Excellon Defines Targets at Tres Cerros; Grab Sampling Returns up to 14 g/t Gold and 9,050 g/t Silver
Excellon Defines Targets at Tres Cerros; Grab
Sampling Returns up to 14 g/t Gold and 9,050
g/t Silver
Toronto, Ontario--(Newsfile Corp. - August 31, 2026) -
Excellon Resources Inc. (TSXV: EXN) (OTC
Pink: EXNRF) (FSE: E4X2)
("
Excellon
" or the "
Company
") is pleased to provide an update on its
ongoing 2026 exploration fieldwork and district-scale geologic mapping at the Tres Cerros exploration
property, adjacent to its operating Mallay Mine in Peru.
The Tres Cerros property covers approximately 11,000 hectares of contiguous concessions adjacent to
the Mallay Mine and is prospective for epithermal gold-silver mineralization and porphyry copper
mineralization. The property has seen limited systematic exploration and represents a significant near-
term exploration opportunity beyond the Mallay mine area, benefiting from shared road access and
proximity to camp and existing infrastructure.
Highlights:
Seven Targets Defined:
District-scale mapping, geochemical sampling and spectrometry have
defined seven target areas across approximately 40% of the Tres Cerros license, each showing a
geological setting, hydrothermal alteration and gold-silver geochemistry favourable to epithermal
precious metal mineralization (see Figures 1, 2 and 3).
Strong Surface Geochemistry:
Grab sampling has returned values up to 14 g/t gold and 9,050
g/t silver at Xica (mapped over 400m x 200m), 4.30 g/t gold at Alpaquitay (1,000m x 500m) and
512 g/t silver at Xica East (100m strike), with several targets remaining open along strike.
Porphyry Copper Potential:
Lead-zinc anomalies and alteration assemblages at Alpaquitay
West and Diatrema Norte are interpreted as possible distal expressions of a porphyry copper
center, consistent with a historic induced polarization chargeability anomaly on the property
identified by Compañía de Minas Buenaventura S.A.A. in December 2016.
Permitting Advancing:
Excellon has completed environmental baseline and archaeological
studies and anticipates submission of the Environmental Impact Declaration ("
DIA
") to Peru's
Ministry of Energy and Mines by year-end, with an initial drill program at Tres Cerros targeted for
the first half of 2027.
Exploration Team Strengthened:
Dorian L. ("Dusty") Nicol, P.Geo. has been appointed
Exploration Advisor, having led the district-scale mapping and target identification program at Tres
Cerros.
Shawn Howarth, the Company's President and CEO, commented, "The results from Tres Cerros are
beginning to demonstrate the scale of the opportunity immediately adjacent to Mallay. Across roughly
40% of the license, we have now defined seven target areas, including surface grab samples of up to 14
g/t gold and 9,050 g/t silver. While Mallay remains our near-term operating focus, Tres Cerros provides
Excellon with a district-scale gold-silver growth opportunity that benefits from existing road access, camp
and nearby infrastructure. Together, Mallay and Tres Cerros give Excellon both a near-term operating
platform and meaningful longer-term growth potential in one district. Our focus for this year is to continue
mapping and complete the DIA submission, with an initial drill program anticipated in the first half of
2027."
Figure 1: Tres Cerros-Mallay Regional Geology
To view an enhanced version of this graphic, please visit:
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Regional geology of the Tres Cerros-Mallay district, showing Tres Cerros target areas, the Mallay Mine and other known mineral occurrences.
Mineral occurrences shown on adjacent or nearby properties, including Caujul, Santa Rita and Yanamayo, are not held by the Company.
Mineralization on adjacent or nearby properties is not necessarily indicative of mineralization on the Company's properties.
Figure 2. Tres Cerros Target Locations With Respect to Mallay Mine
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Figure 3: Tres Cerros Target Locations and Significant Geochemistry
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Exploration Target Areas
Each of the exploration targets is summarized below.
Photos of some of the mineralization and alteration
discussed appear in Figure 4.
It is important to note that geochemical sampling in this program is being conducted to identify
anomalies and areas of potential mineralization, not to define average grades over mineable
widths.
All geochemical samples reported in this news release are grab samples and are not
representative of grade along widths.
Vicuña Targe
t
Mineralized area mapped over 500m x 400m; grab samples up to 0.60 g/t Au, 135 g/t Ag and 3,683
ppm Cu; interpreted as an intermediate sulfidation epithermal gold-silver target.
