Excellon Resources Inc. (TSX:EXN and EXN.WT.A) (OTC:EXLLF) is pleased to report initial exploration results from the Miguel Auza project in the state of Zacatecas, Mexico. This program is the first drilling at Miguel Auza since 2010 and follows an extensive, year-long prospecting and mapping program which has identified several high priority targets.
“The goal of initial drilling at Miguel Auza is to test structures at depth and along strike for their potential to host economic mineralization. These results confirm proof of concept,” stated Ben Pullinger, Senior Vice President Geology. “We have seen grade and width improve at depth at Lechuzas and high-level epithermal textures and anomalous precious metals at Lechuzas, El Cobre and Abejas. Our expanded drill program will focus further understanding the greater system around Miguel Auza.”
Exploration Results (referenced in Figure 1)
|(1)||All intersections reported as core length.|
|(2)||AgEq drill results assumes $1,200 Au, $15.00 Ag, $0.95 Pb and $1.10 Zn with 100% metallurgical recovery.|
The objective of the initial drill program is to drill test targets developed from surface mapping, IP surveying and structural work since mid-2017 at El Cobre, Abejas, Lechuzas-Carmen and Lomo de las Minas (referenced in Figure 2 – Miguel Auza Targets). These first holes have intersected broad zones of anomalous, gold, silver and base metal values including discrete higher-grade zones of carbonate veining, bladed calcite and silica with associated galena, sphalerite and pyrite. Excellon is expanding the program to follow up on these initial results and to test other targets. Additionally, the Company has commenced a fluid inclusion study to better define the temperature regimes associated with these structures for more accurate drill targeting.
Mineralization at Miguel Auza is hosted in epithermal quartz veins typical of the Fresnillo silver belt, most proximally at Hecla Mining Company’s San Sebastián Mine, 42 kilometres to the northwest and along strike from Miguel Auza. Mining was historically undertaken on the Calvario Vein at Miguel Auza and via multiple shafts along the structures being tested as part of this program.
The Miguel Auza property also includes a mineral processing facility, which the Company utilizes to process ore from its Platosa Mine in the state of Durango, Mexico. The mineral processing facility currently has capacity of 800 tonnes per day (“tpd”), with a 650 tpd ball mill in operation and a second, 150 tpd ball mill on standby, with opportunities available for further expansion. Ample capacity remains available to process increased Platosa Mine production and potential new discoveries at either Platosa or Miguel Auza, along with ore from San Sebastián expected to enter bulk sample testing pursuant to a toll milling arrangement later this year.
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.
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.
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