Excellon Increases Indicated Silver Mineral Resource by over 500% for the Mallay Mine
Original announcement by tmx on
- Company
- Excellon Resources Inc.
- Ticker
- EXN
- Exchange
- TSX
- Region
- central Peru
- Primary commodity
- Silver
- Secondary commodities
- Lead, Zinc
- Document categories
- Resource update
- Extracted
- 2026-08-23 10:47:43 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Excellon Resources Inc. announced its first independent NI 43-101 compliant Mineral Resource Estimate for the Mallay Silver-Lead-Zinc Mine in central Peru. The estimate significantly increases Indicated Silver Mineral Resources by over 500%, establishing a high-confidence inventory to support restart planning. The MRE includes 890,000 tonnes of Indicated resources grading 195 g/t silver, 3.33% lead, and 4.83% zinc, along with Inferred resources.
Reasoning: Excellon announced its first independent NI 43-101 compliant Mineral Resource Estimate for the Mallay Mine, significantly increasing Indicated Silver Mineral Resources by over 500% and establishing a high-confidence inventory to underpin staged restart planning.
Positive factors
- Category Upgrade
- Tonnage Growth
- Contained Metal Growth
- QP/CP Signed
- NI 43-101 Compliant
- Cut-off Disclosed
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 8
Classification and evidence
Category Upgradepositive
Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal.
Why it applies: Indicated Mineral Resources increased by approximately 500% compared to historical estimates.
Evidence · text
“Indicated Mineral Resources in Excellon's new MRE are approximately 500% higher than the combined end-2018 Buenaventura Proven + Probable Reserves plus Indicated Resources reported for Isguiz on a historical basis.”
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: The Indicated Mineral Resource tonnage has significantly increased, implied by the 500% growth in silver inventory.
Evidence · text
“Indicated Mineral Resources in Excellon's new MRE are approximately 500% higher than the combined end-2018 Buenaventura Proven + Probable Reserves plus Indicated Resources reported for Isguiz on a historical basis.”
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: The Indicated silver inventory has increased by over 500%, indicating substantial growth in contained metal.
Evidence · text
“Indicated Mineral Resources in Excellon's new MRE are approximately 500% higher than the combined end-2018 Buenaventura Proven + Probable Reserves plus Indicated Resources reported for Isguiz on a historical basis.”
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: Allan Armitage, Ph.D., P.Geo. of SGS Geological Services is an independent Qualified Person and has reviewed and approved the MRE.
Evidence · text
“Allan Armitage, Ph.D., P.Geo. of SGS Geological Services is an independent Qualified Person as defined by NI 43-101, has reviewed and approved the Mineral Resource Estimate”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The MRE was prepared in accordance with NI 43-101 disclosure standards.
Evidence · text
“in accordance with CIM Best Practice Guidelines and NI 43-101 disclosure standards.”
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: Mineral Resources are reported at a base cut-off grade of 120 g/t silver equivalent.
Evidence · text
“Mineral Resources are reported at a base cut-off grade of 120 g/t silver equivalent (" AgEq ")”
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The MRE includes a significant Inferred Mineral Resource component.
Evidence · text
“Inferred Mineral Resources: 362,000 tonnes grading 149 g/t silver, 2.67% lead, and 4.32% zinc.”
Maiden Resourceneutral
First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component.
Why it applies: This is the company's first independent Mineral Resource Estimate for the Mallay Mine.
Evidence · text
“pleased to announce its first independent Mineral Resource Estimate (" MRE ") for the Mallay Silver-Lead-Zinc Mine”
Extracted facts
Stored fact records: 8. Some facts used in scoring do not have a stored record.
Resource Estimates (8)
indicatedMallay Mine · silverTonnes: 890000Grade: 195Grade Unit: g/tContained Metal: 5572000Contained Unit: ozView all detailsHide details
Identity
- Project
- Mallay Mine
- Commodity
- silver
- Region
- peru
- Reported Region
- central Peru
- Ticker
- EXN
Resource Data
- Category
- indicated
- Tonnes
- 890000
- Grade
- 195
- Grade Unit
- g/t
- Contained Metal
- 5572000
- Contained Unit
- oz
- Cutoff Grade
- 120
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-23T00:00:00.000Z
Reasoning: High-grade Indicated silver resource forms a significant part of the updated MRE, providing a strong foundation for restart planning.
Positive factors
- High Grade
- Significant Contained Metal
Evidence · table
“195”
Context: 890,000
indicatedMallay Mine · leadTonnes: 890000Grade: 3.33Grade Unit: %Contained Metal: 65000000Contained Unit: lbsView all detailsHide details
Identity
- Project
- Mallay Mine
- Commodity
- lead
- Region
- peru
- Reported Region
- central Peru
- Ticker
- EXN
Resource Data
- Category
- indicated
- Tonnes
- 890000
- Grade
- 3.33
- Grade Unit
- %
- Contained Metal
- 65000000
- Contained Unit
- lbs
- Cutoff Grade
- 120
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-23T00:00:00.000Z
Reasoning: Significant Indicated lead resource contributes to the polymetallic nature and overall value of the Mallay deposit.
