# Excellon Restarts Mining at Mallay and Highlights Emerging "Footwall Zone" Upside

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/excellon-restarts-mining-at-mallay-and-highlights-emerging-footwall-zone-upside--6892095c-08a3-4623-826e-d5f2a5f98537

Original source: https://money.tmx.com/en/quote/EXN/news/6014660705704342/excellon-restarts-mining-at-mallay-and-highlights-emerging-footwall-zone-upside

Publisher: tmx

Original announcement: 2026-02-05T12:00:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: Unknown date

Atlas analysis updated: Unknown date

- Company: Excellon Resources Inc.

- Ticker: EXN

- Exchange: TSX

- Region: Peru

- Primary commodity: Silver

- Secondary commodities: Lead, Zinc

- Document categories: Production, Drill results

- Extracted: 2026-08-23 10:47:52 UTC

Narrative sentiment: 0.60 · Bullish

## Minestarters Atlas summary

Excellon has restarted underground mining and dewatering activities at the Mallay mine in Peru. The company also highlighted an emerging 'Footwall Zone' characterized by wide mineralized intervals, supported by historical drill results.

Reasoning: The company is successfully restarting mining operations at Mallay and has identified a significant new exploration target \(Footwall Zone\), though the reported high-grade intercepts are historical and unverified.

- Positive factor: Mine restart advancing on multiple fronts

- Positive factor: Identification of emerging Footwall Zone with potential for wider mineralized intervals

- Positive factor: Initial metallurgical testwork supports blending

- Negative factor: Footwall Zone results are historical and not verified by current QP

- Negative factor: True widths for historical intercepts are unknown

Facts used in scoring: 18

## Classification and evidence

**Apparent Width Only**

Polarity: negative

Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness.

Why it applies: Historical drill intercepts are reported in core lengths and true widths are unknown.

Evidence · text

> True widths are unknown and may vary by hole due to intercept angles created by fanned drill arrays.

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: The historical results are noted as not being verified by a current Qualified Person.

Evidence · text

> A Qualified Person has not completed sufficient work to verify these historical drill results

## Extracted facts

Stored fact records: 12. Some facts used in scoring do not have a stored record.

## Drill Results (12)

### ISG-10-01

[Link to this fact](https://atlas-staging.minestarters.com/news/excellon-restarts-mining-at-mallay-and-highlights-emerging-footwall-zone-upside--6892095c-08a3-4623-826e-d5f2a5f98537#fact-drill-facts-6)

Mallay · silver

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: ISG-10-01
- Project: Mallay
- Commodity: silver
- Region: peru
- Reported Region: Peru
- Ticker: EXN

#### Geometry

- Grade: 92.35
- Grade Unit: g/t
- Intercept: 8.2 m
- From: 61.7 m
- To: 69.9 m

#### Classification

- Sample Type: drill
- Group ID: ISG-10-01:61.7-69.9

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2010-01-01T00:00:00.000Z

#### Dates

- Event date: 2026-02-05T00:00:00.000Z

Reasoning: Expanded from assay table. 92.35 g/t silver is weak against the default band \[500, 200, 100, 30\] g/t. Grade×width 757.3 g/t·m is weak.

- Negative factor: Scored from rubric bands during table expansion, not from document context.

Evidence · table

> 92.35

Context: ISG-10-01

### ISG-10-01

[Link to this fact](https://atlas-staging.minestarters.com/news/excellon-restarts-mining-at-mallay-and-highlights-emerging-footwall-zone-upside--6892095c-08a3-4623-826e-d5f2a5f98537#fact-drill-facts-7)

Mallay · lead

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: ISG-10-01
- Project: Mallay
- Commodity: lead
- Region: peru
- Reported Region: Peru
- Ticker: EXN

#### Geometry

- Grade: 0.97
- Grade Unit: %
- Intercept: 8.2 m
- From: 61.7 m
- To: 69.9 m

#### Classification

- Sample Type: drill
- Group ID: ISG-10-01:61.7-69.9

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2010-01-01T00:00:00.000Z

#### Dates

- Event date: 2026-02-05T00:00:00.000Z

Reasoning: Expanded from assay table. 0.97 % lead is below against the default band \[10, 6, 3, 1\] %. Grade×width 8.0 %·m is below.

