TORONTO, Jan. 17, 2022 /CNW/ - Excellon Resources
Inc. (TSX: EXN) (NYSE: EXN) (FRA: E4X2) ("Excellon" or
the "Company") is pleased to announce Q4 and annual 2021
production results from the Platosa Mine in Durango, Mexico.
2021 Production (compared to 2020)
- Silver equivalent ("AgEq") production increased 25% to 2.0
million oz (2020 – 1.6 million AgEq oz), including:
-
- Silver production increased 20% to 1.2 million oz (2020 –
1.0 million oz)
- Lead production increased 17% to 7.6 million lb (2020 – 6.5
million lb)
- Zinc production increased 20% to 9.0 million lb (2020 – 7.5
million lb)
Q4 2021 Production (compared to Q4 2020)
- AgEq production decreased 12% to 492,013 oz (Q4 2020 –
556,332 AgEq oz), including:
-
- Silver production decreased 24% to 271,525 oz (Q4 2020 –
355,581 oz)
- Lead production decreased 23% to 1.7 million lb (Q4 2020 –
2.2 million lb)
- Zinc production decreased 12% to 2.2 million lb (Q4 2020 –
2.5 million lb)
"Our Mexican operations delivered records for mined and
processed tonnage in 2021, along with the most silver ounces
produced since 2013," stated Brendan
Cahill, President and CEO. "During Q4, we realized lower
production than the very strong Q4 2020 quarter, primarily due to
lower ore grades and partially due to seasonal impacts on
processing and delivery schedules. At Platosa, we continue
work to assess 2022 mine plans and outlook."
Production Results
|
Q4
2021
|
Q4
2020
|
2021
|
2020
|
Tonnes
Mined
|
20,954
|
21,455
|
85,530
|
66,501
|
Tonnes
Milled
|
21,309
|
22,626
|
86,021
|
65,567
|
Ore
grades
|
Silver
(g/t)
|
438
|
536
|
494
|
519
|
Lead
(%)
|
4.65
|
5.42
|
5.01
|
5.37
|
Zinc
(%)
|
5.50
|
6.12
|
6.03
|
6.57
|
Recoveries
|
Silver
(%)
|
90.5
|
91.2
|
89.5
|
91.4
|
Lead
(%)
|
78.5
|
82.9
|
80.0
|
83.7
|
Zinc
(%)
|
83.7
|
80.1
|
79.0
|
78.9
|
Metal
Production(1)
|
Silver
(oz)
|
271,525
|
355,581
|
1,222,991
|
997,690
|
Lead
(lb)
|
1,717,525
|
2,223,465
|
7,612,332
|
6,470,637
|
Zinc
(lb)
|
2,167,840
|
2,452,728
|
9,014,028
|
7,488,825
|
AgEq
(oz)(2)
|
492,013
|
556,332
|
2,017,639
|
1,639,310
|
Average Realized
Prices
|
Silver
(US$/oz)
|
23.30
|
24.46
|
25.12
|
21.59
|
Lead
(US$/lb)
|
1.06
|
0.87
|
1.00
|
0.83
|
Zinc
(US$/lb)
|
1.53
|
1.21
|
1.37
|
1.08
|
1.
|
Subject to
adjustment following settlement with concentrate
purchaser.
|
2.
|
AgEq ounces
established using average realized metal prices during the period
indicated applied to the recovered metal content of
concentrates.
|
Consistent throughput continued in Q4 2021, the sixth
consecutive quarter of over 20,000 tonnes mined and milled from
Platosa following the restart of operations in late Q2 2020.
Comparative prior-year results for the year ended December 31, 2020 were impacted by the suspension
of operations in Mexico from
April 2, 2020 to June 1, 2020 pursuant to the Mexican presidential
order to mitigate the spread of COVID-19.
Head grades were lower in Q4 2021 compared to Q4 2020 due to
higher mining dilution in narrower sections of the ore body and
variation in manto mineralization. Silver and lead recoveries were
lower due to lower metal feed grades and flotation performance,
while zinc recoveries improved in Q4 2021.
As referenced on January 5, 2022,
Excellon continues to assess whether maintaining a consistent
production schedule at the Platosa Mine is feasible beyond mid-2022
at achievable dewatering rates and with acceptable capital
expenditures.
