Excellon Resources has released updated geological interpretations and exploration priorities for its wholly owned Mallay Silver Mine in central Peru, outlining a multi-stage gold-silver system that links the Pierina, Shafra and Mallay Deeps zones.

Historic drilling and mine records indicate that the gold-silver Pierina vein extends below the 4090 level, making it a prime target for near-term exploration.

Excellon intends to test the continuity of the Pierina vein beneath existing workings to unlock additional mineral potential.

Surface sampling at the Shafra Zone, completed by Excellon in 2025, confirms a gold-silver-base metal footprint that aligns with a circular feature approximately 500m in diameter.

Anomalous gold was identified in 96% of surface samples, with grades reaching up to 62.38 grams per tonne (g/t) gold.

These samples are linked with veins and breccias of unknown depth extent, indicating strong near-surface gold potential.

Structural interpretations at the site suggest that the Isguiz vein and its mineralised shoots extend below the limits of historic drilling at 3850 level, supporting the continuity of mineralisation at depth.

Geological and structural evidence also suggests that the Shafra, Isguiz and Pierina structures may converge at depth within the Santa Formation, a regionally significant host of polymetallic mineralisation.

Excellon Resources plans to conduct an exploration programme comprising 3,500m of underground drilling from the 4090 level to test the Pierina vein at depth.

This drilling will be combined with downhole geophysics to assist in targeting the Shafra and Mallay Deeps zones more effectively.

Excellon Resources president and CEO Shawn Howarth said: “The integration of Pierina, Shafra and Mallay Deeps provides a more complete picture of Mallay’s multi-phase mineralising system.

“We now recognise continuity of the Pierina vein below existing levels, strong gold potential at Shafra, near surface, and plausible intrusive-related feeder zones at depth. Together, these targets create an exciting exploration pipeline aligned with our broader restart and growth strategy in a strong silver-and-gold environment.”

In addition to the Mallay Mine, Excellon Resources maintains a portfolio of exploration-stage projects, including Kilgore, an advanced-stage gold project in Idaho; Silver City, a high-grade epithermal silver district in Saxony, Germany; and the Tres Cerros Gold/Silver exploration property in Peru.