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Excellon drills 2,860 g/t silver equivalent over 7.5 metres at Platosa

Excellon Resources Inc. (TSX:EXN, EXN.WT; NYSE:EXN; FRA:E4X2) (“Excellon” or the “Company”) is pleased to announce…

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This article was originally published by Resource World

Excellon Resources Inc. (TSX:EXN, EXN.WT; NYSE:EXN; FRA:E4X2) (“Excellon” or the “Company”) is pleased to announce results from underground drilling at the Platosa Mine in Durango, Mexico.

Highlights

  • Further high-grade results from the 623, NE-1S, and Guadalupe South mantos, with diamond drilling results from underground including:
    • 2,860 g/t silver equivalent (“AgEq”) over 7.5 metres (1,570 g/t Ag, 10.4% Pb, 29.6% Zn and 0.1 g/t Au) and 667 g/t AgEq over 2.5 metres (479 g/t Ag, 4,6% Pb and 2.0% Zn) in EX21UG690;
    • 2,009 g/t AgEq over 3.1 metres (1,214 g/t Ag, 8.3% Pb and 16.9% Zn) in EX21UG687;
    • 5,574 g/t AgEq over 0.8 metres (5,052 g/t Ag, 18.4% Pb, 1.3% Zn and 0.1 g/t Au) in EX21UG641;
    • 742 g/t AgEq over 4.8 metres (391 g/t Ag, 6.6% Pb and 5.3% Zn) in EX21UG633;
    • 5,432 g/t AgEq over 0.6 metres (5,012 g/t Ag, 15.8% Pb, 0.4% Zn and 0.1 g/t Au) in EX21UG673;
  • Underground drilling continues to define and delineate mineralization for 2021 and 2022 production; and
  • Potential new zone of high-grade mineralization discovered in EX21UG690 below historically mined zone in Guadalupe South, with upcoming drilling to test vertical attitude and extent.

“Drilling at Platosa continues to define high-grade mineralization ahead of production,” stated Ben Pullinger, Senior Vice President Geology & Corporate Development. “With EX21UG690, we have potentially discovered a new zone of very high-grade mineralization sitting below the historically mined upper part of the 623 Manto. This mineralization is located approximately 80 metres above the deepest current development heading and appears to have a vertical attitude that was not tested in historical drilling. Follow-up drilling to test this zone is an immediate priority of the ongoing drill campaign.”

Exploration Results

The following table shows highlighted intervals from the current definition and infill program being conducted from underground at Platosa:

Drilling from underground continues to define and expand known mineralization ahead of production at the 623 and NE-1S mantos. Drilling at Platosa will continue to target areas ahead of production and test the extent of mineralization around mine workings.

EX21UG690 is particularly noteworthy, as high-grade mineralization was intersected approximately 10 metres below historically mined mineralization at the top of the 623 Manto, approximately 80 metres above the deepest current heading at Platosa. This mineralization appears to have a sub-vertical bearing that is different from the predominantly horizontal bearing of mineralization at Platosa. Follow-up drilling to test this zone is an immediate priority of the ongoing drill campaign, with preparation underway for a more optimal drilling location.

Technical Information and Quality Control Notes

The drilling results contained in this news release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”).

Platosa drill core samples are prepared and assayed by SGS Minerals Services in Durango, Mexico. The lab is accredited to ISO/IEC 17025. Assay turnarounds have been impacted recently by supply and labour shortages related to COVID-19. The Company has a comprehensive QA/QC program, supervised by an independent Qualified Person.

The sampling of, and assay data from, the core sampling and reporting is monitored through a quality assurance and quality control (QAQC) program designed according to best industry practice.  Samples from HQ sized drill core are selected by Excellon geologists and cut into halves at the project site. Half of the core is retained at the site for reference purposes. Sample intervals vary from 0.3 to 1.5 metres in length with samples being selected to honour geological contacts. Samples are labeled and packed into sealed plastic bags which are grouped into larger fiber bags for shipping. A formal chain-of-custody procedure is in place for security of samples from project to laboratory.

Samples are shipped to SGS Laboratories in Durango City. Samples then undergo crushing to two millimetres followed by pulverizing to homogenize samples before a 50-gram sub sample is selected for analysis. The samples are then analyzed using fire assay for gold and silver with a gravimetric finish and multi-element analysis performed by ICP analysis for base metals and multi-element data.

Qualified Person

Mr. Ben Pullinger, P.Geo., Senior Vice President Geology & Corporate Development, has acted as the Qualified Person, as defined in NI 43-101, with respect to the disclosure of the scientific and technical information contained in this press release.

