Los Ricos Project Demonstrates Significant Potential In 2021HALIFAX, NS - GoGold Resources Inc. President and…
Evolucion Project Updated Mineral Resource Estimate
Evolucion Project Updated Mineral Resource Estimate
TORONTO – Excellon Resources Inc. reported an updated Mineral Resource Estimate (MRE) for the Calvario and Lechuzas Zones on the Evolucion Project in Zacatecas, Mexico. Highlights: Updated MRE incorporates 17,120 meters of additional surface drilling completed in the resource area from June 2018 to December 31, 2019; Indicated resource of 6,407,000 tonnes at 170 g/t silver equivalent (“AgEq”) representing 35,091,000 AgEq ounces; Inferred resource of 14,960,000 tonnes at 135 g/t AgEq representing 64,813,000 AgEq ounces; And Expansion drilling being planned to test the strike extension of the mineralized zones and follow up on parallel structures, where grab samples taken during detailed mapping in 2020 returned values of up to 2.30 g/t Au, 203 g/t Ag and 10.4% Pb.
“We discovered the Lechuzas zone adjacent to our Miguel Auza mill in late 2018 and identified a sizable mineral resource that, when combined with the historic Calvario Vein, is similar to other deposits currently producing in the region,” stated Ben Pullinger, SVP Geology. “This MRE represents a sizable addition to Excellon’s overall metal inventory and a foundation to further advance the project, as both Lechuzas and Calvario are open for extension along strike and at depth.”
This model incorporates data from 239 drill holes (68,361 meters) completed by previous operators at Calvario and 34 diamond holes (14,509 meters) completed by Excellon from 2018 to 2020 on the Lechuzas zone. Additional work completed and integrated into the model included structural studies completed in 2018, oriented core data, petrographic studies, re-logging and re-assaying of historical mineralized intersections and a re-interpretation of the geology and mineralization of the studied area.
Mineral resource modeling of the Evolucion Project incorporates lithological and structural geology modeling and grade interpolation. SRK used the available data to create a geological model delimiting the different mineralized domains in Leapfrog Geoâ„¢. The model comprises a total of twelve high-grade veins (eight at Calvario and four at Lechuzas), and three low-grade haloes for each zone.
The high-grade vein domains were generated using a combination of geological descriptions, where they were available, and AgEq values. The high-grade domains were constrained based on economic composites greater than 10 g/t AgEq threshold and a maximum waste inclusion of 1 meter. Low-grade domains were modeled based on economic composites of 2 g/t AgEq threshold and a maximum of 3 meters waste inclusion, and further constrained using interval selections based on structural trends. The AgEq calculations are based on a silver price of US$17.00 per troy ounce (t oz) and a silver recovery of 76%; a gold price of US$1,550 per t oz and a gold recovery of 20%; a lead price of US$0.90 per lb and a lead recovery of 90%; and a zinc price of US$1.15 per lb and a zinc recovery of 88%. Recovery values are based upon the total overall recovery values documented by Roscoe Postle Associates Inc. (2008), determined by the metallurgical test-work completed by Silver Eagle Mines Inc.
Approximately 12% of the tonnage within the MRE (26% of the indicated tonnage and 6% of the inferred tonnage) is located within the La Antigua concession (part of the Evolucion Project), which is the subject of litigation between a subsidiary of Excellon and a plaintiff. The initial decision in respect of this litigation does not affect Excellon’s contractual rights to this concession.
The MRE was prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum’s (CIM) ‘Mineral Resources and Mineral Reserves Best Practices’ guidelines (November 2019) and is classified per the CIM ‘Definition Standards for Mineral Resources and Mineral Reserves’ (May 2014).
The Evolucion property covers 45,000 hectares (450 km2) and 35 kilometers of strike in one of the world’s premier silver mining districts, known as the Fresnillo trend. The Lechuzas and Calvario Zones are hosted within the Caracol Formation, which hosts the most significant deposits on the Fresnillo trend. Precious and base metal mineralization is associated with structures featuring carbonate and quartz veining that crosscut the host rocks. Pyrite, sphalerite, and galena are the most commonly observed sulphide minerals. The property includes a conventional grinding and flotation mineral processing facility, through which the Company currently processes ore from its Platosa Mine. The mineral processing facility currently has nameplate capacity of approximately 800 tonnes per day (“tpd”), with a 650 tpd ball mill in operation and a second, 150 tpd ball mill on standby, with opportunities available for further expansion.
Detailed mapping and surface sampling are underway on the Evolucion Project. Numerous samples with anomalous geochemical signatures have been identified in the target area; these are thought to be the surface expressions of epithermal alteration and associated mineralization. The program will be used to aid in structural modeling and targeting for future drilling.
Comments (0)