TORONTO, May 31, 2018 /CNW/ -
Excellon Resources Inc. (TSX:EXN, EXN.WT, EXN.WT.A;
OTC:EXLLF) ("Excellon" or the "Company") is pleased to
announce additional results from its ongoing underground
exploration program at the Platosa Mine in Durango, Mexico, which continues to identify
near-term mineable mineralization with the aim of growing Platosa
mineral resources.
Highlights
- High-grade results from existing mantos include:
-
- 1,153 g/t Ag, 8.2% Pb and 3.4% Zn or 1,662 g/t silver
equivalent ("AgEq") over 5.3 metres in EX18UG376 from 623
Manto
- 2,148 g/t Ag, 19.2% Pb and 9.7% Zn or 3,428
g/t AgEq over 10.2 metres in EX18UG394 from Pierna
Manto
- 870 g/t Ag, 13.3% Pb and 12.4% Zn or 2,034 g/t AgEq over 6.7
metres in EX18UG398 from Pierna Manto
"As with our previously announced results, drilling underground
continues to increase our confidence in the resources and expand
our footprint at Platosa," stated Ben
Pullinger, Senior Vice-President Geology. "Definition
drilling ahead of current mine workings allows for continued
de-risking of future production allowing for better visibility on
planning. In particular, the widths intersected in the Pierna Manto
are better than expected or predicted in the current resource
model."
Exploration Results
The following table shows highlighted intervals form the current
definition and expansion program being conducted from underground
at Platosa:
Hole
ID
|
Interval(1)
|
Interval(2)
|
Au
|
Ag
|
Pb
|
Zn
|
AgEq(3)
|
Area
|
From
|
To
|
metres
|
g/t
|
g/t
|
%
|
%
|
g/t
|
EX18UG376
|
58.6
|
63.8
|
5.3
|
-
|
1,153
|
8.2
|
3.4
|
1,662
|
623
|
EX18UG378
|
41.5
|
46.9
|
5.4
|
-
|
649
|
3.3
|
3.9
|
979
|
623
|
EX18UG380
|
78.0
|
79.9
|
1.9
|
-
|
627
|
6.5
|
16.7
|
1,727
|
Pierna
|
EX18UG381
|
79.1
|
81.3
|
2.2
|
-
|
139
|
2.1
|
9.1
|
675
|
Pierna
|
EX18UG390
|
52.1
|
60.0
|
7.9
|
-
|
594
|
0.9
|
1.4
|
701
|
Rodilla
|
EX18UG393
|
52.3
|
52.8
|
0.6
|
-
|
538
|
9.7
|
6.9
|
1,283
|
Pierna
|
EX18UG394
|
59.9
|
70.1
|
10.2
|
-
|
2,148
|
19.2
|
9.7
|
3,428
|
Pierna
|
EX18UG396
|
68.4
|
74.0
|
5.6
|
-
|
95
|
1.6
|
4.0
|
361
|
Pierna
|
EX18UG397
|
83.0
|
85.0
|
2.0
|
-
|
316
|
1.0
|
1.9
|
448
|
Pierna
|
EX18UG398
|
57.4
|
64.1
|
6.7
|
-
|
870
|
13.3
|
12.4
|
2,034
|
Pierna
|
EX18UG399
|
88.8
|
91.3
|
2.5
|
-
|
344
|
6.4
|
3.6
|
788
|
Pierna
|
EX18UG402
|
49.2
|
51.6
|
2.4
|
-
|
467
|
0.2
|
0.0
|
475
|
Rodilla
|
EX18UG403
|
50.2
|
52.2
|
2.0
|
-
|
1,052
|
0.4
|
0.2
|
1,080
|
Rodilla
|
|
|
(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 $17.00 Ag, $1.03 Pb and $1.23 Zn with 100%
metallurgical recovery.
|
The results announced today from the 623, Rodilla and Pierna
mantos complement underground drilling in the 623 and Guadalupe South connector/expansion zone
completed in 2017, 2018 and late 2016 (see press releases dated
October 27, 2016, July 26, 2017, September
6, 2017 and February 22,
2018).
Drilling underground is focused on defining the open area
between the Pierna and Rodilla Mantos and better defining the
extension to depth of all mantos ahead of future production. The
Company is currently producing from the 623, Pierna and Rodilla
mantos.
The Company is in the process of finalizing an updated mineral
resource estimate and technical report, which will incorporate
drilling completed up to December 31,
2017. Finalizing the resource has taken longer than
originally anticipated as optimizations to the resource model and
mine plan were identified and are being incorporated. The updated
resource estimate is currently expected to be released prior to the
end of Q2 2018.
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.
Surface Exploration Update
Surface drilling continues at Platosa with two drill rigs
currently testing targets in the same target horizon that hosts the
Platosa Mine within the north-south trending Platosa corridor. The
Company intends to continue testing priority targets within this
corridor, while continuing to define new targets at Jaboncillo, PDN, Saltillera and San Gilberto
through its ongoing fieldwork program.
The Company is also currently completing an induced polarization
(IP) survey on key targets at the Miguel Auza Property ahead of
upcoming drilling late in Q2 or early in Q3 2018.
Qualified Person
Mr. Ben Pullinger, P. Geo, Senior
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 CRD mineralization on the
Platosa Project 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.