- Negative factor: 0.97 % lead is below the weak threshold \(1 %\) on the default band.

- Negative factor: Scored from rubric bands during table expansion, not from document context.

Evidence · table

> 0.97

Context: ISG-10-01

### ISG-10-01

[Link to this fact](https://atlas-staging.minestarters.com/news/excellon-restarts-mining-at-mallay-and-highlights-emerging-footwall-zone-upside--6892095c-08a3-4623-826e-d5f2a5f98537#fact-drill-facts-8)

Mallay · zinc

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: ISG-10-01
- Project: Mallay
- Commodity: zinc
- Region: peru
- Reported Region: Peru
- Ticker: EXN

#### Geometry

- Grade: 1.74
- Grade Unit: %
- Intercept: 8.2 m
- From: 61.7 m
- To: 69.9 m

#### Classification

- Sample Type: drill
- Group ID: ISG-10-01:61.7-69.9

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2010-01-01T00:00:00.000Z

#### Dates

- Event date: 2026-02-05T00:00:00.000Z

Reasoning: Expanded from assay table. 1.74 % zinc is below against the default band \[18, 10, 5, 2\] %. Grade×width 14.3 %·m is below.

- Negative factor: 1.74 % zinc is below the weak threshold \(2 %\) on the default band.

- Negative factor: Scored from rubric bands during table expansion, not from document context.

Evidence · table

> 1.74

Context: ISG-10-01

### ISG-10-04

[Link to this fact](https://atlas-staging.minestarters.com/news/excellon-restarts-mining-at-mallay-and-highlights-emerging-footwall-zone-upside--6892095c-08a3-4623-826e-d5f2a5f98537#fact-drill-facts-9)

Mallay · silver

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: ISG-10-04
- Project: Mallay
- Commodity: silver
- Region: peru
- Reported Region: Peru
- Ticker: EXN

#### Geometry

- Grade: 41.1
- Grade Unit: g/t
- Intercept: 10.7 m
- From: 65.8 m
- To: 76.5 m

#### Classification

- Sample Type: drill
- Group ID: ISG-10-04:65.8-76.5

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2010-01-01T00:00:00.000Z

#### Dates

- Event date: 2026-02-05T00:00:00.000Z

Reasoning: Expanded from assay table. 41.1 g/t silver is weak against the default band \[500, 200, 100, 30\] g/t. Grade×width 439.8 g/t·m is weak.

- Negative factor: Scored from rubric bands during table expansion, not from document context.

Evidence · table

> 41.10

Context: ISG-10-04

### ISG-10-04

[Link to this fact](https://atlas-staging.minestarters.com/news/excellon-restarts-mining-at-mallay-and-highlights-emerging-footwall-zone-upside--6892095c-08a3-4623-826e-d5f2a5f98537#fact-drill-facts-10)

Mallay · lead

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: ISG-10-04
- Project: Mallay
- Commodity: lead
- Region: peru
- Reported Region: Peru
- Ticker: EXN

#### Geometry

- Grade: 0.41
- Grade Unit: %
- Intercept: 10.7 m
- From: 65.8 m
- To: 76.5 m

#### Classification

- Sample Type: drill
- Group ID: ISG-10-04:65.8-76.5

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2010-01-01T00:00:00.000Z

#### Dates

- Event date: 2026-02-05T00:00:00.000Z

Reasoning: Expanded from assay table. 0.41 % lead is below against the default band \[10, 6, 3, 1\] %. Grade×width 4.4 %·m is below.

- Negative factor: 0.41 % lead is below the weak threshold \(1 %\) on the default band.

- Negative factor: Scored from rubric bands during table expansion, not from document context.

