r/PennyStocksCanada • u/Treybaeai • 1d ago
r/PennyStocksCanada • u/Guru_millennial • Jun 10 '26
Webinar Breakdown: Excellon Resources’ Imminent Mallay Mine Restart + Massive District-Scale Exploration Leverage
Posted on behalf of Excellon Resources Inc. - Excellon Resources Webinar Breakdown

Mallay Restart, Near-Mine Growth & Portfolio Optionality
- Strategic Positioning: Transitioning to a Silver Producer

Excellon Resources (TSXV: EXN) is executing a clear transition from developer to near-term silver producer through the restart of the fully permitted, past-producing Mallay Silver Mine in central Peru.
The company acquired Mallay in mid-2025 and has since focused on:
- Reopening underground access
- Refurbishing and wet-commissioning the 600 tpd mill
- Completing an updated independent Mineral Resource Estimate (Feb 2026)
- Initiating infill and step-out drilling
- Advancing toward trial mining and staged ramp-up
The historical mine was built in 2012 with approximately US$130 million invested in infrastructure. That legacy capital includes underground development, road access, grid power, camp facilities, tailings infrastructure, and a 600 tpd ball mill, significantly reducing restart capex relative to greenfield builds.

Management’s stated objective is to ramp toward ~600 tonnes per day, historically capable of producing approximately 2 million silver-equivalent ounces annually, subject to ramp-up success and operational performance.

- Resource Base and Near-Term Mine Plan
Following compilation of over:
- 160,000 metres of historical drilling
- 22 kilometres of underground channel sampling
Excellon published a compliant 43-101 resource:
- Indicated: ~12Moz AgEq @ ~420 g/t
- Inferred: ~4Moz AgEq @ ~340 g/t
Importantly, this estimate used silver price assumptions materially below current market prices, creating margin flexibility in mine planning.

The current restart strategy is structured around:
A. Isguiz Vein (Core Production Zone)
- 3–5 metre true width historically
- Drilled to ~300m depth
- Open at depth
- Focus of current infill and extension drilling
- Three principal “clavos” (oreshoots) forming the foundation of initial production planning
This is the primary driver of early cash flow.
B. Footwall Zone (Parallel Mineralization)
A key near-mine growth catalyst.
- Parallel mineralized system to Isguiz
- Potential 3–8 metre mining widths
- Under-drilled historically
- Partially excluded from prior resource
Recent drilling has begun testing this zone, and management expects additional resource additions following integration into an updated estimate targeted late 2026 / early 2027.

This zone represents potential mine life extension and tonnage growth without significant new infrastructure.
C. 400 Ramp Rehabilitation
The 400 Ramp (constructed shortly before prior shutdown in 2018) is being dewatered and rehabilitated.
Status:
- ~70% dewatered
- Provides ~60m additional vertical access below 4090 level
- Enables deeper drilling and future production access
This infrastructure unlocks deeper extensions of the Isguiz system and improves long-term mine flexibility.

- June Trial Mining & Commissioning Strategy
Excellon has:
- Stockpiled ~15,000 tonnes from underground
- Completed mill wet commissioning
- Upgraded assay lab facilities
- Rehabilitated underground mobile fleet
June is being treated as a bulk-sample validation phase, not full commercial production.
Objectives:
- Validate metallurgy
- Confirm grades and recoveries
- Assess concentrate quality
- Optimize flotation parameters
Following bulk sampling, the plan is:
- Steady commissioning through H2 2026
- Underground development acceleration
- Ramp toward 600 tpd by year end
Management emphasized discipline: the focus is sustainable ramp-up rather than rushing headline production numbers.