About Excellon

Excellon’s vision is to create wealth by realizing strategic opportunities through discipline and innovation for the benefit of our employees, communities and shareholders. The Company is advancing a precious metals growth pipeline that includes: Platosa, Mexico’s highest-grade silver mine since production commenced in 2005; Kilgore, a high-quality advanced exploration gold project in Idaho with strong economics and significant growth and discovery potential; and an option on Silver City, a high-grade epithermal silver district in Saxony, Germany with 750 years of mining history and no modern exploration. The Company also aims to continue capitalizing on current market conditions by acquiring undervalued projects.

Additional details on Excellon’s properties are available at www.excellonresources.com.

For Further Information, Please Contact:

Excellon Resources Inc.
Brendan Cahill, President & Chief Executive Officer

Ben Pullinger, Senior Vice President Geology & Corporate Development
(416) 364-1130
[email protected]
www.excellonresources.com

Forward-Looking Statements

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. 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 mineral resources estimates, 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, 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. 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. 

Cautionary Note to U.S. Investors: The terms “mineral resource,” “measured mineral resource,” “indicated mineral resource” and “inferred mineral resource,” as used on Excellon’s website and in its press releases are Canadian mining terms that are defined in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). These Canadian terms are not defined terms under United States Securities and Exchange Commission (“SEC”) Industry Guide 7 and are normally not permitted to be used in reports and registration statements filed with the SEC by U.S. registered companies.  The SEC permits U.S. companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. Accordingly, note that information describing the Company’s “mineral resources” is not directly comparable to information made public by U.S. companies subject to reporting requirements under U.S. securities laws. U.S. investors are urged to consider closely the disclosure in the Company’s Form 40-F which may be secured from the Company, or online at http://www.sec.gov/edgar.shtml.








Author: Resource World

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Indiana follows up 16m @ 13.12g/t gold hit with new drilling campaign

Special Report: Drilling has begun at Indiana Resources’ Central Gawler Craton gold project in South Australia, with 19 holes planned … Read More
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Drilling has begun at Indiana Resources’ Central Gawler Craton gold project in South Australia, with 19 holes planned for the shallow, high grade ‘Minos’ and ‘Ariadne’ prospects.

Minos is located within the Lake Labyrinth Shear Zone (LLSZ), a 30km long regional structure at least 50 to 100 metres wide that the Indiana (ASX:IDA) believes has acted as a ‘pathway’ for ore forming fluids.

However, because the entire area is covered by at least 1 to 2 metres of soil and calcrete, the only surface expression of mineralisation within the main LLSZ near Minos is at Ariadne. The rest is essentially unexplored.

This new drilling campaign will follow up previous drilling at Minos which pulled several super thick, high grade and shallow hits like 38m at 6.54 g/t Au from 29m (including 16m @ 13.12 g/t gold from 37m).

The planned seven-hole program will ‘infill’ the existing drill hole coverage and provide further geological information for inclusion in the proposed resource estimate for Minos.

Four of the seven planned drill holes are ‘step-outs’ to test for extensions to previously reported mineralisation.

Twelve holes are also planned for the Ariadne prospect, about 700m away.

Indiana Resources

Minos to Ariadne – significant drilling results.

The drilling program at Ariadne will focus on the centre of the known gold mineralised zone where many of the historical drill holes were only assayed as 4m composites.

Previous intercepts here include 8m @ 3.12g/t gold.

This will be the first of several planned drilling programs at Ariadne to add to a potential resource base for the Minos-Ariadne area, IDA says.

“The results to date from our successive drilling programs at Minos have been outstanding and we look forward to the results from further drilling at Minos which will add to the existing drilling database and the aim of producing a maiden resource estimation,” IDA executive chairman Bronwyn Barnes says.

“We believe there is significant potential to discover further mineralised zones along the Lake Labyrinth Shear Zone and the company is well funded to ramp up exploration once all necessary approvals are received.”

Several other high potential targets remain within the tenement portfolio and the company is working through land access requirements to expand its exploration footprint in this exciting region.

 


 

 

This article was developed in collaboration with Indiana Resources, a Stockhead advertiser at the time of publishing.

 

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

The post Indiana follows up 16m @ 13.12g/t gold hit with new drilling campaign appeared first on Stockhead.



Author: Special Report

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Energy & Critical Metals

Critical Resources nabs Mavis Lake project and foothold in established Canadian lithium province

Special Report: Critical minerals explorer Critical Resources has notched another arrow to its bow, signing a binding terms sheet with … Read More
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Critical minerals explorer Critical Resources has notched another arrow to its bow, signing a binding terms sheet with Essential Metals (ASX:ESS) and International Lithium Corporation (TSVX:ILC) for a 100% interest in the Mavis Lake lithium project in Canada.

The proposed acquisition is a big opportunity for Critical Resources (ASX:CRR) to add a high-quality critical minerals project with excellent further exploration potential to its portfolio.

Especially considering the strong outlook for the lithium market.