Positive factors
- Significant Contained Metal
Evidence · table
“3.33”
Context: 890,000
indicatedMallay Mine · zincTonnes: 890000Grade: 4.83Grade Unit: %Contained Metal: 95000000Contained Unit: lbsView all detailsHide details
Identity
- Project
- Mallay Mine
- Commodity
- zinc
- Region
- peru
- Reported Region
- central Peru
- Ticker
- EXN
Resource Data
- Category
- indicated
- Tonnes
- 890000
- Grade
- 4.83
- Grade Unit
- %
- Contained Metal
- 95000000
- Contained Unit
- lbs
- Cutoff Grade
- 120
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-23T00:00:00.000Z
Reasoning: Significant Indicated zinc resource further enhances the economic potential and polymetallic value of the Mallay deposit.
Positive factors
- Significant Contained Metal
Evidence · table
“4.83”
Context: 890,000
indicatedMallay Mine · silverTonnes: 890000Contained Metal: 12014000Contained Unit: ozView all detailsHide details
Identity
- Project
- Mallay Mine
- Commodity
- silver
- Region
- peru
- Reported Region
- central Peru
- Ticker
- EXN
Resource Data
- Category
- indicated
- Tonnes
- 890000
- Contained Metal
- 12014000
- Contained Unit
- oz
- Cutoff Grade
- 120
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-23T00:00:00.000Z
Reasoning: High Indicated silver equivalent grade reflects the strong overall value of the polymetallic resource, supporting project economics.
Positive factors
- High Metal Equivalent Grade
- Significant Contained Metal
Evidence · table
“420”
Context: 890,000
inferredMallay Mine · silverTonnes: 362000Grade: 149Grade Unit: g/tContained Metal: 1739000Contained Unit: ozView all detailsHide details
Identity
- Project
- Mallay Mine
- Commodity
- silver
- Region
- peru
- Reported Region
- central Peru
- Ticker
- EXN
Resource Data
- Category
- inferred
- Tonnes
- 362000
- Grade
- 149
- Grade Unit
- g/t
- Contained Metal
- 1739000
- Contained Unit
- oz
- Cutoff Grade
- 120
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-23T00:00:00.000Z
Reasoning: Inferred silver resource provides future exploration upside and potential for conversion to higher confidence categories.
Negative factors
- Inferred Resource
Evidence · table
“149”
Context: 362,000
inferredMallay Mine · leadTonnes: 362000Grade: 2.67Grade Unit: %Contained Metal: 21000000Contained Unit: lbsView all detailsHide details
Identity
- Project
- Mallay Mine
- Commodity
- lead
- Region
- peru
- Reported Region
- central Peru
- Ticker
- EXN
Resource Data
- Category
- inferred
- Tonnes
- 362000
- Grade
- 2.67
- Grade Unit
- %
- Contained Metal
- 21000000
- Contained Unit
- lbs
- Cutoff Grade
- 120
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-23T00:00:00.000Z
Reasoning: Inferred lead resource contributes to the overall polymetallic potential, offering future growth opportunities.
Negative factors
- Inferred Resource
Evidence · table
“2.67”
Context: 362,000
inferredMallay Mine · zincTonnes: 362000Grade: 4.32Grade Unit: %Contained Metal: 34000000Contained Unit: lbsView all detailsHide details
Identity
- Project
- Mallay Mine
- Commodity
- zinc
- Region
- peru
- Reported Region
- central Peru
- Ticker
- EXN
Resource Data
- Category
- inferred
- Tonnes
- 362000
- Grade
- 4.32
- Grade Unit
- %
- Contained Metal
- 34000000
- Contained Unit
- lbs
- Cutoff Grade
- 120
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-23T00:00:00.000Z
Reasoning: Inferred zinc resource adds to the polymetallic potential of the project, providing future exploration targets.
Negative factors
- Inferred Resource
Evidence · table
“4.32”
Context: 362,000
inferredMallay Mine · silverTonnes: 362000Contained Metal: 4000000Contained Unit: ozView all detailsHide details
Identity
- Project
- Mallay Mine
- Commodity
- silver
- Region
- peru
- Reported Region
- central Peru
- Ticker
- EXN
Resource Data
- Category
- inferred
- Tonnes
- 362000
- Contained Metal
- 4000000
- Contained Unit
- oz
- Cutoff Grade
- 120
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-23T00:00:00.000Z
Reasoning: Inferred silver equivalent grade indicates future potential for resource growth and overall project value.
Negative factors
- Inferred Resource
Evidence · table
“344”
Context: 362,000
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.