TORONTO, July 26, 2018 /CNW/ -
Excellon Resources Inc. (TSX:EXN), (TSX:EXN.WT), and
(TSX:EXN.WT.A); (OTC:EXLLF) ("Excellon" or the "Company")
is pleased to announce an updated Mineral Resource Estimate ("MRE")
for the Platosa Mine in Durango,
Mexico as at March 31,
2018.
2018 MRE Highlights
- Updated MRE includes 17,120 metres of additional surface and
underground drilling completed in the resource area from
August 2016 to March 31, 2018.
- Indicated Resource of 485,000 tonnes at 1,055 g/t silver
equivalent ("AgEq") representing 16,456,000 AgEq
ounces
- Definition and expansion drilling continues from
underground
"We have increased tonnage at Platosa despite mining
approximately 170,000 tonnes since the last resource estimate as at
December 31, 2014," stated
Brendan Cahill, President and CEO.
"This new resource estimate is the product of a more conservative
and geologically accurate methodology than previously employed at
Platosa. We see upside potential on grade and tonnage as we
continue to define new mineralization with our underground drilling
program."
Resource Summary for Platosa
The MRE will be included in an updated technical report prepared
by SRK Consulting (Canada) Inc.
("SRK") under National Instrument 43-101 ("NI 43-101"), which will
be available on SEDAR (www.sedar.com) within 45 days of this news
release.
Mineral Resource Statement, Platosa Mine Mexico, SRK
Consulting (Canada) Inc.
|
|
Grade
|
|
Contained
Metal
|
Category
|
Tonnes
('000)
|
Ag
(g/t)
|
Pb
(%)
|
Zn
(%)
|
AgEq
(g/t)
|
Ag
('000s oz)
|
Pb
('000s lbs)
|
Zn
('000s lbs)
|
AgEq
('000
oz)
|
Measured
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Indicated
|
485
|
549
|
5.6
|
5.9
|
1,055
|
8,562
|
59,752
|
62,953
|
16,456
|
Total
|
485
|
549
|
5.6
|
5.9
|
1,055
|
8,562
|
59,752
|
62,953
|
16,456
|
Inferred
|
13
|
516
|
4.7
|
6.5
|
1,014
|
216
|
1,344
|
1,859
|
426
|
Notes:
(1) Mineral Resources are estimated pursuant to NI 43-101 with
an effective date of March 31,
2018.
(2) Mineral Resources are estimated at a cut off grade of 375
g/t AgEq and silver, lead and zinc prices of $17.00, $1.10 and
$1.30, and assuming metal
recoveries of 89% for silver and 81% for lead and zinc
respectively.
(3) This MRE was prepared under the
supervision of Sébastien Bernier, Principal Resource Geologist at
SRK Consulting (Canada). Mr.
Bernier is a Qualified Person as defined in NI 43-101.
(4) All figures have been rounded to reflect the relative
accuracy of the estimates.
(5) Mineral Resources that are not Mineral Reserves do not
necessarily demonstrate economic viability. The Mineral Resources
reported herein have been estimated using a geostatistical block
modelling approach informed from silver, lead and zinc assay data
collected in core borehole samples. The construction of the Mineral
Resource model was a collaborative effort between Excellon and SRK
personnel. The construction and methodology for the creation of the
resource wireframes was overseen by Blair
Hrabi of SRK, P.Geo. (APGO #1723) and geostatistical
analysis, variography, mineral resource evaluation and
classification were undertaken by Sébastien Bernier of SRK, P.Geo.
(APGO #1847). All technical work was reviewed by Ben Pullinger, SVP Geology of Excellon (APGO
#2420).
This model incorporates enhancements and additional technical
information not included in previous mineral resource estimates.
These include the integration of structural studies completed in
2017, re-interpretation of the geology and mineralization of
the Platosa deposit, and re-logging of mineralized intersections
within the resource area. The revised wireframes provide a more
representative, geologically correct and structurally constrained
model, including significant improvements to the input data
allowing for de-risking of future mining.
SRK has worked with the Company to review the geological model
and independently estimated and reported the MRE for Platosa.
The geological model was developed internally by the Company and
reviewed by SRK. Individual mantos in the Platosa deposit were
modelled using Leapfrog software by creating explicit wireframes
interpolated from hanging wall and footwall contacts using the
lithological and mineralization logs. A subset was confirmed by
reviewing core photographs, and verified by re-logging core. The
mineralized zone is distinctly bound by hanging and footwall
contacts; generally sharp, replacement-style contacts, which are
faulted and offset along the main structural features and
post-mineralized faults, as modelled by the Company and SRK. The
MRE is supported by a database containing 207,400 metres of
drilling, including 17,120 metres drilled by the Company into the
mineral resource area from underground and surface since 2016.
The evaluation of the MRE at Platosa involved the following:
- Compilation of and verification of the drill hole
database;
- Generation of three-dimensional geological shapes and
wireframes for mineralization, major structures and post-mineral
faulting;
- Statistical analysis derived from capping and compositing of
raw data;
- Block modelling and grade estimation for the manto shapes;
- Application of a "cut-off grade" based on existing operational
numbers at the mine; and
- Preparation of a mineral resource statement.
For further detail please refer to technical report to be filed
on Sedar.
The MRE was prepared in accordance with the Canadian Institute
of Mining, Metallurgy and Petroleum's (CIM) 'Mineral Resources
and Mineral Reserves Best Practices' guidelines (November 2003) and is classified per the CIM
'Definition Standards for Mineral Resources and Mineral
Reserves' (May 2014).
Exploration Update
Exploration at Platosa is ongoing, with two diamond drill rigs
testing additional near mine targets in the Platosa Corridor to the
north and west of the mine. Drilling is expected to continue
throughout the year with regional targets such as Jaboncillo and San Gilberto being evaluated
for drill testing.
In the second quarter of 2018, the Company completed significant
exploration work at Jaboncillo
including, detailed mapping, surface sampling and an initial 3D
induced polarization survey. This target hosts numerous anomalous
geochemistry samples thought to be indicative of the expression of
alteration and mineralization seen at the edges of a replacement
system. This program will be used to aid in structural modeling and
targeting for future drilling.
The Company expects to release Q2 2018 financial results prior
to market open on July 30, 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 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 the Americas.
Additional details on the 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. 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.