1,598 g/t (47 oz/T) Ag, 18% Pb, 18% Zn over 2.16 m in hole EX11-LP915 and Provides a General Exploration Update
TORONTO, ONTARIO, Jun 27, 2011 (MARKETWIRE via COMTEX News Network) --
ExcellonResources Inc. (TSX: EXN) is pleased to announce assays for eightholes, all from the high-grade Pierna Manto discovered in October 2010on its 100% owned Platosa Mine property in Durango, Mexico. The besthole was LP915, which intersected 2.16 metres (m) of massive sulphidesgrading 1,598 g/t (46.6 oz/T) Ag, 18.19% Pb, 17.79% Zn. Hole LP914intersected 553 g/t (16.1 oz/T) Ag, 5.33% Pb, 14.13% Zn over 3.20 mwithin a 7.01 m interval grading 282 g/t (8.2 oz/T) Ag, 3.09% Pb, 7.59%Zn. The Pierna Manto is now largely closed off although several smallportions of the northern fringe remain to be tested. Other areasrelatively close to the Platosa mining operations remain to be morethoroughly drilled and the Company expects to continue to add to itsmanto sulphide resource over time.
In addition to discovering thePierna Manto, the Company's exploration programs have been successfulin outlining new massive sulphides in several other areas close toexisting mining infrastructure since late 2009 when it last prepared aMineral Resource estimate. It has now engaged Roscoe Postle AssociatesInc. (RPA), a well known Toronto-based international mining andgeological consultancy, to prepare an updated Mineral Resource estimateand supporting Technical Report to National Instrument 43-101 (NI43-101) standards. RPA and predecessor companies have carried outvirtually all of the independent technical studies of the PlatosaProperty since 2003, prior to the commencement of undergrounddevelopment. This work will begin in early July and we expect it to becompleted in the fall of 2011.
The Company has now completedthree deep holes, the deepest to 1,100 m vertical, designed to test ZTEMairborne geophysical survey targets. Two other ZTEM holes wereabandoned for technical reasons prior to reaching their targets. Thecompleted holes confirmed the expected geology but did not intersectsignificant mineralization. This is not entirely surprising since theinterpretation of ZTEM results is an evolving science, particularly inthe Mexican carbonate environment. Company geologists, in consultationwith our consulting geophysicist, have just completed a review of thedrilling results together with the ZTEM data and we are incorporatingnewly-developed ZTEM interpretive elements into on-going drill holeplanning. Drilling of ZTEM targets continues with our second rig.
"Weare very pleased with the continued high-grade Pierna intersections andare actively investigating other areas close to mining infrastructurewe believe have high potential for discovering additional high-grademassive sulphides," said John Sullivan, Excellon's Vice-President ofExploration. "We also remain confident that our methodical approach todrilling ZTEM anomalies, while constantly re-interpreting it as newdrilling data come to hand, will continue to bring us closer to thediscovery of a large-tonnage proximal carbonate replacement deposit(CRD) at Platosa."
The Company and Sundance Minerals have agreedon a preliminary diamond drilling program to test surface sulphideshowings, soil geochemical and geophysical CRD targets developed on thePluton Property, immediately west of Platosa. Project operator Sundancehas applied for a drilling permit and we expect that drilling will beginin July. This work will be undertaken by a third drill rig. Aspreviously reported the Company has an option to earn up to a 75%interest in the property.
Assay details for the eight Piernaholes are shown in the Table and their locations are shown on Map 2below. All intervals are estimated true thicknesses. In addition tothese eight holes there have been 12 other holes, including three of theZTEM holes, drilled at Platosa since the exploration press releasedated May 2, 2011. None of the 12 intersected significant values. Allfive ZTEM holes drilled to date are shown on Map 3.
Excellon'sdrill core samples are prepared and assayed by SGS Minerals Services(SGS) in Durango, Mexico. The lab is accredited to ISO/IEC 17025. TheCompany has a comprehensive QAQC program, supervised by an independentQualified Person, in place.
Qualified Persons
TheCompany's exploration programs are supervised by John Sullivan,Excellon's Vice-President of Exploration, in consultation with Dr. PeterMegaw of IMDEX Inc.
Dr. Peter Megaw, PhD, CPG, and Mr. JohnSullivan, BSc., PGeo., have acted as the Qualified Persons, as definedin NI 43-101, for this disclosure.
Dr. Megaw has a PhD in geologyand more than 30 years of relevant experience focused on exploringsilver and gold systems in Mexico. He is a Certified ProfessionalGeologist (CPG 10227) by the American Institute of ProfessionalGeologists and an Arizona Registered Geologist (ARG 21613). Dr. Megaw isnot independent of Excellon as he is a shareholder.