COVID-19 Update
Excellon continues to benefit from robust measures to prevent
COVID-19 among the workforce and to monitor the effectiveness of
these measures in mitigating any potential impact on business
activities. The Company's actions have been successful to date and
the pandemic has not had any material impact on production or
shipment of concentrate. Vaccination programs have progressed well,
with 100% and over 96% of the Company's workforce in Mexico having received first and second
vaccinations, respectively. Until recently, the omicron variant of
COVID was less prevalent in Mexico
than elsewhere, but case counts have increased across the country
and in communities near the Company's operations. To date, no
serious cases have been encountered in the Company's workforce and
there has been no impact on the operations. The Company continues
to monitor the situation closely and has personnel and operating
contingency plans in place to manage daily operations.
Qualified Persons
Paul Keller, P. Eng., has acted
as the Qualified Person, as defined in NI 43-101, with respect to
the disclosure of the scientific and technical information relating
to production results contained in this press release.
About Excellon
Excellon's vision is to create wealth by realizing strategic
opportunities through discipline and innovation for the benefit of
our employees, communities and shareholders. The Company is
advancing a precious metals growth pipeline that includes: Platosa,
a high-grade silver mine producing in Mexico since 2005; Kilgore, an advanced gold exploration project
in Idaho with strong economics and
significant growth and discovery potential; and an option on Silver
City, a high-grade epithermal silver district in Saxony,
Germany with 750 years of mining
history and no modern exploration. The Company also aims to
continue capitalizing on current market conditions by acquiring
undervalued projects.
Additional details on Excellon's properties are available at
www.excellonresources.com.
Forward-Looking Statements
The Toronto Stock Exchange has not reviewed and does not
accept responsibility for the adequacy or accuracy of the content
of this Press Release, which has been prepared by management. This
press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act and Section 27E of the
Exchange Act. Such statements include, without limitation,
statements regarding mineral resources estimates, the future
results of operations, performance and achievements of the Company,
including potential strategic transactions, the timing, content,
cost and results of proposed work programs, the discovery and
delineation of mineral deposits/resources/reserves, geological
interpretations, proposed production rates, potential mineral
recovery processes and rates, business and financing plans,
business trends and future operating revenues. Although the Company
believes that such statements are reasonable, it can give no
assurance that such expectations will prove to be correct.
Forward-looking statements are typically identified by words such
as: believe, expect, anticipate, intend, estimate, postulate and
similar expressions, or are those, which, by their nature, refer to
future events. The Company cautions investors that any
forward-looking statements by the Company are not guarantees of
future results or performance, and that actual results may differ
materially from those in forward looking statements as a result of
various factors, including, but not limited to, variations in the
nature, quality and quantity of any mineral deposits that may be
located, significant downward variations in the market price of any
minerals produced, the Company's inability to obtain any necessary
permits, consents or authorizations required for its activities, to
produce minerals from its properties successfully or profitably, to
continue its projected growth, to raise the necessary capital or to
be fully able to implement its business strategies. All of the
Company's public disclosure filings may be accessed via
www.sedar.com and readers are urged to review these materials. This
press release is not, and is not to be construed in any way as, an
offer to buy or sell securities in the United States.
Cautionary Note to U.S. Investors: The
terms "mineral resource," "measured mineral resource," "indicated
mineral resource" and "inferred mineral resource," as used on
Excellon's website and in its press releases are Canadian mining
terms that are defined in accordance with National Instrument
43-101 – Standards of Disclosure for Mineral Projects ("NI
43-101"). These Canadian terms are not defined terms under United
States Securities and Exchange Commission ("SEC") Industry Guide 7
and are normally not permitted to be used in reports and
registration statements filed with the SEC by U.S. registered
companies. The SEC permits U.S. companies, in their filings
with the SEC, to disclose only those mineral deposits that a
company can economically and legally extract or
produce. Accordingly, note that information describing
the Company's "mineral resources" is not directly comparable to
information made public by U.S. companies subject to reporting
requirements under U.S. securities laws. U.S. investors are urged
to consider closely the disclosure in the Company's Form 40-F which
may be secured from the Company, or online
at http://www.sec.gov/edgar.shtml.
SOURCE Excellon Resources Inc.