Excellon discovers new Rodillo Manto at Platosa
Excellon Resources Inc (C:EXN)
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Last Close 1/19/2007 $1.32
Monday January 22 2007 - News Release
Mr. Richard Brissenden reports
EXCELLON RECEIVES HIGH GRADE RESULTS THAT EXPAND GUADALUPE MANTO AND INDICATE NEW MANTO DISCOVERY AT PLATOSA, AND APPOINTS JOHN SULLIVAN AS VICE PRESIDENT-EXPLORATION
Excellon Resources Inc. has high-grade assay results from 13 diamond drill holes containing massive sulphide and sulphide-rich breccia intersections on its 100-per-cent-owned Platosa property in Durango state, Mexico.
Eleven of the holes are from the Guadalupe Manto, the largest massive sulphide body discovered to date on the property, and the results confirm visual assessments of the intersections reported in Stockwatch on Oct. 16, 2006. Silver grades in the 11 holes range between 139 grams per tonne (g/t) and 1,331 g/t (4.5 g/t and 43 ounce per ton); lead grades range between two per cent and 21.4 per cent; and zinc grades range between 0.65 and 19.4 per cent over widths ranging from 0.50 metre to 7.00 metres. Combining these intersections with previously reported holes extends the high-grade massive sulphide mineralization in the Guadalupe Manto at least 150 metres to the northwest past the limits defined in Excellon's National Instrument (NI) 43-101-compliant mineral resource estimate prepared by Scott Wilson Roscoe Postle Associates of Toronto, Ont., independent geological and mining consultants, and reported in Stockwatch on Aug. 17, 2006. The Guadalupe Manto remains open in several directions.
Of the two other holes, LP-325 was drilled in previously untested ground 75 metres northeast of the Guadalupe Manto and cut 5.74 metres of massive sulphides grading 586 g/t (18.8 ounce per ton) silver with 6 per cent lead and 10 per cent zinc. This appears to be an entirely new manto, tentatively named the Rodillo Manto. The remaining hole, LP-322, combines with earlier holes to add significant mineralization to a northerly extension of the previously mined N-1 Manto and may link it with the Guadalupe Manto.
The 11 holes reported here from the northwest extension of the Guadalupe Manto, combined with holes LP-301, LP-302 and LP-304 (all reported in Stockwatch on Oct. 16, 2006), define consistent massive sulphide and sulphide breccia mineralization lying outside the northwestern limits of the Guadalupe Manto as outlined in the NI 43-101 mineral resource estimate. The limits of this portion of the manto have not been reached, but the combined results show that it is over 150 metres long and widens irregularly from 50 metres to over 75 metres wide toward the northwest. Individual intersections in the central portion of the manto range up to seven metres in thickness, but several holes have parallel stacked mantos giving total massive sulphide thicknesses of over 12 metres. No drilling has been done yet to trace this body farther to the northeast, north or northwest.
"We are very pleased to have firmed up this major addition to the Guadalupe Manto and are very optimistic that exploration will continue to expand it to the north and northwest. We now have enough mineralization within reach of our test-mining infrastructure to evaluate construction of a mill. In preparation we have begun the permitting and planning process," said Richard Brissenden, Excellon's chairman and chief executive officer. "We are equally excited by the discovery of what looks like another manto to the northeast of the Guadalupe. Experience has shown us that getting the first hole into a manto is always the toughest, so we look forward to expanding the Rodillo Manto when we bring the rigs back to the mine area."
Drilling has resumed on regional targets away from the immediate vicinity of the Platosa mine. This drilling is testing preliminary geological, geochemical and geophysical targets developed near old mines and prospects within the Sierra Bermejillo range where the Platosa mine is located. The range will be flown in early February with an airborne electromagnetic and magnetic survey, which is expected to aid target selection greatly. An exploration update announcement will be made in the near future.
Excellon appoints John Sullivan as vice president -- exploration
Excellon is also pleased to announce that it has appointed Mr. Sullivan, BSc, PGeo, as vice-president, exploration, effective Jan. 1, 2007.
Mr. Sullivan, a graduate of Queen's University at Kingston, is an economic geologist with over 35 years of experience in the mineral industry. Most recently a senior geologist with Watts, Griffis and McOuat Ltd. (WGM), a Toronto-based international geological and mining engineering consulting firm, he has evaluated properties and prepared NI 43-101 reports on gold and base metal projects in Canada and internationally. Prior to joining WGM, Mr. Sullivan worked at Noranda Inc. (now Xstrata) for 18 years. His final posting was as the director of the El Morro project in Chile, where he was responsible for all aspects of the exploration and mineral resource estimation on the copper-gold porphyry deposit that is presently the subject of a feasibility study. He held senior exploration positions in Canada, where he managed several field offices, leading teams that discovered several small base metal deposits, and spent five years offshore where he directed property evaluation activities and advanced field programs in Europe and Chile. Earlier in his career he served as senior mine geologist in Northern Manitoba.
"The appointment of Mr. Sullivan marks the beginning of a new stage in the company's growth," said Mr. Brissenden, Excellon's chairman and chief executive officer. "His vast experience at managing exploration programs on advanced-stage projects will be a tremendous asset to the development of Excellon's Platosa property, and we believe he and Dr. Peter Megaw, Excellon consulting geologist, will make a great team. Further, his international experience and ability to evaluate properties will help Excellon as it begins to consider other exploration opportunities."
"I look forward to working with a professional of John's calibre," said Dr. Peter Megaw, who will continue to act as a consulting geologist for Excellon.
Qualified persons, quality assurance and quality control
Dr. Peter Megaw, PhD, CPG has acted as the qualified person, as defined in NI 43-101, for the exploration data and supervised the preparation of the technical exploration information on which this news release is based. Dr. Megaw has a PhD in geology and more than 20 years of relevant experience focused on silver and gold mineralization, and exploration and drilling 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 and his company are shareholders.
The Platosa exploration program is designed and supervised by Dr. Megaw, senior consulting geologist to Excellon and its Mexican subsidiary. Drill core samples are prepared by SGS Laboratories in Durango, Mexico, and are assayed by SGS Canada Inc., Mineral Services at its ISO 9001:2000 accredited laboratory in Toronto, Ont. Check assaying is carried out by ALS Chemex of Vancouver, B.C. ALS Chemex has attained ISO 9001:2000 and ISO/IEC Standard 17025 accreditation. Scott Wilson RPA executed the engineering design and is continuing technical adviser of the test-mining program.
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