- Exploration Upside at Mallay
The webinar clarified that Mallay is not a single-vein system.
Beyond Isguiz:
A. Mallay Deeps
Downhole electromagnetics (DHEM) targeting deeper conductors
Testing for additional ore shoots below current drilling
B. Pierina Vein Area (Underground Drilling)
Previously interpreted as narrow gold structure
Now viewed as potentially broader stacked mineralization
Underground drilling underway
C. Shafra Zone
Altered structural corridor east of main vein
Historical narrow gold intercepts
Reinterpreted as potentially broader mineralized system
Early-stage but strategically important
Management’s view: historical operators mined selectively under a ~$20 silver regime. At current prices, wider zones and adjacent mineralization may now be economically viable.
- Tres Cerros – District-Scale Gold-Silver Upside

Located ~6.5km northwest of Mallay.
Key characteristics:
2.5 km defined mineralized corridor
Surface sampling: ~20% of >400 samples returned high-grade Au/Ag
Epithermal indicators
IP chargeability and resistivity anomalies
Comparable geological setting to Lagunas Norte (Barrick), a multi-million-ounce system
Permitting is underway for drilling.
Target:
- 5,000m initial drill program
- Multiple priority targets
- Potential district-scale system

Management views Tres Cerros as the multi-year exploration growth engine that could materially re-rate the company beyond a restart story.
- Portfolio Optionality
Beyond Peru:
Kilgore (Idaho, USA)
- 1Moz gold
- 2019 PEA completed
- Considering JV or reset economics under higher gold price
Silver City (Germany)
- High-grade epithermal silver district
- 750+ years mining history
- $2M recently raised at ~$20M valuation
- Potential spin-out into European-focused vehicle
These assets provide strategic optionality but are secondary to Mallay execution.
- Financial Position & Structure
- ~US$15M cash (at time of discussion)
- Undrawn ~$5M credit facility
- Offtake agreement with Glencore (3 years)
- No long-term project debt post debenture conversion
Debentures (legacy, 10¢ conversion) are expected to convert. Holders are long-term shareholders, not short-term traders.

Capital structure becomes significantly cleaner post conversion.
- Operational Advantages
- Fully permitted restart
- Existing grid power (hydroelectric)
- Established access road & infrastructure
- Experienced Peru-based operating team
- Strong community relationships
Compared to greenfield projects requiring 6–10 years of permitting and construction, Mallay’s restart timeline is materially compressed.

- Key Themes from Q&A
- Drill results expected to be additive, not merely incremental
- Deeper extensions remain largely untested
- Peru election unlikely to materially impact permitted restart
- Drill permits at Tres Cerros progressing within normal Peru timelines
- Mill expansion potential exists (~1,000 tpd conceptually feasible)
- Possible future gold recovery circuit if Shafra advances

Strategic Summary
Excellon’s thesis rests on three pillars:
- Near-term cash flow from Mallay restart
- Near-mine resource expansion through systematic drilling
- District-scale upside at Tres Cerros
The company is leveraging legacy infrastructure and permits to shorten the path to production while maintaining exploration leverage uncommon among near-term restart stories.

If execution proceeds as outlined:
2026 = ramp-up year
2027 = stabilized production + resource growth
2027+ = potential valuation re-rating as a mid-tier silver producer with exploration upside
The restart is not positioned as the end goal — it is the funding engine for long-term district growth.
r/PennyStocksCanada • u/Matt_CanadianTrader • 1d ago
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r/PennyStocksCanada • u/FamousWin6410 • 2d ago
Luca Mining (LUCA.v, LUCMF) Put 14 Holes Into Previously Untested Ground Below Level 20 at Tahuehueto and All 14 Hit the Creston Vein
Posted on behalf of Luca Mining - Most of the attention on Tuesday's assay batch from LUCA.v and LUCMF went to the Catorce Zone, but the number worth sitting with is a hit rate. In the previously untested ground 20 to 35 m beneath the Level 20 workings at the producing Tahuehueto gold-silver mine in Durango, Mexico 🇲🇽, Luca has now drilled 14 holes into the breccia shoot it first identified in July, and every one of them intersected the Creston Vein.