The Vicuña target is located in the southern part of the property.
The mineralization is hosted in
sedimentary rocks of the Chimu Formation. A mineralized area of about 500m by 400m has been
mapped, displaying sulphides, iron oxides interpreted to be after sulphides, and silica with boxwork
structures resulting from the oxidation of sulphides.
Grab samples of mineralization are anomalous in gold and silver, with values up to 0.60 g/t gold (Au) and
135 g/t silver (Ag).
There are also several anomalous copper samples, with assays up to 3,683 ppm
copper (Cu). The mineralization is associated with illite and minor dickite alteration.
Vicuña is
interpreted as an intermediate sulfidation epithermal precious metals target.
Xica Target
Mineralized breccias mapped over 400m x 200m and open along strike; grab samples up to 14 g/t Au
and 9,050 g/t Ag; interpreted as an intermediate sulfidation epithermal gold-silver target.
The Xica Target is located near the contact of a diatreme with sedimentary rocks of the Chimu
Formation.
Mineralization comprises breccias containing iron oxide (interpreted as resulting from the
oxidation of sulphides) and silica.
Boxwork structures resulting from the oxidation of sulphides are
common.
Highly anomalous gold and silver values up to 14 g/t Au and 9,050 g/t Ag have been obtained
from grab samples of these breccias, which typically have a width of 2 metres.
Chlorargyrite (a
secondary silver mineral) and tennantite-tetrahedrite (silver sulfosalts) have been observed in the
breccias.
Mineralization has been mapped over an area of about 400m x 200m (elongated in the North-
South direction) and remains open along strike, where it disappears under soil cover.
Alteration at Xica
is characterized principally by illite and locally dickite.
Xica is interpreted as an intermediate sulfidation
epithermal precious metals target.
Xica East Target
North-South trending breccia mapped over 100m strike at ~10 m thickness and open in both
directions; grab samples up to 2.75 g/t Au and 512 g/t Ag; interpreted as an intermediate sulfidation
epithermal gold-silver target.
At the Xica East target, an iron oxide and silica rich breccia crosscuts sedimentary rocks of the Chimu
Formation.
The breccia trends North-South and has been mapped over a strike length of about 100
metres, with an average thickness of about 10 metres.
It is open along strike in both directions.
The
contacts of the breccia display a silica-rich zone showing evidence of oxidized sulfides.
Anomalous gold
up to 2.75 g/t Au and silver up to 512 g/t Ag has been assayed from grab samples from this breccia.
In the southern part of Xica East, an East-West trending breccia has been mapped, characterized by an
iron oxide-rich silica matrix, hosting bands of silica with boxwork texture after sulphides.
This breccia has
a width of about 0.25 metres and has been mapped over a strike length of 10 metres.
It remains open
along strike in both directions, disappearing under cover.
Anomalous gold up to 0.94 g/t Au and silver up
to 247 g/t Ag has been assayed from grab samples from this breccia.
Both breccias are characterized principally by illite alteration with local dickite alteration.
Xica East is also interpreted as an intermediate sulfidation epithermal precious metals target.
Tete Target
Breccia bodies averaging ~2 m thickness mapped over ~400m strike; grab samples up to 0.13 g/t Au
and 43 g/t Ag; interpreted as an intermediate sulfidation epithermal gold-silver target.
The Tete target is in the northeast of the property.
Geological mapping has found bodies and structures
of breccias with iron oxide-silica in the matrix.
These average 2 metres in thickness and strike North-
South for approximately 400 metres. These appear related to multiple intrusives that crosscut
sedimentary rocks of the Chimu Formation.
Grab samples from Tete breccias are anomalous in gold and silver, with values up to 0.13 g/t Au and 43
g/t Ag.
Hydrothermal alteration at Tete comprises principally illite and kaolinite.
Tete is interpreted as an intermediate sulfidation epithermal precious metals target.
Alpaquitay West Target
Quartz-epidote-pyrite veinlets in Callipuy volcanics; grab samples up to 1,647 ppm Pb and 3,455 ppm
Zn; interpreted as a possible distal expression of a porphyry copper center.
At the Alpaquitay West target, volcanic rocks of the Callipuy Group host quartz-epidote-pyrite veinlets.
