Excellon expands high-grade zones at Mexico silver properties, stock jumps
Excellon Resources (TSE:EXN) has released exploration results from its Evolucion and Platosa properties in Durango, Mexico, reporting high-grade intercepts at both assets.
At Platosa, host to an operating underground mine, drilling from surface intersected 6.6 metres of 1,757 g/t silver-equivalent at the NE-1S Manto, nearby existing mine workings. Excellon has started additional drilling underground to fill in gaps between future production horizons.
Regional work at Platosa was focused on the Jaboncillo target where 20 holes testing 1,200 metres of strike intersected a hydrothermal alteration system, potentially representing the peripheral part of a carbonate replacement deposit (CRD) system.
The Evolución property covers 45,000 hectares (450 km2) and 35 kilometres of strike in one of the world’s premier silver districts.
At Evolución, 220 km south of Platosa, drilling intersected high-grade mineralization and expanded the Lechuzas zone to 850 metres along strike and 750 meters down dip. Drill highlights include 18.7 metres of 103 g/t silver-equivalent and 4.5 metres of 244 g/t silver-equivalent. Excellon plans to incorporate these results into an initial mineral resource estimate for Lechuzas.
Evolución is host to a 800 t/d mill, which processes ore from the Platosa mine and has spare capacity. Excellon has also identified the Loma de las Minas and Laika targets at the Evolucion property with follow-up work planned for this year.
Last year, Excellon produced 2 million oz. of silver-equivalent with Platosa head grades of 497 g/t silver, 4.82% lead and 6.93% zinc.
At market close Tuesday, Excellon’s stock was up nearly 9% on the TSE. The day’s trading volume reached over 234,000, over double the average. The company has a C$94 million market capitalization.
(A version of this article first appeared in the Canadian Mining Journal)