Evidence · table

> 0.41

Context: ISG-10-04

### ISG-10-04

[Link to this fact](https://atlas-staging.minestarters.com/news/excellon-restarts-mining-at-mallay-and-highlights-emerging-footwall-zone-upside--6892095c-08a3-4623-826e-d5f2a5f98537#fact-drill-facts-11)

Mallay · zinc

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: ISG-10-04
- Project: Mallay
- Commodity: zinc
- Region: peru
- Reported Region: Peru
- Ticker: EXN

#### Geometry

- Grade: 1.48
- Grade Unit: %
- Intercept: 10.7 m
- From: 65.8 m
- To: 76.5 m

#### Classification

- Sample Type: drill
- Group ID: ISG-10-04:65.8-76.5

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2010-01-01T00:00:00.000Z

#### Dates

- Event date: 2026-02-05T00:00:00.000Z

Reasoning: Expanded from assay table. 1.48 % zinc is weak against the default band \[18, 10, 5, 2\] %. Grade×width 15.8 %·m is weak \(grade alone is below; the better of the two is used\).

- Negative factor: Scored from rubric bands during table expansion, not from document context.

Evidence · table

> 1.48

Context: ISG-10-04

### PS-13-68

[Link to this fact](https://atlas-staging.minestarters.com/news/excellon-restarts-mining-at-mallay-and-highlights-emerging-footwall-zone-upside--6892095c-08a3-4623-826e-d5f2a5f98537#fact-drill-facts-12)

Mallay · silver

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: PS-13-68
- Project: Mallay
- Commodity: silver
- Region: peru
- Reported Region: Peru
- Ticker: EXN

#### Geometry

- Grade: 86.78
- Grade Unit: g/t
- Intercept: 7.6 m
- From: 0.4 m
- To: 7.9 m

#### Classification

- Sample Type: drill
- Group ID: PS-13-68:0.4-7.9

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2013-01-01T00:00:00.000Z

#### Dates

- Event date: 2026-02-05T00:00:00.000Z

Reasoning: Expanded from assay table. 86.78 g/t silver is weak against the default band \[500, 200, 100, 30\] g/t. Grade×width 659.5 g/t·m is weak.

- Negative factor: Scored from rubric bands during table expansion, not from document context.

Evidence · table

> 86.78

Context: PS-13-68

### PS-13-68

[Link to this fact](https://atlas-staging.minestarters.com/news/excellon-restarts-mining-at-mallay-and-highlights-emerging-footwall-zone-upside--6892095c-08a3-4623-826e-d5f2a5f98537#fact-drill-facts-13)

Mallay · lead

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: PS-13-68
- Project: Mallay
- Commodity: lead
- Region: peru
- Reported Region: Peru
- Ticker: EXN

#### Geometry

- Grade: 2.26
- Grade Unit: %
- Intercept: 7.6 m
- From: 0.4 m
- To: 7.9 m

#### Classification

- Sample Type: drill
- Group ID: PS-13-68:0.4-7.9

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2013-01-01T00:00:00.000Z

#### Dates

- Event date: 2026-02-05T00:00:00.000Z

Reasoning: Expanded from assay table. 2.26 % lead is weak against the default band \[10, 6, 3, 1\] %. Grade×width 17.2 %·m is weak.

- Negative factor: Scored from rubric bands during table expansion, not from document context.

Evidence · table

> 2.26

Context: PS-13-68

### PS-13-68

[Link to this fact](https://atlas-staging.minestarters.com/news/excellon-restarts-mining-at-mallay-and-highlights-emerging-footwall-zone-upside--6892095c-08a3-4623-826e-d5f2a5f98537#fact-drill-facts-14)

Mallay · zinc

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: PS-13-68
- Project: Mallay
- Commodity: zinc
- Region: peru
- Reported Region: Peru
- Ticker: EXN

#### Geometry

- Grade: 3.02
- Grade Unit: %
- Intercept: 7.6 m
- From: 0.4 m
- To: 7.9 m

#### Classification

- Sample Type: drill
- Group ID: PS-13-68:0.4-7.9

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2013-01-01T00:00:00.000Z

#### Dates

- Event date: 2026-02-05T00:00:00.000Z

Reasoning: Expanded from assay table. 3.02 % zinc is weak against the default band \[18, 10, 5, 2\] %. Grade×width 23.0 %·m is weak.

