Category: Exploration and Development

The exploration/drill program includes up to 10,000 metres of core drilling in 20 to 25 holes which will focus on the development of mineral resources on the east side of the Cerro through step-out drilling from previously identified high-grade, strongly silver-enriched mineralization in the Mina La Bocona and South Skarn target areas.

“I’d be surprised if there are many exploration companies with a small $2 million market value which hold a 100 percent interest in a 5,000 hectare gold-silver exploration property where mineralization is sampled ubiquitously over a large 15 square kilometre area, has undergone two prior successful drill programs and a senior company review leading to the intention to drill over 100 drill targets, and is imminently drill ready.”

The current work program has been focused on the eastern and northeast part of the project covering an area that was previously unexplored by the Company. The area of coverage includes the recently acquired, and previously underexplored, El Tule claim.

Riverside’s President and CEO, John-Mark Staude, stated: “Riverside is working hard with Carlyle as its partner at the Cecilia Project. Our geologists and operational team have done a fine job technically managing the program during these COVID times to complete safe and effective work. The high-grade samples crossing high level structures could point to wider potential targets below and we look forward to drilling at San Jose and North Breccia in the near future.”

Morgan Good, Chief Executive Officer of Carlyle, commented, “Carlyle is very excited with the high-grade assay results thus far at Cecilia confirming historical numbers produced by Riverside. They show excellent gold values and strong continuity while crossing high level structures which is extremely encouraging as we await further assays and continue preparing for our upcoming drill campaign at the North Breccia and San Jose targets.”

Mr. Jonathan George, CEO, commented “We are very pleased and excited with these positive drill results which suggest a potentially large intrusion-related mineralized system, emplaced in multiple phases as evidenced by the variability in gold and copper content from hole to hole.”

“We discovered the Lechuzas zone adjacent to our Miguel Auza mill in late 2018 and identified a sizeable mineral resource that, when combined with the historic Calvario Vein, is similar to other deposits currently producing in the region,” stated Ben Pullinger, SVP Geology. “This MRE represents a sizeable addition to Excellon’s overall metal inventory and a foundation to further advance the project, as both Lechuzas and Calvario are open for extension along strike and at depth.”

Arturo Bonillas, President and Chief Executive Officer of Magna, stated, “We are extremely pleased with the outcome of this study, which validates our view of value and leverage for San Francisco when we acquired the mine earlier this year. This marks an important milestone for Magna as it provides us with a base case operating plan from which we can drive ongoing optimization, growth, and near-term value creation.”