Excellon Resources Inc.

Excellon Resources Inc.

May 02, 2011 09:30 ET

Excellon Announces New Assays From the High-Grade Pierna Manto and Provides an Exploration Update

1,412 g/t (41 oz/T) Ag, 19% Pb, 18% Zn Over 2.55 m in Hole EX11-LP904

TORONTO, ONTARIO--(Marketwire - May 2, 2011) - Excellon Resources Inc. (TSX:EXN) is pleased to announce assays for six holes from the initial 2011 drilling program at the Platosa Property. Five are from the Pierna Manto discovered in October 2010 and the sixth from the 6A/6B Manto, which was considerably expanded to the northwest during 2010 drilling. The best hole in Pierna was LP904, which intersected 2.55 metres (m) of massive sulphides grading 1,412 g/t (41 oz/T) Ag, 18.99% Pb, 18.44% Zn. Hole LP903 also intersected very high values. The Pierna Manto remains open to the north and northwest along a significant northwest-southeast trending structure and drilling continues.

The Company mobilized a second drill in late March to begin drilling targets generated by a ZTEM airborne geophysical survey completed in the fall of 2010 (see Press Release dated March 25, 2011). The targets are estimated to be at 500 m or more vertical depths. Drilling progress has been slow and there are no results to report at this time. More detailed ZTEM data interpretation is ongoing and targets have been defined on the 17,000 ha Excelmex VII concession, which adjoins the original Platosa land package to the south.

"We are very pleased to see the high-grade Pierna and 6A/6B Mantos continue to grow. We are already mining portions of the sulphides discovered in the extension of the 6A/6B Manto during 2010, proving the value of continued exploration near existing underground mining infrastructure," said John Sullivan, Excellon's Vice-President of Exploration. "We are also eagerly awaiting the first concrete results from drilling of our ZTEM targets and remain confident that this survey will materially guide exploration for a large-tonnage proximal carbonate replacement deposit at Platosa."

Assay details are shown in the Table and the holes are located on Map 2 below. All intervals are estimated true thicknesses. In addition to these six holes there have been nine other holes drilled at Platosa since the exploration press release dated January 13, 2011. Two of these were abandoned prior to reaching their intended targets and none of the other seven intersected significant values.

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.

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.

Table: Platosa Assay Results (intervals are estimated true thicknesses)
LocationDDH No.Interval
From (m)
To (m)
width (m)
Pierna MantoLP893163.50164.61.1057516.85.0919.60
6A/6B Manto Ext.LP886107.00108.401.401594.61.510.94

To view, "Map 1: Location Map – Platosa Property," please visit the following link: http://media3.marketwire.com/docs/exn502Fig1.pdf

To view, "Map 2: Platosa Mantos and Recent Drill Hole Locations," please visit the following link: http://media3.marketwire.com/docs/exn502Fig2.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. Excellon's focus is on expanding its operating capacity and increasing its Mineral Resources at Platosa where an exploration program focused on diamond drilling and advanced geophysical techniques is ongoing. The Platosa Property, not fully explored, has several geological indicators of a large mineralized system.


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.

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