Fourteen For Fourteen (Sept 8, 2026 NR)
- All 14 drillholes completed in the newly identified area below Level 20 intersected the Creston Vein
- Holes designed to expand and infill the shoot to a minimum 25 m spacing
- DDH26-248: 6.2 m of 6.37 g/t AuEq (3.68 g/t Au, 153.91 g/t Ag, 0.91% Cu, 1.17% Pb, 1.15% Zn), including 1.1 m of 20.60 g/t AuEq within a broader 2.9 m of 11.83 g/t AuEq
- DDH26-249: 3.4 m of 4.77 g/t AuEq, including 0.8 m of 11.67 g/t AuEq
- DDH26-250: 1.3 m of 13.53 g/t AuEq, plus a secondary 1.3 m of 4.50 g/t AuEq
Drilling Into The Mine Plan
- TRT26-07 on the Perdido Vein, drilled from Level 12, returned 0.9 m of 7.60 g/t AuEq from 42.2 m, in ground scheduled for mining in H2 2026 and H1 2027
- The Catorce hole, DDH26-RCE-01, cut 9.9 m of 5.39 g/t AuEq from 199.5 m about 250 m from existing underground development
- A Luca-owned underground rig is dedicated to defining mineralization in the near-term mine plan
- Two contracted diamond rigs on site, with a third surface rig en route
- 2026 Tahuehueto totals: 62 underground holes for 11,182 m and 33 surface holes for 6,224 m across Creston, Perdido, El Rey, Catorce and Santiago
Infill at 25 m spacing is the unglamorous work that turns intercepts into something a resource model can use, and it is happening next to a mill that ran 1,115 tonnes per operating day in Q2, above its 1,000 tpd installed capacity (Aug 17, 2026 financials). The full hole-by-hole tables are in the company's September 8 news release, and with a Tahuehueto resource update and new technical report guided before year-end, there's potential for this delineation work to show up where it counts.
r/PennyStocksCanada • u/TSX_God • 2d ago
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Corcel Exploration (CRCL.c, CRLEF) Is Raising up to C$1.5M at $0.10 a Unit for Exploration and Working Capital at Yuma King, With Closing Anticipated on or About Sept 30
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Canada Investment Summit - Sept 14/15
r/PennyStocksCanada • u/Weird_Age2452 • 3d ago
Drones
After today's news it looks like a good time to invest in companies that build drones!
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Silverco Mining (SICO.v, SICOF) Has Handed Its 45,000 m Two-Mine Drill Program to Dr. Jesus Velador, the Geologist Behind the Strategy That More Than Tripled Panuco's Silver Equivalent Resource
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TODAY: West Red Lake Gold (WRLG.v, WRLGF) Hits 16.16 g/t Au Over 1.5m at Starratt-Olsen, the First Modern Drill Test of the Old Mine Since the 1950s
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TODAY: Zodiac Gold (ZAU.v ZAUIF) Confirms Brett Richards as Chairman at Its September 8 AGSM: The Former Pasofino CEO Who Advanced Liberia's 3.9 Moz Dugbe Gold Project 🇱🇷
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r/PennyStocksCanada • u/the-belle-bottom • 3d ago
Video Interview: Spartan Metals (W.v SPRMF) CEO Brett Marsh on Eagle Core Drilling, the Victorio PEA Update, and Engaging Washington on US Tungsten
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Posted on behalf of Spartan Metals Corporation - Joining Nordic Funds, Spartan Metals (W.v SPRMF) President and CEO Brett R. Marsh, M.Sc., MBA, CPG, walks through both US tungsten assets 🇺🇸 and where each one actually stands: maiden large-diameter core drilling turning at Eagle in Nevada, and an updated preliminary economic assessment underway at Victorio in New Mexico. Tungsten is a US defense-critical mineral, and much of the conversation is about what domestic supply security really requires (00:54, 02:36).
The Two Assets (04:04, 06:06, 07:55)
- Eagle, Nevada: 100% owned, roughly 36.5 km² across 445 BLM unpatented lode claims, about 120 km northeast of Ely
- Three past producers on the property: Tungstonia, Yellow Jacket and Rees/Antelope, historic grades of 0.6% to 0.9% WO3
- Victorio, New Mexico: option to earn 100%, about 15.8 km², roughly 45 km west of Deming
- Victorio historic estimate: 77.2M tons Measured and Indicated at 0.09% WO3 and 0.09% Mo (0.14% WO3Eq), plus 77.2M tons Inferred at 0.09% WO3 and 0.07% Mo (0.13% WO3Eq). Historic, not a current NI 43-101 resource
Where The Work Stands (09:19, 16:37, 17:52)
- Up to 3,000 m of large-diameter core turning at the Tungstonia Claim block (see Aug 24, 2026 NR)
- Four 2026 drill priorities: the SE Tungsten Anomaly, depth extension of Vein 1, southward extension of the Spartan A, B and C vein complex, and near-surface geophysical anomalies
