Excellon Resources (TSX-V: EXN) says new geological interpretations confirm a multi-stage gold-silver system at its Mallay mine in central Peru.
Updated modelling links the Pierina, Shafra and Mallay Deeps zones, strengthening the case for a restart at the past-producing silver-lead-zinc operation, the Canadian miner reported on Wednesday.
Excellon’s review of historic drilling and mine records shows the gold-silver Pierina vein continues below the 4090 level, creating what the company describes as a priority target for near-term exploration. Planned work is to focus on testing that continuity beneath existing workings to define additional mineral potential.
“We now recognize continuity of the Pierina Vein below existing levels, strong gold potential at Shafra, near surface, and plausible intrusive-related feeder zones at depth,” Excellon President and CEO Shawn Howarth said in the release.
“Together, these targets create an exciting exploration pipeline aligned with our broader restart and growth strategy in a strong silver-and-gold environment.”
Past-producer
Mallay, located about 220 km north of Lima, previously ran from 2012 to 2018 under Compañía de Minas Buenaventura, yielding 6 million oz. silver, 45 million lb. zinc and 35 million lb. lead.
The company, which acquired Mallay in June, aims to restart operations by rehabilitating underground development, completing technical studies and advancing near-mine drilling.
Existing site infrastructure includes a 600-tonnes-per-day flotation plant, underground access, tailings facilities and grid power.
Shares in Excellon Resources have gained 180% this year to close at 28¢ on Wednesday in Toronto for a market capitalization of $92.6 million.
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