The pyrite is often oxidized to iron sulphides.
These veinlets exhibit lead and zinc anomalies up to 1,647
ppm Pb and 3,455 ppm Zn. Hydrothermal alteration at Alpaquitay West is characterized by illite and
kaolinite.
Alpaquitay West is interpreted as a possible distal expression of a porphyry copper center.
Alpaquitay Target
Mineralized structures outcropping over approximately 1,000m x 500m; grab samples up to 4.30 g/t
Au and 156 g/t Ag; interpreted as an intermediate sulfidation epithermal gold-silver target.
The Alpaquitay target is hosted in sediment sequences of the Chimu Formation. The ongoing fieldwork
found bodies and structures of breccias extending through East-West (tensional) and North-South
structures. These mineralized structures outcrop over an area of about 1.0 km by 0.5 km.
Grab samples of mineralization from Alpaquitay are anomalous in gold and silver, with values up to 4.30
g/t Au and 156 g/t Ag. The mineralization is principally associated with illite and dickite alteration.
Alpaquitay is interpreted as an intermediate sulfidation epithermal precious metals target.
Diatrema Norte Target
Veinlets hosted in a subvolcanic dacite dome; grab samples up to 7,000 ppm Zn and 173 ppm Pb;
interpreted as a possible distal expression of a porphyry copper center.
At the Diatrema Norte target, a subvolcanic dacite dome hosts narrow veinlets containing pyrite (often
oxidized to iron oxide) and quartz.
A dacite porphyry crosscuts the dacitic dome.
Geochemical sampling
has identified significant lead-zinc (Pb-Zn) anomalies, up to 7,000 ppm Zn and 173 ppm Pb.
The
principal alteration minerals are illite and sericite as well as epidote and chlorite.
Diatrema Norte is
interpreted as a possible distal expression of a porphyry copper center.
Sampling, Analytical and Quality Control Procedures
All samples reported in this news release are grab samples collected from outcrop by Company
geologists in the course of geological mapping. Grab samples are selective by nature and are not
representative of grade over any width or of the mineralization sampled. Sample locations were
recorded by handheld GPS. Samples remained in the custody of Company personnel from collection
until delivery to the laboratory.
Samples were submitted to Certimin S.A. ("Certimin") in Lima, Peru for preparation and analysis.
Certimin is independent of the Company and accredited to ISO/IEC 17025 by INACAL (Peruvian
National Quality Institute) for the analytical methods used.
Samples were prepared by drying at 100 degrees Celsius, crushing to 90% 10# ASTM, splitting and
pulverizing to 85% 200# ASTM mesh. Gold and silver were determined by fire assay with AAS finish.
A
further 35 elements, including copper, lead and zinc, were determined by four-acid digestion with AAS
finish. Samples returning values above the upper detection limits for gold or silver were re-analyzed
using over-limit procedures, AAS for more than 10 ppm and Gravimetry for more than 1000 ppm.
Given the reconnaissance nature of the sampling program, the Company relied on the internal quality
assurance and control procedures of Certimin. Readers are cautioned that, in the absence of an
independent quality control program, the analytical results reported in this news release have not been
verified by independent check assaying. The Company intends to implement a full quality assurance and
control program in connection with any subsequent drill program at Tres Cerros.
Conclusions and Next Steps
The geochemistry, alteration, and geological setting at Tres Cerros support the exploration potential of
the area. Identification of new targets has been the result of ongoing detailed geological fieldwork, which
commenced in Q2 2026.
The use of spectrometry to allow precise and detailed mapping of clay
alteration mineralogy is an important component of this exploration program.
The target areas identified to date at Tres Cerros point toward the possibility of one or more large
intermediate sulfidation epithermal precious metal deposits.
The geologic setting is consistent with
proximity to a porphyry copper center.
District scale (1:10,000) mapping will continue and will be
supplemented by detailed mapping (1:2,500 scale) of identified target areas.
The geological,
geochemical, and hydrothermal alteration data collected will be compiled with historic data, including
geophysical data, to define drill targets.
Of particular interest in this context will be the historic Induced
Polarization survey completed by Compañía de Minas Buenaventura S.A.A. in December 2016, which
detected a high chargeability anomaly that could be associated with a buried porphyry copper system.
The survey was not conducted by or under the supervision of the Company, and the Company's Qualified
Person has not independently verified the underlying survey data.
