yipppeeeee EXN!!!!
Excellon Drilling Cuts What May Be Best Intersection Yet On Property
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TORONTO, ONTARIO--(CCNMatthews - Aug. 28, 2006) - Excellon Resources Inc.
(TSX VENTURE:EXN)(TSX VENTURE:EXN.DB.U) is pleased to announce that drilling has intercepted what may be the best intersection ever on its 100% owned Platosa Property in Durango State, Mexico. Hole LP-288 has cut 20 metres of mineralization, composed of nearly 10 metres of solid massive sulphides flanked by sulphide-rich breccia and variably mineralized limestone. This intersection lies 30 metres beyond the northern limit of the Guadalupe Manto as outlined in the Scott Wilson RPA, independent geological and mining consultants, NI 43-101 mineral resources estimate reported on August 17, 2006. An adjacent hole, Hole LP-293, cut 15 metres of similar mineralization including 4 metres of solid massive sulphides. LP-293 lies halfway between LP-288 and the northern limit of the Guadalupe Manto as defined by the NI 43-101 mineral resources estimate.
These recent holes appear to define a northwest trend of thickening mineralization, open into untested ground to the northwest and away from the NI 43-101 limits of the Guadalupe Manto. Drilling is pursuing this trend. Assays for both holes are in progress, but Hole LP-196, which lies just to the southeast along the trend (within the NI 43-101 limits of the Guadalupe Manto), cut 9.5 metres grading 1,718 g/T (55.2 oz/T) silver,
15.2 % lead, and 11.6% zinc. Of this, 3 metres were solid massive sulphides.
In addition, Excellon is pleased to report assay results for significant intersections in holes LP-229 to 251 (see table below). All of these holes are step outs on 15-metre grid centres beyond the limits of the recent NI 43-101 mineral resources estimate for the Guadalupe and Guadalupe South Mantos. They reflect 7 (3 from Guadalupe and 4 from Guadalupe South) of 18 significant mineralized intersections that could not be included in the resources estimate due to assay data not being available at that time (see press release of August 17, 2006). The black sulphide sands cut in Hole LP-251 were not included in the August 17,
2006 release as they were not considered significant until assay results showed they contain 4,818 g/T (154.9 oz/T) silver. Assays for the remaining 11 intersections (7 from Guadalupe and 4 from Guadalupe South) are in progress as are five (including the two mentioned in the first paragraph above) additional significant sulphide intersections cut since that release was made.
"We are very encouraged by the thickness trend emerging from the recent Guadalupe Manto intersections since regional experience shows that mantos typically thicken and get larger towards their source. The Guadalupe is already larger than all the Mantos 4, 5, and 6 combined, upon which the test-mining operation was initiated, so having it increase in thickness is a favourable indication that we're exploring in the right direction.
Now that we have established a solid foundation of over two years of test-mine life we look forward to following this manto to its source,"
said Richard Brissenden, Excellon's chairman. "We are also delighted to report that holes lying outside the NI 43-101 mineral resources estimate continue to show substantial thicknesses and grades. These lie on the 15-metre grid pattern up to 45 metres beyond the limits of the current estimate of mineral resources and experience suggests that these are continuations of the major mantos. We expect this mineralization will add significantly to the life of our test-mine."
Three surface drilling rigs are operating on the Platosa/Saltierra
Properties: one drilling regional targets, one drilling the northwest extension of the Guadalupe Manto, and one drilling the area between the
N-1 and the Guadalupe Mantos. In addition to the intersections around the Guadalupe Mantos mentioned above, assays are pending for a number of the regional holes, including two drilled 17 kilometres to the south of the Platosa Mine at the Cerros San Gilberto target where high silver values (some greater than 500 g/T) have been encountered in a series of old prospect pits. Regional geophysical data suggest this may be linked to the Platosa system. An update on the regional drilling will be issued within the next month. |