Mr. Sullivanis an economic geologist with over 35 years of experience in themineral industry. Prior to joining Excellon in 2007 he was a seniorgeologist at a Toronto-based international geological and miningengineering consulting firm where he evaluated properties and preparedNI 43-101 reports on gold and base metal projects in Canada andinternationally. In addition he has held senior positions with two largeCanadian mining companies where he directed major exploration programs,managed field offices, and evaluated projects in Canada, Europe, Africaand Latin America. Mr. Sullivan is not independent of Excellon as he isan officer of the Company.
Table: Platosa Assay Results (intervals are estimated true thicknesses)
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Location DDH No. Interval Interval Interval Silver Silver Lead Zinc
From (m) To (m) width (m) (g/t) (oz/T) (%) (%)
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Pierna LP900 195.67 196.08 0.41 270 7.9 1.97 5.14
Manto
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LP901 198.15 203.13 4.98 235 6.9 4.54 8.82
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LP905 199.12 199.85 0.73 65 1.9 1.97 7.09
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LP906 191.61 191.91 0.30 302 8.8 5.39 12.20
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LP908 176.48 176.78 0.30 78 2.3 1.69 12.00
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LP912 195.20 195.50 0.30 963 28.1 6.11 7.00
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LP914 206.96 213.97 7.01 282 8.2 3.09 7.59
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Incl. 206.96 210.16 3.20 553 16.1 5.33 14.13
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LP915 219.80 221.96 2.16 1,598 46.6 18.19 17.79
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Toview Map 1: Location Map - Platosa Property, please visit the followinglink: https://media3.marketwire.com/docs/Map_1Location.jpg.
Toview Map 2: Platosa Mantos and Recent Drill Hole Locations, please visitthe following link:https://media3.marketwire.com/docs/Map_2DrillHolesLocation.jpg.
Toview Map 3: ZTEM Drill Hole Locations, please visit the following link:https://media3.marketwire.com/docs/Map_3ZTEMDrillHole.jpg.
About Excellon
Excellon,a mineral resource company operating in Durango and Zacatecas States,Mexico, is committed to building value through production, expansion anddiscovery. Excellon is producing silver, lead and zinc from thehigh-grade manto Mineral Resource on its large, 100% owned PlatosaProperty, strategically located in the middle of the Mexican silverbelt. Excellon's focus is on expanding its operating capacity andincreasing its Mineral Resources at Platosa where an exploration programfocused on diamond drilling and advanced geophysical techniques isongoing. The Platosa Property, not fully explored, has severalgeological indicators of a large mineralized system.
On behalf of EXCELLON RESOURCES INC.
Peter Crossgrove, Chairman & Chief Executive Officer
Thispress release contains forward-looking statements within the meaning ofSection 27A of the Securities Act and Section 27E of the Exchange Act.Such statements include, without limitation, statements regarding thefuture results of operations, performance and achievements of theCompany, including potential property acquisitions, the timing, content,cost and results of proposed work programs, the discovery anddelineation of mineral deposits/resources/reserves, geologicalinterpretations, proposed production rates, potential mineral recoveryprocesses and rates, business and financing plans, business trends andfuture operating revenues. Although the Company believes that suchstatements are reasonable, it can give no assurance that suchexpectations will prove to be correct. Forward-looking statements aretypically 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 cautionsinvestors that any forward-looking statements by the Company are notguarantees of future results or performance, and that actual results maydiffer materially from those in forward looking statements as a resultof various factors, including, but not limited to, variations in thenature, quality and quantity of any mineral deposits that may belocated, significant downward variations in the market price of anyminerals produced (particularly silver), the Company's inability toobtain any necessary permits, consents or authorizations required forits activities, to produce minerals from its properties successfully orprofitably, to continue its projected growth, to raise the necessarycapital or to be fully able to implement its business strategies. All ofthe Company's public disclosure filings may be accessed viawww.sedar.com and readers are urged to review these materials, includingthe technical reports filed with respect to the Company's mineralproperties, and particularly the January 15, 2010 NI 43-101-complianttechnical report prepared by Scott Wilson Roscoe Postle Associates Inc.with respect to the Platosa Property. This press release is not, and isnot to be construed in any way as, an offer to buy or sell securities inthe United States.
The Toronto Stock Exchange has not reviewedand does not accept responsibility for the adequacy or accuracy of thecontent of this Press Release, which has been prepared by management.
Contacts: Excellon Resources Inc. Morgan Knowles Director, InvestorRelations (416) 364-1130 mknowles@excellonresources.comwww.excellonresources.com
SOURCE: Excellon Resources Inc.
mailto:mknowles@excellonresources.com https://www.excellonresources.com
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