The information is considered relevant
as an exploration guide but should not be relied upon.
Figure 4. A) Iron oxide boxwork from Xica; B) Iron oxide boxwork from Xica East; C) Breccia
with iron oxide boxwork from Alpaquitay; D) Quartz-sulphide veinlets from Vicuña; E) Quartz-
epidote-pyrite veinlets from Diatrema Norte.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1601/312095_fig4.jpg
Update on Permitting and Drilling at Tres Cerros
Excellon's permitting team is advancing work to support Tres Cerros across parallel workstreams.
The
environmental baseline work has been completed, comprising hydrological, hydrogeological, biological
and hydrobiological studies together with water, air and noise monitoring. Surface archaeological
investigation has been completed by an independent specialist and the diagnostic report delivered, with
certificate applications now lodged with Peru's Ministry of Culture and a Ministry field verification
undertaken.
In parallel, the Company has defined the proposed drill platforms, access routes and supporting
infrastructure that form the technical basis of the submission. These workstreams feed into the project's
Environmental Impact Declaration (Declaración de Impacto Ambiental, or "DIA").
The Company expects
to submit the DIA to Peru's Ministry of Energy and Mines by the end of 2026 and anticipates initial drilling
at Tres Cerros in the first half of 2027.
Exploration Advisor
Excellon is pleased to announce the appointment of Dorian L. ("Dusty") Nicol, P.Geo., as Exploration
Advisor to the Company. Mr. Nicol is an economic geologist with more than 50 years of experience in
gold and precious metals exploration, having designed and managed exploration programs across
North and South America, Africa, Russia and the former Soviet Union, and Papua New Guinea. Mr. Nicol
holds a B.Sc. in Earth Science from the Massachusetts Institute of Technology and an M.A. in Geology
from Indiana University. He is a Senior Fellow of the Society of Economic Geologists and a Fellow of the
Australasian Institute of Mining and Metallurgy, and is a Professional Geologist, Chartered Geologist
(United Kingdom) and EurGeol (Europe).
Mr. Nicol has led the surface mapping and target definition program at Tres Cerros described in this
news release and will continue to advise the Company on exploration across its portfolio.
Debt Settlement
The Company also announces that it has entered into a settlement agreement with a former employee
pursuant to which the Company has agreed to issue 1,400,000 common shares of the Company (the
"
Common Shares
") at a deemed price of C$0.495 per Common Share in satisfaction of a termination
payment (the "
Debt Settlement
").
The Debt Settlement is subject to final acceptance of the TSX Venture Exchange. The securities issued
pursuant to the Debt Settlement will be subject to a four-month hold period under applicable Canadian
securities laws.
Qualified Person
Scientific and technical disclosures in this news release have been reviewed and approved by Mr.
Dorian L. (Dusty) Nicol (P. Geo., Chartered Geo., FAusIMM), the Company's exploration advisor, who is
considered, by virtue of his education, experience and professional association, a "qualified person" as
defined by National Instrument 43-101.
Cautionary Note Regarding Exploration Results
Exploration results disclosed in this news release are early-stage surface exploration results and are not
mineral resources or mineral reserves. All geochemical samples reported are grab samples, which are
selective by nature and are not representative of grade over any width or of the mineralization sampled.
The Company has not defined a mineral resource or mineral reserve at Tres Cerros, and there is no
assurance that mineralization identified at surface extends at depth, that drill targets will be defined, or
that any drilling will result in the definition of a mineral deposit. Interpretations of target style and of
proximity to a porphyry copper center are conceptual and are based on surface mapping, geochemistry
and alteration mineralogy only.
About Excellon Resources Inc.
Excellon Resources is focused on advancing the restart of its fully permitted, past-producing Mallay Mine
in Peru, positioning the Company as a near-term silver producer. Following its February 2026
independent mineral resource estimate at Mallay, Excellon is advancing restart planning and near-mine
growth, while also advancing the adjacent Tres Cerros Gold-Silver Exploration Property in Peru. The
Company also holds the Kilgore Project, an advanced gold exploration project in Idaho, and the Silver
City Project, a high-grade epithermal silver district in Saxony, Germany. Additional details on Excellon's
properties can be found at
www.excellonresources.com
.
For Further Information, Please Contact:
Excellon Resources Inc.
Shawn Howarth, President & Chief Executive Officer