Jul 9 2012
Excellon Resources Inc., Mexico's highest grade silver producer, is pleased to report results for hole EX12LP-1019 drilled in the Rincon del Caido area adjacent to previously reported holes LP986 and LP1008, both of which encountered encouraging "Source"-type geology and sulphide mineralization.
Hole LP1019 encountered several important sulphide intervals between 516.70 m and 604.00 m down hole, with the bulk of the mineralization found between 516.70 m and 572.16 m. All the mineralization is hosted by a pyroxene and garnet-rich skarn located either at or near a marble-hornfels contact. The hole bottomed in a granitic intrusive at 914 m depth.
John Sullivan, Vice-President of Exploration states; "Management believes that Hole LP 1019 provides the clearest evidence to date that we are now in a Source environment and are getting closer to the large-tonnage CRD/Source that has been the ultimate object of the Company's exploration program since it acquired the Platosa property in 1996." He further noted: "Hole LP1019 displays the style and magnitude of near-Source mineralization that we have anticipated for some time. The exploration team has collected and pieced together the pieces of the highly complicated Platosa geotechnical puzzle and we are delighted that their patience and diligence have again paid off with an important discovery."
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. Company geologists believe the high lead content, consistently anomalous gold values and skarn mineralogy indicate that this area is still somewhat distal to the Source itself, but may lie along the feeder system that leads to the Source. The Source may lie between Rincon del Caido and the high-grade Platosa mantos presently being mined, or farther to the northwest. Given the volume of mineralization, and its high pyrite content, the Company plans to carry out downhole geophysical surveying in mid-July to determine if vectors can be discerned to guide additional drilling. In the meantime all three on-site exploration drills are concentrated at Rincon del Caido.
Assays for the hole LP1019 intersections, with the exception of the interval from 602 m to 604 m where assays remain pending, are found in the table below and Rincon del Caido hole locations are shown on Map 2. Map 3 is a composite cross-section showing holes LP763, LP986, LP1008 and LP1019. The intervals mentioned in this press release are core widths. Mineralization banding lies at a high angle to the core axis, but more geometric information is required to confidently estimate true thicknesses.
Since the exploration press release dated May 30, 2012 three other holes in addition to hole LP1019 have been drilled at Platosa. One was abandoned prior to target depth because of technical problems. All encountered minor sulphides, but none intersected metal values of significance.
Mexican 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.
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 of the Company.