Mexican Exploration Ongoing
Excellon Resources Inc. (TSX:EXN) has released an update of the Mineral Resource Estimate for the Platosa Mine in Mexico.
Highlights
- Platosa Mineral Resource Estimate updated to include 187 exploration drill holes from surface and underground for approximately 21,400 metres of drilling up to February 28, 2021, with underground drilling ongoing to define additional mineralisation
- Updated Platosa technical report to be published during Q2 2021
- Company-wide consolidated mineral resource growth during 2020 through resource expansion and acquisition
“Our update of the Platosa Mineral Resources Estimate is a snapshot in time amid the opportunities we see to continue growing the mineral resource through the ongoing underground and surface drilling programs,” President and CEO, Brendan Cahill, said.
“Importantly, recent drilling of the Guadalupe North Manto, including 6.5 metres grading 1,293 g/t AgEq, indicates the potential to revitalise and define additional mineralisation in historically-mined areas.
“Earlier periods of operation were constrained by water management, higher costs and lower productivity and silver prices. We are now reassessing a number of these areas that are now entirely free of water and may host mineralisation that is now accessible.”
“On a consolidated level, we multiplied our metal resource inventory during 2020 through the discovery and definition of a mineral resource at Evolución in Zacatecas and the acquisition of the Kilgore and Oakley projects in Idaho.”
The updted Mineral Resource Statement for the Platosa Mine, Mexico, SRK Consulting (Canada) Inc., March 31, 2021 is:
Total: 317,000 tonnes of ore measuring 485 g/t silver, 5.3% lead, 5.5% zinc for a total of 4,948 ounces of silver, 36,797 pounds of lead and 38,781 pounds of zinc.
Mineral resources at Platosa are estimated based on drilling up to February 28, 2021. The company is currently continuing its expansion and infill drilling programme from dedicated underground infrastructure with results from this programme to be included in subsequent resource updates. This program has been progressing well since Q3 2020 after facing challenges in 2019 and 2020 due to management changes, accessibility of drilling platforms and COVID-19 (in H1 2020).
Since the last resource update as at March 31, 2018, 187 exploration holes from surface and underground have been completed totalling approximately 21,400m. The mineral resource estimation update included a geological modelling audit, grade estimation, sensitivity analyses, and mineral resource classification.
Exploration at Platosa is ongoing, with one drill rig testing the 10-20 target in the Platosa Corridor southeast of the Mine and one drill rig testing targets at Jaboncillo, 11 km northwest of the Mine. Underground drilling is ongoing, with two drill rigs continuing to further expand and delineate mineralisation within the mine area. Drilling is expected to continue throughout the year.
