Toronto Stock Exchange - EXN
TORONTO, Sept. 17, 2012 /PRNewswire/ - Excellon Resources Inc. (TSX:EXN) ("Excellon" or "the Company") Mexico's highest grade silver producer is pleased to announce that it has resumed exploration drilling at La Platosa with three diamond drills currently operating at Rincon del Caido, 1.1 km northwest of the La Platosa mine.
In press releases dated May 30 and July 9, 2012 the Company reported results for holes EX12LP-986, 1008 and 1019 all drilled in the Rincon del Caido area and all of which encountered encouraging "Source"-type geology and sulphide mineralization. Hole LP1019 encountered the most significant Source assay results reported at La Platosa to date: 132 g/t (3.8 oz/T) Ag, 3.13% Pb and 1.74% Zn over 55.5 metres (m) including 336 g/t (10 oz/T) Ag, 3.27% Pb, 1.96% Zn over 4.10 m. In addition the entire 55.5 m carried anomalous gold.
"Our most recent drilling results provide the clearest evidence to date that we are in a Source environment and nearing the large-tonnage CRD Source that has been the ultimate object of our exploration at La Platosa," stated John Sullivan, Vice-President Exploration. "Our exploration focus for the remainder of 2012 will be to aggressively follow-up the very encouraging Rincon del Caido drilling results and to that end we are mobilizing a fourth drill, which will be on site before the end of the month."
Hole LP1019 mineralization occurs between 516.70 m and 572.16 m vertical and is hosted by a pyroxene and garnet-rich skarn located at a marble-hornfels contact. The hole bottomed in a granitic intrusive at 914 m depth.
The mineralization shows multiple stages of development with the pyrite-rich semi-massive to massive portions, which resemble the sulphides being mined from the Platosa mantos, clearly overprinting earlier garnet and pyroxene skarn. The high lead content, consistently anomalous gold values and skarn mineralogy indicate that this area is likely still somewhat distal to the Source itself, but may lie along the feeder system that leads to the Source, which itself may lie between Rincon del Caido and the high-grade massive sulphide mantos presently being mined at Platosa. Given the volume of mineralization and its high pyrite content, the Company plans to carry out downhole geophysical surveying to guide additional drilling. In the interim all on-site exploration drills will concentrate on Rincon del Caido.
Status of Production at La Platosa Mine:
Excellon continues to ramp the La Platosa Mine back up to full production. The Company aims to resume full production when ordinary course re-opening permits are received. Excellon will provide an updated forecast for the remainder of 2012 when full production resumes.
Mexican 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 QAQC program, supervised by an independent Qualified Person.
The Company's exploration programs are supervised by John Sullivan, BSc., PGeo., Excellon's Vice-President Exploration.
Mr. Sullivan is an economic geologist with over 35 years of experience in the mineral industry. Prior to joining Excellon in 2007 he was a senior geologist at a Toronto-based international geological and mining engineering consulting firm where he evaluated properties and prepared NI 43-101 reports on gold and base metal projects in Canada and internationally. In addition he has held senior positions with two large Canadian mining companies where he directed major exploration programs, managed field offices, and evaluated projects in Canada, Europe, Africa and Latin America. Mr. Sullivan is not independent of Excellon as he is an officer of the Company.
Excellon's high-grade silver production drives transformative exploration potential. The Company's 100%-owned La Platosa Mine in Durango is Mexico's highest grade silver mine, with lead and zinc by-products making it one of the lowest cash cost silver mines in the country. With 41,000 hectares of exploration ground surrounding the mine, Excellon is focused on discovering the large-tonnage Source of the high-grade silver mantos currently being mined. Such a discovery has the potential to transform La Platosa into the next major project in Mexico's prolific CRD/silver belt.
On behalf of
EXCELLON RESOURCES INC.
Peter A. Crossgrove
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, which may 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 November 22, 2011 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.