DAILY NEWS Jan 17, 2013 4:29 PM - 0 comments

GOLD: High grades drilled near Platosa silver mine

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MEXICO – Excellon Resources of Toronto, perhaps the highest grade silver producer in the country, is having considerable success drilling for gold only a kilometre from its Platosa silver mine in Durango state. Hole LP1038 intersected 13.07 g/t Au over 7.25 metres, including 39.43 g/t Au over 1.95 metres.

Gold was not the only metal identified in the core. Across the 7.25-metre section, values of 21.1 g/t Ag, 0.74% Pb and 3.57% Zn were assayed. The hole was drilled in skarned marble at the Rincon del Caido target.

Excellon believes that the high gold values in this and other nearby holes suggest that the source of the mineralization is gold rich. Moreover, the gold values in hole LP1038 are accompanied by elevated copper values.

Several holes intersected skarn alteration and significant metal values, including persistent anomalous gold, indicating that Rincon lies on the edge of a proximal carbonate replacement deposit (CRD), the possible source of the Platosa mantos, speculated the company. The gold values encountered in LP1038, however, are far higher than those encountered previously and suggest that the source itself will contain a significant gold component.

“The high gold values encountered in hole LP1038 are a very exciting indicator of what we can expect when we discover the centre of the large CRD system we have been seeking since exploration began at Platosa,” said John Sullivan, VP of exploration. “The presence of gold throughout the Rincon del Caido area suggests the source may be auriferous, which is a characteristic of the nearby Ojuela mine where over six million tonnes of 3-to-4 g/t gold ores, with high silver and lead grades were produced prior to the mine’s closure in 1932.”

Read more at ExcellonResources.com.

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