409 g/t (11.9 oz/T) Ag, 10.23% Pb, 8.37% Zn, 0.114 g/t Au over 6.68 metres and 185 g/t (5.4 oz/T) Ag, 5.22% Pb, 5.58% Zn, 0.478 g/t Au over 10.33 metres in hole LP1030
Platosa Exploration Highlights:
- Holes LP1028 and LP1030 encountered significant widths of semi-massive to massive to patchy sulphides at Rincon del Caido, 1 km northwest of the Platosa Mine;
- Both holes intersected multiple intersections of high metal values, including:
- 162 g/t (4.7 oz/T) Ag, 4.70% Pb, 4.06% Zn, 0.045 g/t Au over 10.46 metres ("m"), incl. 321 g/t (9.4 oz/T) Ag, 9.10% Pb, 9.26% Zn, 0.092 g/t Au over 4.46 m in LP1028;
- 409 g/t (11.9 oz/T) Ag, 10.23% Pb, 8.37% Zn 0.114 g/t Au over 6.68 m & 185 g/t (5.4 oz/T) Ag, 5.22% Pb, 5.58% Zn, 0.478 g/t Au over 10.33 m in hole LP1030;
- Anomalous gold values (incl. 3.34 g/t over 0.65 m in LP1030), combined with anomalous bismuth (1,885 ppm over 1.5 m in LP1030) and copper (0.27% over 1.3 m in LP1028 and 0.36% over 2.9 m in LP1030), continue to suggest increasing proximity to the Source of the high-grade Platosa mantos;
- Four drills continue to be deployed at Rincón del Caído, with a fifth expected to be added in the coming weeks.
Toronto Stock Exchange - EXN
TORONTO, Nov. 15, 2012 /CNW/ - Excellon Resources Inc. (TSX: EXN) ("Excellon" or "the Company"), Mexico's highest grade silver producer, is pleased to report results for diamond drill holes EX12LP1028 and LP1030 drilled in the Rincón del Caído ("Rincón") area, 1 km northwest of the Platosa Mine. Both holes encountered significant sulphide mineralization within "Source"-type geology. The holes are step-outs from discovery-drill hole LP1019 (see press releases dated July 9 and October 24, 2012). To date, eight holes have now encountered very encouraging results within a growing irregularly shaped area roughly 90 m from east to west and 60 m north to south that remains largely open. Drilling continues with four rigs and a fifth drill rig is expected to be added in the coming weeks.
"The continued expansion of Source-style sulphide mineralization along with the high grades encountered in our most recent holes are very encouraging developments for Excellon," stated John Sullivan, Vice-President of Exploration. "The area between Rincón and the Platosa mantos remains open for the discovery of both the Source of the mantos and additional manto mineralization. We look forward to continuing and accelerating the search and expect to add a fifth rig to the program in the coming weeks."
Table 1: Platosa Assay Results
|Location||DDH No.|| Interval
|Rincón del Caído||LP1028||545.59||556.05||10.46||162||4.7||4.20||4.06||0.045|
|*||Both holes were drilled vertical and intervals are core widths. Mineralization banding lies at highly variable angles to core axes in both holes (as is typical of skarn-related sulphide mineralization) and data points remain sparse. Further geometric information is required to estimate true thicknesses.|
The Rincón mineralization is developed in a marbleized limestone sequence located beneath the thick hornfelsed shale unit that underlies the dolomitized limestones hosting the Platosa Mantos (Map 3). Relatively pristine marble extends for tens of metres below the skarn and all holes bottom in high-silica, crowded granite porphyry containing small amounts of pyrite located at approximately 800 m vertical depth. Several of the sulphide intercepts surround pervasively sericitized felsic dykes.
The orientation of the mineralized skarn cannot yet be determined, but the pattern of intersections suggests strong structural control. This control may be reflected by the numerous high-angle structures that cut the overlying rock units in all holes. These structures are being carefully sampled to determine if one of them was the pathway along which mineralizing fluids escaped from beneath the hornfels into the upper, manto-hosting limestone units.
The downhole geophysical survey intended to gather orientation data to guide further drilling has been completed and the Company expects to have preliminary results later in the month.
Since the exploration press release dated October 24, 2012, four holes in addition to LP1028 and LP1030 have been drilled at Rincón. Holes LP1026, LP1027A and LP1029 encountered only minor sulphides, but do not close off the area. Hole LP1032 was abandoned prior to reaching target depth because of technical problems.
Platosa 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, Excellon's Vice-President of Exploration and he has acted as the Qualified Person, as defined in National Instrument 43-101 ("NI 43-101"), for this disclosure.
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 in production. 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 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 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.
Image with caption: "Map 1: Location Map - Platosa Property (CNW Group/Excellon Resources Inc.)". Image available at: http://photos.newswire.ca/images/download/20121115_C8374_PHOTO_EN_20712.jpg
Image with caption: "Map 2: Location Map - Rincón del Caído Area (CNW Group/Excellon Resources Inc.)". Image available at: http://photos.newswire.ca/images/download/20121115_C8374_PHOTO_EN_20713.jpg
Image with caption: "Map 3: Rincón del Caído Composite Vertical Cross-section (CNW Group/Excellon Resources Inc.)". Image available at: http://photos.newswire.ca/images/download/20121115_C8374_PHOTO_EN_20714.jpg
SOURCE: Excellon Resources Inc.
For further information:
Excellon Resources Inc.
Joanne C. Jobin, Vice President, Investor Relations
T. (416) 364-1130 E. [email protected]