Excellon Resources Inc (TSX:EXN, OTCQB:EXNRF) announced that new assay results from the Tres Cerros gold-silver project in Peru have confirmed the presence of a high-grade sulfidation epithermal system.
Assays have confirmed gold values reaching 9.3 grams per ton (g/t) and silver grades exceeding 1,000 g/t.
Systematic mapping has identified an extensive alteration footprint spanning 2,500 metres by 500 metres, with mineralization remaining open in all directions.
Additionally, a high-chargeability, low-resistivity anomaly has been outlined south of the primary alteration zone, suggesting a deeper sulphide-rich feeder system.
Elevated copper content in select samples further indicates potential for a deep porphyry-style target.
Excellon Resources highlighted that more than 500 samples collected since 2016 confirm a consistent precious-metal anomaly across the 2,500-metre trend.
More than 19% of these samples have returned gold values exceeding 1 g/t, and 22% have shown silver grades above 1 ounce per ton, reinforcing the presence of a substantial mineralized system.
Tier 1 deposit
Tres Cerros has the potential to become a Tier 1 deposit in Peru, backed by sampling and ground-based geophysics work carried out to date, Excellon CEO Shawn Howarth said.
"The similarities to the Lagunas Norte deposit underscore Tres Cerros as a rare early-stage opportunity, within a proven mineral belt,” Howarth told investors.
“Our next steps include prioritizing drill targets and engaging extensively with local stakeholders to ensure responsible, transparent project development."
This includes trenching, rock-sawing, and metallurgical studies to further assess mineralization characteristics.
Excellon aims to secure permits within the next six to eight months, with a maiden 3,500-metre diamond drilling program planned to follow.
"With the acquisition of the Mallay Mine and Tres Cerros, we saw two clear value creation opportunities: a near-term, low-cost restart of a silver mine with strong growth potential at $30+ silver prices, and the first-ever drilling of a potentially world-class gold-silver exploration target with remarkable similarities to renowned Peruvian gold deposits,” Howarth said.