Resources and Reserves

Resources and Reserves

The estimate of Mineral Resources is provided in Tables 1-4:

Silver/Lead/Zinc Projects:

Table 1 - PLATOSA DEPOSIT – Durango, Mexico

Category Tonnes (‘000s) Ag
(g/t)
Pb
(%)
Zn
(%)
AgEq
(g/t)
Ag
(‘000s oz)
Pb
(‘000s lb)
Zn
(‘000s lb)
AgEq
(‘000s oz)
Indicated 485 549 5.6 5.9 1,055 8,562 59,752 62,953 16,456
Inferred 13 516 4.7 6.5 1,014 216 1,344 1,859 426

Notes:

  1. Mineral Resources are estimated pursuant to NI 43-101 with an effective date of March 31, 2018.
  2. Mineral Resources are estimated at a cut-off grade of 375 g/t AgEq and silver, lead and zinc prices of US$17.00, US$1.10 and US$1.30, and assuming metal recoveries of 89% for silver and 81% for lead and zinc respectively.
  3. This Mineral Resource Estimate was prepared by former SRK Principal Resource Geologist Sébastien Bernier under the supervision of Glen Cole, PGeo (APGO #1416) Principal Resource Geologist at SRK. Mr. Cole is a Qualified Person as defined in NI 43-101.
  4. All figures have been rounded to reflect the relative accuracy of the estimates.
  5. Mineral Resources that are not Mineral Reserves do not necessarily demonstrate economic viability. The Mineral Resources reported herein have been estimated using a geostatistical block modelling approach informed from silver, lead and zinc assay data collected in core borehole samples. The construction of the Mineral Resource model was a collaborative effort between Excellon and SRK personnel. The construction and methodology for the creation of the resource wireframes was overseen by Blair Hrabi of SRK, P.Geo. (APGO #1723) and geostatistical analysis, variography, mineral resource evaluation and classification were undertaken by former SRK consultant Sébastien Bernier under the supervision of Glen Cole, PGeo (APGO #1416). All technical work was reviewed by Ben Pullinger, Senior Vice President Geology & Corporate Development of Excellon (APGO #2420).
  6. The Mineral Resource Estimate were prepared in accordance with the CIM ‘Mineral Resources and Mineral Reserves Best Practices’ guidelines (November 2003) and are classified per the CIM ‘Definition Standards for Mineral Resources and Mineral Reserves’ (May 2014).
  7. Sébastien Bernier, P.Geo., is the Qualified Person that prepared or supervised preparation of the information in the Platosa Technical Report which is available on SEDAR under Excellon’s profile.

Table 2 - EVOLUCIÓN DEPOSIT – Zacatecas, Mexico

Category Tonnes (‘000s) Ag Au Pb Zn AgEq
(g/t)
Ag Au Pb Zn AgEq
(‘000s oz)
(g/t) (%) (‘000s oz) (‘000s lb)
Indicated 6,407 64 0.09 1.00 1.14 170 13,154 19 140,741 161,548 35,091
Inferred 14,960 39 0.10 0.75 1.15 135 18,524 49 247,459 377,747 64,813

Notes:

  1. Mineral Resources are estimated pursuant to NI 43-101 with an effective date of August 31, 2020.
  2. Mineral Resources are reported at a cut-off grade of 90 g/t AgEq. Cut-off grades are based on a silver price of US$17 per troy ounce and a silver recovery of 76%; a gold price of US$1,550 per troy ounce and recovery of 20%; a lead price of US$0.90 per pound and recovery of 90%; and a zinc price of US$1.15 per pound and recovery of 88%.
  3. Mineral Resources that are not Mineral Reserves do not necessarily demonstrate economic viability. All figures have been rounded to reflect the relative accuracy of the estimates. Composites have been capped where appropriate.
  4. The mineral resources were estimated in conformity with the widely accepted CIM Estimation of Mineral Resource and Mineral Reserves Best Practices Guidelines (November 2019) and are reported in accordance with the Canadian Securities Administrators’ National Instrument 43-101.
  5. The construction of the Mineral Resource model was a collaborative effort between Excellon and SRK personnel. Dr. Aleksandr Mitrofanov, P.Geo. (APGO#2824) is responsible for resource wireframing, geostatistical analysis, grade estimation and classification with senior review provided by Mr. Glen Cole, PGeo (APGO#1416).

Gold Projects:

Table 3 - KILGORE DEPOSIT – Idaho, United States

Category Tonnes
(‘000s)
Au
(g/t)
Au
(‘000s oz)
Indicated 44,556 0.58 825
Inferred 9,399 0.45 136

Notes:

  1. Mineral resources have been classified in accordance with the CIM Definition Standards on Mineral Resources.
  2. Gold resources are reported above a 0.21 g/T Au (0.006 opt) cut-off.
  3. Mineral resources reported here are constrained within an optimized pit shell. Pit shell input parameters: Gold price $1,300, Selling price $2.20/oz, Recovery 80%, Mining cost $2/ton, Process cost + G&A $4/ton, Pit slope 50°.
  4. “Independent Technical Report and Mineral Resource Estimate for the Kilgore Project”, Clark Country Idaho, U.S.A., was prepared by Rowearth LLC. and Global Resource Engineering, Ltd and dated September 28, 2018 with an effective date as of August 14, 2018. David Rowe, CPG, of Rowearth LLC., is the Qualified Person responsible for the Mineral Resource estimate in the Technical Report. Terre Lane with Global Resource Engineering, Ltd. of Denver (“GRE”) is the Qualified Person for pit optimization and Todd Harvey, also of GRE, is the Qualified Person for metallurgical aspects. The report is available on SEDAR under the profile of Otis Gold Corp.
  5. The PEA on the Kilgore Project was prepared by GRE dated August 14, 2019, with an effective date as of July 30, 2019. David Rowe, Terre Lane, Jeffrey Todd Harvey and J.J. Brown are Qualified Persons under the Instrument. The report is available on SEDAR under the profile of Otis Gold.

Table 4 - OAKLEY DEPOSIT – Idaho, United States

Category Tonnes Au (g/t) Au
(‘000s oz)
Inferred 9,972 0.51 163

Notes:

  1. Technical Report on the Oakley Project was prepared by Childs Geoscience Inc. with an effective date as of August 8, 2016. Dr. John Childs of Childs Geoscience Inc. and Zack Black, B.S. of Hard Rock Consulting Inc. are the Qualified Persons that prepared or supervised preparation of the information in the Technical Report. The report is available on SEDAR under the profile of Otis Gold.
  2. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources estimated will be converted into Mineral Reserves.
  3. Inferred Mineral Resources captured within the pit shell meet the test of reasonable prospect for economic extraction and can be declared a Mineral Resource.
  4. All resources are stated above a (0.31 g/t (0.009 opt) gold cut-off.
  5. Pit optimization is based on an assumed gold price of US$1,200/oz. and mining, processing and G&A costs of US$7.99 per tonne and metallurgical recoveries for gold of 70%.
  6. Mineral resource tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding.
  7. Gold ounces calculated from metric units using the following conversion rate: 1 troy ounce = 31.1035 grams and tons were calculated from metric units using the following conversion rate: 1 short ton = 0.907 tonnes.

Email Signup

Sign up for the latest news and updates