- Negative factor: Scored from rubric bands during table expansion, not from document context.

Evidence · table

> 3.02

Context: PS-13-68

### MLL17-73

[Link to this fact](https://atlas-staging.minestarters.com/news/excellon-restarts-mining-at-mallay-and-highlights-emerging-footwall-zone-upside--6892095c-08a3-4623-826e-d5f2a5f98537#fact-drill-facts-15)

Mallay · silver

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: MLL17-73
- Project: Mallay
- Commodity: silver
- Region: peru
- Reported Region: Peru
- Ticker: EXN

#### Geometry

- Grade: 52.25
- Grade Unit: g/t
- Intercept: 4.8 m
- From: 9.5 m
- To: 14.3 m

#### Classification

- Sample Type: drill
- Group ID: MLL17-73:9.5-14.3

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2017-01-01T00:00:00.000Z

#### Dates

- Event date: 2026-02-05T00:00:00.000Z

Reasoning: Expanded from assay table. 52.25 g/t silver is weak against the default band \[500, 200, 100, 30\] g/t. Grade×width 250.8 g/t·m is weak.

- Negative factor: Scored from rubric bands during table expansion, not from document context.

Evidence · table

> 52.25

Context: MLL17-73

### MLL17-73

[Link to this fact](https://atlas-staging.minestarters.com/news/excellon-restarts-mining-at-mallay-and-highlights-emerging-footwall-zone-upside--6892095c-08a3-4623-826e-d5f2a5f98537#fact-drill-facts-16)

Mallay · lead

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: MLL17-73
- Project: Mallay
- Commodity: lead
- Region: peru
- Reported Region: Peru
- Ticker: EXN

#### Geometry

- Grade: 1.06
- Grade Unit: %
- Intercept: 4.8 m
- From: 9.5 m
- To: 14.3 m

#### Classification

- Sample Type: drill
- Group ID: MLL17-73:9.5-14.3

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2017-01-01T00:00:00.000Z

#### Dates

- Event date: 2026-02-05T00:00:00.000Z

Reasoning: Expanded from assay table. 1.06 % lead is weak against the default band \[10, 6, 3, 1\] %. Grade×width 5.1 %·m is below \(grade alone is weak; the better of the two is used\).

- Negative factor: Scored from rubric bands during table expansion, not from document context.

Evidence · table

> 1.06

Context: MLL17-73

### MLL17-73

[Link to this fact](https://atlas-staging.minestarters.com/news/excellon-restarts-mining-at-mallay-and-highlights-emerging-footwall-zone-upside--6892095c-08a3-4623-826e-d5f2a5f98537#fact-drill-facts-17)

Mallay · zinc

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: MLL17-73
- Project: Mallay
- Commodity: zinc
- Region: peru
- Reported Region: Peru
- Ticker: EXN

#### Geometry

- Grade: 2.02
- Grade Unit: %
- Intercept: 4.8 m
- From: 9.5 m
- To: 14.3 m

#### Classification

- Sample Type: drill
- Group ID: MLL17-73:9.5-14.3

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2017-01-01T00:00:00.000Z

#### Dates

- Event date: 2026-02-05T00:00:00.000Z

Reasoning: Expanded from assay table. 2.02 % zinc is weak against the default band \[18, 10, 5, 2\] %. Grade×width 9.7 %·m is below \(grade alone is weak; the better of the two is used\).

- Negative factor: Scored from rubric bands during table expansion, not from document context.

Evidence · table

> 2.02

Context: MLL17-73

## 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.