GOLD AND PRECIOUS METALS — Apex Silver and Excellon acquire polymetallic play

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 formal terms of the agreement have not been disclosed, Apex is expected to take a controlling interest in the property, says Excellon President Douglas MacKenzie.

The 3,642-ha Platosa property is situated 5 km northwest of the town of Bermejillo, adjacent to a major highway and railroad.

Mineralization, as characterized by Excellon’s geological consultants, consists of replacement skarn. As much as 75,000 tonnes of high-grade material have been mined from underground workings. The consultants took five underground samples, which assayed up to 5% zinc, 12% lead, 1% copper, 3,000 grams silver and 1 gram gold per tonne.

Apex and Excellon expect to finalize the Platosa deal shortly. Apex will begin geologic mapping and geophysics soon after, with an eye toward a summer drill program.