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Excellon drills 2,781 g/t silver equivalent over 15.1 metres at Platosa and provides production update

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Excellon drills 2,781 g/t silver equivalent over 15.1 metres at Platosa and provides production update

 

 

 

 

 

Excellon Resources Inc. (TSX:EXN and EXN.WT.A) (OTC:EXLLF) announces drill results from its ongoing underground exploration program at the Platosa Mine in Durango, Mexico, along with an update on Q3 2018 production.

 

 

Highlights

 

  • Further definition and expansion of the 623 Manto, with diamond drilling results including:
    • 1,700 g/t Ag, 15.4% Pb, 21.4% Zn and 2.9 g/t Au or 3,613 g/t silver equivalent (“AgEq”) over 5.5 metres in EX18UG434, including 1,326 g/t Ag, 12.6%Pb, 25.3% Zn and 7.5 g/t Au or 3,655 g/t AgEq over 2.0 metres; and
    • 1,014 g/t Ag, 10.9% Pb, 26.0% Zn and 0.4 g/t Au or 2,781 g/t AgEq over 15.1 metres in EX18UG435.
  • Expansion and infill of the lower Rodilla Manto, including:
    • 397 g/t Ag, 2.6% Pb, 4.1% Zn and 0.1 g/t Au or 714 g/t AgEq over 10.5 metres in EX18UG411, including 775 g/t Ag, 4.8% Pb, 7.8% Zn and 0.1 g/t Au or 1,362 g/t AgEq over 5.1 metres; and
    • 783 g/t Ag, 8.2% Pb, 11.1% Zn and 0.4 g/t Au or 1,708 g/t AgEq over 2.7 metres in EX18UG420.
  • Q3 2018 production expected to be below expectation, as further outlined below.

 

 

“Underground drilling at Platosa continues to deliver great results,” stated Ben Pullinger, Senior Vice President Geology. “We are especially encouraged by the elevated gold values and significant widths encountered in the drilling at the 623 Manto in EX18UG434 and 435, which exceeded our expectations and are worthy of follow-up.”

 

 

Exploration Results

 

 

The following table shows highlighted intervals from the current definition and infill 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
EX18UG411 68.7 79.2 10.5 0.1 397 2.6 4.1 714 Rodilla
including 68.7 73.7 5.1 0.1 775 4.8 7.8 1,362  
EX18UG417 72.5 77.2 4.7 0.1 266 2.6 2.5 507 Rodilla
including 73.7 76.0 2.3 0.2 479 4.8 4.5 916  
EX18UG418 81.1 90.2 9.1 0.0 122 2.0 0.5 229 Rodilla
including 83.1 84.6 1.5 0.0 613 8.3 2.0 1,057  
EX18UG419 87.0 96.0 9.0 0.0 56 0.6 1.1 136 NE-1S
EX18UG420 78.8 81.5 2.7 0.4 783 8.2 11.1 1,708 Rodilla
EX18UG421 87.0 90.5 3.5 0.0 489 1.5 2.3 662 Rodilla
including 87.6 89.2 1.6 0.0 870 2.0 4.1 1,154  
EX18UG434 69.6 75.0 5.5 2.9 1,700 15.4 21.4 3,613 623
including 73.1 75.0 2.0 7.5 1,326 12.6 25.3 3,655  
EX18UG435 89.9 105.0 15.1 0.4 1,014 10.9 26.0 2,781 623
and 109.7 110.7 1.1 0.0 259 0.7 10.3 800 623
EX18UG436 61.6 68.1 6.5 0.0 268 4.0 4.9 677 623
including 63.4 66.2 2.8 0.0 573 8.5 8.7 1,356  

 

(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. True width varies from 60%-90%.
(3) AgEq in drill results assumes $1,250 Au, $17.00 Ag, $1.03 Pb and $1.23 Zn with 100% metallurgical recovery.

 

 

 

These results incorporate drilling from the Martillo and 822-2 drill stations, which were developed to expand and define mineralization at the Rodilla, NE-1S and 623 mantos. These results were not included in the Company’s updated Mineral Resource Estimate filed on September 7, 2018 (which included drill results up to March 31, 2018) and represent the potential for additional mineral resources. Drilling at the 623 Manto is of particular interest, with a zone of gold enrichment running northeast along the main axis of the 623 Manto. This zone is thought to represent a “hotter” zone of mineralization within the manto, which could be related to the genesis of the Platosa mantos. Further work is planned for this area.

 

 

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.

 

 

Production Update

 

 

The Company anticipates production in the quarter to be approximately 300,000 AgEq ounces due to operational issues related to surveying and planning personnel and lower byproduct prices. The operational issues have now been addressed and the operation is getting back on track. The Company’s balance sheet remains strong, which will allow the Company to weather recent dips in commodity prices and quarterly production variability.

 

Isometric View of Results Looking Southwest

 

 

Surface Exploration Update

 

 

Surface drilling continues at Platosa with a drill rig currently testing targets in the same 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 North and South and San Gilberto through its ongoing fieldwork program.

 

 

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 carbonate replacement deposit (CRD) mineralization on the Platosa Project and epithermal silver mineralization on the 100%-owned Miguel Auza Property and capitalizing on the opportunity in current market conditions to acquire undervalued projects in the Americas.

 

Posted September 18, 2018

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