LATIN AMERICA — Apex Silver and Excellon acquire polymetallic play in Durango

Apex Silver Mines (SIL-X) and Excellon Resources (EXN-V) have signed a letter of intent to acquire the Platosa property in Mexico’s Durango state.

While no formal terms have been disclosed, Apex is expected to take a controlling interest in the property, said Excellon President Douglas MacKenzie.

The property is situated 5 km northwest of the town of Bermejillo, close to a major highway and a railroad. It measures 3,642 ha in area, but the partners will likely augment it, MacKenzie said.

Mineralization, as characterized by Excellon’s geological consultants who visited the property late last year, is in the form of replacement skarn. As much as 75,000 tonnes of high-grade material have been mined out from underground workings.

Five underground grab samples returned assays greater than 5% zinc, 12% lead, 1% copper, 3,000 grams silver and 1 gram gold per tonne.

Apex and Excellon expect to finalize the deal by April or May, at which time Apex will begin geologic mapping and geophysics, in preparation for drilling.