of the Platosa Mine,
respectively. Both targets continue to return anomalous results for
silver and base metals over growing strikes of 600 metres and 1,100
metres, respectively. The Company believes these results to be
indicative of the alteration profile associated with an underlying
and structurally influenced mineralizing system. This work and
results provided the foundation for targeting the soil geochemistry
surveys that commenced in the Q4 2017, which will be followed by
geophysical campaigns in the first half of 2018. The Company
expects to define new drill targets from these surveys to be tested
in the second half of 2018.
San Gilberto is a newly developing target located 13 kilometres
south of the Platosa Mine, which was identified through gravity and
magnetic analyses. This target will be progressed further with
surface prospecting and, likely, IP surveying later in 2018.
Appointment to Board of Directors
The Company is also pleased to announce the appointment of
Andrew Farncomb to its Board of
Directors. Mr. Farncomb is a founder of Cairn Merchant Partners LP,
a merchant bank focused on advisory and principal investing. He has
extensive experience advising public and private companies on
mergers, acquisitions and financing transactions. He is a founder
and director of Contact Gold Corp., an advanced stage Nevada gold exploration company, a board
member of several other TSX Venture Exchange listed companies and a
board member and Chair of the Investment Committee at the Flavelle
Family Foundation. Mr. Farncomb was formerly a Partner and
Investment Banking professional at Paradigm Capital Inc., a
Canadian investment dealer, and graduated from Smith School of
Business at Queen's University with a Bachelor of Commerce
(Honours) degree.
"Andrew brings extensive capital markets experience and a broad
perspective to the Board. We look forward to Andrew's
contributions in the coming years," stated André Fortier,
Chairman.
Geological Description of the Platosa Property
The Platosa mineral resource sits under approximately
56-hectares of the 21,000-hectare Platosa Property and comprises a
series of linked high-grade massive sulphide, silver-lead-zinc
manto deposits on the periphery of an under-explored Carbonate
Replacement Deposit ("CRD") system. CRDs are epigenetic,
intrusion-related, high-temperature, sulphide-dominant,
lead-zinc-silver-copper-gold-rich deposits that commonly occur in
clusters associated with major regional geologic features. The
Mexican CRD Belt is perhaps the world's best-developed CRD cluster
and Platosa lies in the centre of the northwest-southeast-trending
axis of the largest deposits of the belt.
CRD orebodies take the form of lenses or elongate to
elongated-tabular bodies referred to as mantos or chimneys
depending on whether they are horizontal or steeply inclined. A
spectrum of CRD orebodies exists, ranging from distal manto and
medial chimney massive sulphide bodies to proximal sulphide-rich
skarns associated with unmineralized or porphyry-type intrusive
bodies.
Historically, manto exploration has focused on areas within 1.5
km of the Platosa Mine. Outside of the immediate resource area
drilling has been limited, but has consistently encountered the
favourable heterolithic fragmental limestone unit that hosts all
the high-grade massive sulphide mineralization discovered to date
at Platosa. There is excellent potential to continue to discover
new mantos as the deposit area is open to the north, northeast,
east and southeast of the known mantos.
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.
About Excellon
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 carbonate replacement
deposit (CRD) mineralization on the Platosa Project and epithermal
silver mineralization on the Miguel Auza Property and capitalizing
on the opportunity in current market conditions to acquire
undervalued projects in Latin
America.
Additional details on the La Platosa Mine and the rest of
Excellon's exploration 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 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.
SOURCE Excellon Resources Inc.