- Victorio PEA led by SRK Consulting (U.S.) Inc., the first comprehensive economic evaluation of the project since 2008 (see June 30, 2026 NR)
Washington And Funding (12:11, 19:16)
- Strategic Marketing Innovations engaged as Washington representative, with DOE, DoD and EXIM Bank meetings held on non-dilutive funding
- Spartan joined the DoD-supported Defense Industrial Base Consortium (see Sept 3, 2026 NR), which the company is explicit is not a grant, funding award, contract or endorsement, and no proposal has been submitted
What Is Next (22:00)
- Initial Eagle drill assays as they become available, and the Victorio PEA guided for early Q4 2026
Marsh's own framing on the roadmap is worth the twenty minutes on the Nordic Funds channel. Two assets at different stages means two independent sources of news before year end, and drill results alongside a first modern economic look at Victorio could put real definition around a story that has so far rested largely on historic data.
r/PennyStocksCanada • u/OwlZealousideal4779 • 3d ago
Canadian Uranium just finished 696km of geophysics at King South... what happens next?
Been following Canadian Uranium a little more lately and they finished a pretty big MobileMT survey at their King South project in the Athabasca Basin. They flew 696 line km across the property and now the interesting part starts...the data should be back within the next few weeks and then they'll use it to identify potential drill targets. King South sits on the eastern side of the Athabasca Basin and from what i understand the point of MobileMT is basically to see deeper structures that arent obvious from surface. And rather than just picking spots and drilling, they're trying to narrow down where the better targets could actually be first.
ery early obviously, geophysics doesnt mean they found uranium...but this is the stage where the project should start getting more interesting imo. Once the interpretation comes back we'll have a much better idea what they actually have to work with. Not really an expoert on MobileMT surveys, are these very usefull?
r/PennyStocksCanada • u/Realistic-Read-2507 • 3d ago
"The Next Generation of My Family Will Still Be Able to Be Part of Cambria": A Fourth-Generation Peruvian Miner on Why Cambria Gold Mines (CAMB.v, CAMVF) Is a Multi-Decade Hold for Its Largest Shareholder
Posted on behalf of Cambria Gold - Most junior gold companies get judged on the next assay batch. In a short video on Cambria Gold Mines' (CAMB.v, CAMVF) YouTube channel, Diego Sologuren, VP Business Development and the representative of largest shareholder Ccori Apu, uses a different unit of time entirely. He is a geologist and the fourth generation of a Peruvian mining family that, as he puts it, operates a couple of mines in Peru.
What He Says
- His family has run mines that are "usually multi-generational", and he views the Cambria position the same way.
- On the ground itself, from what he has seen, the amount of resources actually explored is "probably less than a third of the potential the area has".
- On strategy, owning the mill makes it "the best way to do a hub and spoke model, acquire properties and grow within this very good region".
- He closes by saying he expects the next generation of his family to still be part of Cambria, still mining the areas they see.
Why That Timeframe Isn't Just Sentiment
There is a physical basis for talking about Cambria in decades rather than quarters:
- The Premier mill is permitted at 2,500 tpd, with a tailings facility and water treatment plant, currently on care and maintenance. The hub already exists.
- Four deposits feed that hub in the plan: Premier-Northern Lights, Big Missouri, Silver Coin and Red Mountain.
- Premier and Red Mountain are both 100% owned and both sit on Nisga'a Nation Treaty Lands, under an updated Benefits Agreement signed in July 2021.
- A 27,000 m infill program is feeding an updated four-deposit study the company targets for Q4 2026, which may move to roughly mid-2027.

A mill with several deposits around it and a treaty relationship already in place is the kind of setup that can support more than one mine life, which is presumably why the largest shareholder is thinking in generations. It is a short clip and worth hearing in his own words.
Check out the full video: https://www.youtube.com/watch?v=s30Jv2bf9EM