Excellon Resources (TSX:EXN) are a mid-tier mining and exploration company with projects in Mexico, the USA, and Germany. Their portfolio includes both precious and base metals, and they own and operate 100% of Mexico’s highest-grade silver mine, Platosa. Through their business operations, Excellon seek to create wealth by realising strategic opportunity regarding innovation for their employees, communities, and shareholders. They have two production and development projects, Platosa Mine and the Kilgore Project in Idaho as well as three exploration projects: Evolución, Silver City and Oakley. Kilgore is a 100%-owned gold project with a Preliminary Economic Assessment, independent technical report, and NI43-101 Mineral Resource Estimate (2018) located in Clark County, Idaho.
Evolución is an intermediate stage polymetallic project located in Zacatecas state in central Mexico with a 2020 independent technical report (SRK Consulting) stating total indicated resources of 6,407 (000’ t) at 64 g/t Ag, 0.09 g/t Au, 1% Pb, and 1.14% Zn, and total Inferred Resources of 14,960 (000’ t) at 39 g/t Ag, 0.1 g/t Au, 0.75% Pb, and 1.15% Zn. Excellon’s 100%-owned brownfields Silver City project is all the way across the pond in Saxony, Germany, and is prospective for epithermal gold and silver in a historical mining district. Their third and final exploration property is located is Oakley, Idaho. The 5,120-ha area is being explored for epithermal gold and silver at two targets, one of which has Inferred Resources (2016). Centerra Gold have to option to earn up to 70% interest in the Oakley Property is exchange for fulfilment of US$7m exploration expenditure and US$550,000 cash commitments over a 6-year period.
The Platosa Mine is located 5km north of Bermejillo in Durango State, Mexico and remains a very high-grade silver deposit while also mined for lead and zinc. Production at Platosa began in 2005 and extraction targets a number of high temperature epigenetic carbonate-replacement zinc-lead-silver ‘Mantos’. The Mantos, or pods, are hosted in a stratigraphy of Mesozoic sedimentary rocks including an evaporite sequence, sandstones, and dominant limestones. Covering 11,000 ha, the Platosa property remains an exploration terrane and as of 2018 there were a number of vein, breccia, and skarn systems all noted for possible further investigation. As of September 2020, Excellon were seeing positive feedback from their Q2 cost reduction strategy. Increasing the efficiency of working schedules maintained and increased mine productivity. Other cost reduction measures included negotiating lower treatment charges, general optimizations and changing electricity supplier. As of Q4 2020, exploration drilling is underway at Platosa for detailing known and discovering further mineralisation.