The price for lithium carbonate, 99.5% Li2CO3 min, battery grade, spot price CIF China, Japan, and Korea is sitting around US$26/kg.

Not to mention, Canada is a first-class low-risk mining jurisdiction which is strategically located for lithium offtake into the North American manufacturing markets – with the project close to the Trans-Canada highway and railway arteries.

Pic: Location of the Mavis Lake lithium project.

Excellent opportunity to enter the lithium market

Previous drill programs in 2018 returned high-grade lithium oxide intercepts including 55.25m at 1.04% from 82.75m, and 26.30m at 1.70% from 111.9m including 7.70m at 2.97% from 130.5m – which the company says presents significant exploration potential.

“The Mavis Lake terms sheet presents an excellent opportunity for the company to add a high-quality project to our portfolio that further increases our exposure to critical minerals,” Critical Resources (ASX:CRR) CEO Alex Biggs said.

“The company is on a trajectory to become a high growth business focused on building a project pipeline based on asset quality and exposure to in-demand minerals.

“Our focus for this year remains on the upcoming exploration of our Halls Peak base metals asset in New South Wales, Australia which we are very excited about.

“The Mavis Lake project fits all these requirements and provides an excellent entry to the lithium market with an asset that offers excellent prospectivity in a tier 1 jurisdiction.

“Due diligence is ongoing, and we will update the market in due course.”

Exclusivity fee allows due diligence 

As part of the terms of the agreement, the company will pay a total non-refundable exclusivity fee of $200,000, which provides exclusivity until 4 January 2022 – during which Critical Resources will undertake due diligence on the project.

Subject to the satisfaction of the conditions precedent, at completion the company will be required to:

  • Pay $1.5 million cash payment to the sellers;
  • Issue 68,000,000 shares in Critical Resources to the sellers (or their nominees) at an issue price of $0.022 per share (a deemed value of $1.496 million); and
  • Issue 8,000,000 fully paid ordinary shares to the deal facilitator who is a non-related party.

Milestone 1 payment and deferred consideration includes:

  • Payment of $1.50 million cash to the sellers; and
  • $100,000 of fully paid ordinary shares in Critical Resources (up to a maximum of 4,000,000 shares) to the facilitator upon definition of JORC compliant resource of not less than 5.00 million tonnes containing not less than 50,000t of Li2

Milestone 2 payment and deferred consideration includes:

  • Payment of $1.50 million cash to the sellers; and
  • $100,000 of fully paid ordinary shares (up to a maximum of 4,000,000 shares) in Critical Resources to the facilitator upon definition of JORC compliant resource of not less than 10.0 million tonnes containing not less than 100,000t of Li2

$4 million placement planned

As a condition to completion of the acquisition, Critical Resources will conduct a capital raising via a placement to professional and sophisticated investors at $0.029 per share to raise around $4 million. The company confirmed all directors will be participating in the raise.

Participants will receive one free attaching option for every three shares with an exercise price of $0.04 and expiring 3 December 2024.

The proceeds will fund

  • Halls Peak drilling: $1.5 million;
  • Mavis Lake Lithium acquisition, preliminary drilling, and associated costs: $2.15 million; and
  • Corporate and working capital: $0.350 million.

Sixty Two Capital Pty Ltd is the lead manager and on completion will be entitled to a capital raising fee of 6% of the total amount – and subject to shareholder approval, will be entitled to be granted 15,000,000 unlisted lead manager options with an exercise price of $0.04 and expiring 3 December 2024.

 


 

 

This article was developed in collaboration with Critical Resources Limited, a Stockhead advertiser at the time of publishing.

 

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

The post Critical Resources nabs Mavis Lake project and foothold in established Canadian lithium province appeared first on Stockhead.



Author: Special Report

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Precious Metals

Current Bitcoin Fear & Greed Index

Each day, we analyze emotions and sentiments from different sources and crunch them into one simple number: The Fear & Greed Index for Bitcoin and…

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Each day, we analyze emotions and sentiments from different sources and crunch them into one simple number: The Fear & Greed Index for Bitcoin and other large cryptocurrencies.
This post by Lorimer Wilson, Managing Editor of munKNEE.com is an edited ([ ]) and abridged (…) version of an article by Alternative.me for the sake of clarity and length to ensure a fast and easy read.
<img src=”https://alternative.me/crypto/fear-and-greed-index.png” alt=”Latest Crypto Fear & Greed Index” />

Why Measure Fear and Greed?

The crypto market behaviour is very emotional. People tend to get greedy when the market is rising which results in FOMO (Fear Of Missing Out). Also, people often sell their coins in irrational reaction of seeing red numbers. With our Fear and Greed Index, we try to save you from your own emotional overreactions. There are two simple assumptions:

  • Extreme fear can be a sign that investors are too worried. That could be a buying opportunity.
  • When Investors are getting too greedy, that means the market is due for a correction.

