Excellon Significantly Extends 6A/6B Manto at Platosa 794 g/t (23 oz/T) Ag, 13.42% Pb, 14.93% Zn Over 6.67 m in Hole EX10-LP814
TORONTO, ONTARIO -- (Marketwire) -- 08/03/10 -- Excellon Resources Inc. (TSX: EXN) is pleased to announce that Hole LP814, drilled 125 metres past the end of the 6A/6B Manto, has cut 6.67 metres (m) of very high-grade massive sulphides that report 794 g/t (23 oz/T) Ag, 13.42% Pb, 14.93% Zn within a wider interval grading 711 g/t (21 oz/T) Ag, 10.93% Pb, 11.70% Zn over 8.42 m. Hole LP814 is the latest of a series of holes designed to trace the continuation of this manto. These holes have intersected between 0.36 and 8.42 m of high-grade massive and semi-massive sulphides and assays for a total of nine holes are reported here. This mineralization remains open to the northwest and is readily accessible from the existing mine infrastructure.
Drilling has now extended the known massive sulphides in the 6A/6B Mantos area 125 m northwest from the closest block included in the NI 43-101 Mineral Resource estimate dated October 31, 2009. These high-grade massive sulphides run parallel to a major structure that is closely related to the mineralization being mined from the nearby important Guadalupe Manto. These results provide continued evidence of the discovery potential for important additional high-grade distal carbonate replacement deposit (CRD) resources in the immediate mine area.
Elsewhere at Platosa, interesting mineralization was intersected in Hole LP763, drilled in the Rincon del Caido area 1.2 km NW of the NW corner of the Guadalupe Manto. Anomalous gold, silver, copper, bismuth and antimony were intersected over 3.3 m in a much wider marble unit. Portions of the unit were skarnified and a felsic intrusive was intersected deep in the hole. This combination suggests proximity to a large skarn/intrusive system and is another indication that we may be near a large-tonnage proximal source of the high-grade manto sulphides. Additional drilling is planned for this area.
'It is very encouraging to continue to find high-grade massive sulphides that significantly extend mineralization in close proximity to the underground mine infrastructure at Platosa,' said John Sullivan, Excellon's Vice-President of Exploration. 'This mineralization leads towards the Rincon del Caido area, in either or both of the immediate-mine and Saltillera-La Zorra areas. We will continue to explore these leads aggressively.'
Assays for the nine Platosa holes reported are shown in the table below and on the accompanying drill hole location map. All intervals are estimated true thicknesses. In addition to these nine holes there have been another 26 holes drilled at Platosa since the exploration press release dated June 16, 2010. While none of these intersected significant sulphides, the geological information obtained from them is extremely useful in guiding our exploration program. A property location map, a map showing the Rincon del Caido area and three photographs of core from Hole LP814 are also included.
With respect to the large mining concession acquired in April and located between Platosa and the historic Ojuela Mine, the Company has been informed that the equipment for the planned airborne geophysical survey is now in Mexico and the survey should be carried out during August. The survey will also be flown over the central portion of the Platosa Property and it is hoped targets will be generated in the Saltillera-La Zorra area where the Company continues to explore for a large-tonnage proximal CRD deposit comparable to those in other districts of the Mexican CRD belt. The Platosa Property including the new concession encompasses a total of 42,000 ha (103,780 acres).
At the Miguel Auza property Company geologists are carrying out mapping of selected regional targets and relogging certain historic drill holes, which returned high silver values and have not been systematically followed-up. The objective is to outline additional drill targets on this large but underexplored 41,000 ha (101,310 acres) property.
Excellon's drill core samples are prepared and assayed by SGS Minerals Services (SGS) in Durango, Mexico. The lab is accredited to ISO/IEC 17025. The Company has a comprehensive QAQC program, supervised by an independent Qualified Person, in place.
Qualified Persons
The Company's exploration programs are supervised by John Sullivan, Excellon's Vice-President of exploration, in consultation with Dr. Peter Megaw of IMDEX Inc.
Dr. Peter Megaw, PhD, CPG, and Mr. John Sullivan, BSc., PGeo., have acted as the Qualified Persons, as defined in National Instrument 43-101, for this disclosure.
Dr. Megaw has a PhD in geology and more than 30 years of relevant experience focused on exploring silver and gold systems in Mexico. He is a Certified Professional Geologist (CPG 10227) by the American Institute of Professional Geologists and an Arizona Registered Geologist (ARG 21613). Dr. Megaw is not independent of Excellon as he is a shareholder.
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 and holds common share purchase options.
Table: Platosa Sulphide Intersections and Assay Results
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Interval
width
(metres)
Interval Interval Estimated
from to true Silver Silver Lead Zinc
Location DDH No. (metres) (metres) thickness (g/t) (oz/T) (%) (%)
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6A/6B
Mantos LP782 140.10 142.85 2.75 417 12.2 2.75 2.69
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LP787 128.40 131.90 3.50 591 17.2 7.24 9.60
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LP788 120.60 121.62 1.02 731 21.3 11.00 13.60
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LP796 130.40 130.76 0.36 2,428 70.8 30.50 6.85
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LP801 140.00 148.55 8.55 328 9.6 3.04 4.96
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LP805 134.11 137.30 3.19 706 20.6 9.26 15.79
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LP806 135.86 136.90 1.04 833 24.3 1.45 14.50
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LP810 134.90 138.90 4.00 132 3.9 1.35 5.17
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LP814 138.15 146.57 8.42 711 20.7 10.93 11.70
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Incl. 139.90 146.57 6.67 794 23.2 13.42 14.93
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To view Map 1: Location Map - Platosa and Miguel Auza Properties, please visit the following link: http://media3.marketwire.com/docs/NEX0803a.pdf
To view Map 2: Platosa Mantos and Recent Drill Hole Locations, please visit the following link: http://media3.marketwire.com/docs/NEX0803b.pdf
To view Map 3: Rincon del Caido Area, please visit the following link: http://media3.marketwire.com/docs/NEX0803c.pdf
To view Hole LP814 - Photos of High-grade Drill Core, please visit the following link: http://media3.marketwire.com/docs/NEX0803d.pdf
About Excellon
Excellon, a mineral resource company operating in Durango and Zacatecas States, Mexico, is committed to building value through production, expansion and discovery. Excellon is producing silver, lead and zinc from the high-grade manto Mineral Resource on its large Platosa Property, strategically located in the middle of the Mexican silver belt. In fiscal 2010, Excellon's focus is on expanding its operating capacity and increasing its Mineral Resources at Platosa through a CDN$12 million exploration program where five diamond drills are in operation. The Platosa Property, not fully explored, has several geological indicators of a large mineralized system. The equally large Miguel Auza property hosts an Indicated and Inferred Mineral Resource and was the site of considerable historic mining for silver, (gold), lead and zinc. The exploration potential of Miguel Auza remains to be fully evaluated and is the object of an ongoing exploration program, which began in the fall of 2009. A one-drill initial target-testing program was completed in June.
On behalf of
EXCELLON RESOURCES INC.
Peter Crossgrove, Chairman & Chief Executive Officer
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, and particularly the January 15, 2010 NI 43-101-compliant technical report prepared by Scott Wilson 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.
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.
Contacts:
Excellon Resources Inc.
Morgan Knowles
Director, Investor Relations
(416) 364-1130
mknowles@excellonresources.com
www.excellonresources.com