Looks like the assays will be available soon:
Excellon Resources Inc
EXN
Shares issued 6,699,805
1999-01-26 close $0.23
Wednesday Jan 27 1999
Mr. A. Douglas MacKenzie reports
Excellon has been advised by Apex Silver Mines Limited that it has completed
five diamond drill holes totalling approximately 800 metres on the Platosa
property. Four holes were drilled from east to west below existing underground
workings along a northwest/southeast strike length of approximately 165 metres
and the fifth hole was drilled vertically approximately 25 metres to the east. Drill
program assays are pending and further information will be released once received
from Apex.
The Platosa property (approximately 20,000 acres) is five kilometres northwest of
Bermijillo, Durango State, Mexico and lies 1.5 kilometres from a major paved
highway, railroad and electric supply. The following paragraph is a summary taken
from a December 1997 report prepared by Excellon's geological consultants.
Mineralization observed at Platosa is typical of that seen throughout the 2,200
kilometre long belt of replacement-skarn deposits that crosses northern Mexico.
Platosa lies centrally within this belt and offers attractive possibilities for containing
additional economic base metals-rich and precious metals-rich skarn replacement
ores. The area lies only 25 kilometres from the Ojuela mine at Mapimi which
produced five to six million tons of ore grading in excess of 3.5 grams per tonne
Au, 475 g/t Ag, 15 per cent Pb, 10 per cent Zn and 0.2 per cent Cu (Penoles
Company data, 1986). There has been previous mining at Platosa where more
than 75,000 tons of high-grade ores were recovered from the old workings. Five
selected samples were taken from the existing underground workings. Assays
from the samples ranged from 0.3 g/t to 9.6 g/t Au, 960 g/t to 1,600 g/t Ag, 12
per cent to 19 per cent Pb, 5.1 per cent to 39 per cent Zn, and 1 percent to 3 per
cent Cu. Furthermore, 1970s vintage smelter liquidation sheets for the Platosa
mine ores show 0.35 g/t to 1.75 g/t Au, 3,000 g/t to 3,750 g/t Ag, 30 per cent to
40 per cent Pb, and 2.0 per cent to 12 per cent Zn. The fact that these grades and
the style of mineralization are similar to those at Mapimi strongly indicates the
Mapimi-like ore bodies and/or metals contents might be expected at Platosa. The
property has been owned by a Mexican family and until Excellon and Apex's
recent involvement has never had modern geological techniques applied to it nor
has it ever been drilled.
On Aug. 18, 1998 Excellon signed an exploration and development agreement
with Apex with respect to the Platosa property. Apex is a worldwide mining
exploration and development company with a primary focus on silver. Its shares
are listed on the American Stock Exchange.
Under the terms of the agreement Apex can earn a 65 per cent direct interest in
the property with Excellon retaining a 35 per cent interest. At that point a joint
venture would be formed. Should Apex decide to bring the property into
production it would provide Excellon with a bankable feasibility study.
The agreement provides for property payments by Apex to Excellon of
$1.35-million (U.S.) over 4.5 years and minimum exploration expenditures of
$1.5-million (U.S.) by Apex over five years with a minimum of $100,000 (U.S.)
in the first year. On signing Apex made an initial property payment to Excellon of
$75,000 (U.S.) Excellon is responsible for making all property payments (totalling
$973,000 (U.S.) over 4.5 years) to the underlying property owners during the
option period.
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