Therefore, we analyze the current sentiment of the Bitcoin market and crunch the numbers into a simple meter from 0 to 100. Zero means “Extreme Fear”, while 100 means “Extreme Greed”. See below for further information on our data sources.

Data Sources

We are gathering data from the five following sources. Each data point is valued the same as the day before in order to visualize a meaningful progress in sentiment change of the crypto market…

1. Volatility (25 %)

We’re measuring the current volatility and max. drawdowns of bitcoin and compare it with the corresponding average values of the last 30 days and 90 days. We argue that an unusual rise in volatility is a sign of a fearful market.

2. Market Momentum/Volume (25%)

Also, we’re measuring the current volume and market momentum (again in comparison with the last 30/90 day average values) and put those two values together. Generally, when we see high buying volumes in a positive market on a daily basis, we conclude that the market acts overly greedy / too bullish.

3. Social Media (15%)

While our reddit sentiment analysis is still not in the live index (we’re still experimenting some market-related key words in the text processing algorithm), our twitter analysis is running. There, we gather and count posts on various hashtags for each coin (publicly, we show only those for Bitcoin) and check how fast and how many interactions they receive in certain time frames). A unusual high interaction rate results in a grown public interest in the coin and in our eyes, corresponds to a greedy market behaviour.

4. Dominance (10%)

The dominance of a coin resembles the market cap share of the whole crypto market. Especially for Bitcoin, we think that a rise in Bitcoin dominance is caused by a fear of (and thus a reduction of) too speculative alt-coin investments, since Bitcoin is becoming more and more the safe haven of crypto. On the other side, when Bitcoin dominance shrinks, people are getting more greedy by investing in more risky alt-coins, dreaming of their chance in the next big bull run. By analyzing the dominance for a coin other than Bitcoin, you could argue the other way round, since more interest in an alt-coin may conclude a bullish/greedy behaviour for that specific coin.

5. Trends (10%)

We pull Google Trends data for various Bitcoin related search queries and crunch those numbers, especially the change of search volumes as well as recommended other currently popular searches. For example, if you check Google Trends for “Bitcoin”, you can’t get much information from the search volume. Currently, you can see that there is a +1,550% rise of the query “bitcoin price manipulation“ in the box of related search queries (as of 05/29/2018). This is clearly a sign of fear in the market, and we use that for our index.

 

Surveys (15%) currently paused

Together with strawpoll.com (disclaimer: we own this site, too), quite a large public polling platform, we’re conducting weekly crypto polls and ask people how they see the market. Usually, we’re seeing 2,000 – 3,000 votes on each poll, so we do get a picture of the sentiment of a group of crypto investors. We don’t give those results too much attention, but it was quite useful in the beginning of our studies. You can see some recent results here.

Editor’s Note:  The author’s views and conclusions are unaltered and no personal comments have been included to maintain the integrity of the original article.  Furthermore, the views, conclusions and any recommendations offered in this article are not to be construed as an endorsement of such by the editor.

Related Articles from the munKNEE Vault:

1. Bitcoin Surges; Dollar Dives; U.S. Economic Outlook Plummets

Tuesday was all about two things – what went up and what went down – and below is a look at what happened in chart form.

2. New ETF Will Make It Easier, Safer & More Convenient To Invest In Bitcoin

A futures-based exchange-traded funds based on Bitcoin called the ProShares Bitcoin Strategy ETF (BITO) started yesterday and I believe it will be a major factor in making the process to invest in Bitcoins considerably easier, safer, and more convenient. Here are 5 reasons why:

3. Average of 50 Bitcoin Price Predictions: End of 2021 ($71,445); By 2025 ($249,578) and $5,237,082 By 2030

Find out why 50 industry experts think Bitcoin will be worth US$71,415 by the end of 2021, before rising to US$249,578 by 2025 and why holding till 2030 will be the real payoff.

4. Bitcoin Is Going To $500,000 and the Rationale Is Simple

While there are risks, cryptocurrencies can reap huge rewards for those who make the right investment decisions. In this blog post, we discuss how to invest in cryptocurrency and what you need to know if you want to get involved!

8. Bitcoin vs. Gold: Which Is the Better Asset To Own?

Gold and Crypto are both expected to embark on their next bull run and, a disadvantage to owning one asset is often an advantage of owning the other. Therefore, we believe both deserve a place in your portfolio for at least insurance purposes.

9. Bitcoin vs Gold: A Surprising Price Correlation

It would be wise for bitcoin traders to use any kind of hedge that they can find and over the past few months, one such hedge has been, ironically, gold.

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The post Current Bitcoin Fear & Greed Index appeared first on munKNEE.com.


Author: Lorimer Wilson

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