# Excellon Defines Multi-Stage Gold-Silver System Linking Pierina, Shafra and Mallay Deeps at Mallay Mine *2025-11-26T06:13:00-05:00* Excellon Defines Multi-Stage Gold-Silver System Linking Pierina, Shafra and Mallay Deeps at Mallay Mine Follow-up geological work confirms Pierina Vein continuity below current workings and supports a deep intrusive target beneath Shafra and Isguiz Toronto, Ontario--(Newsfile Corp. - November 26, 2025) - **Excellon Resources Inc. (TSXV: EXN) (OTC Pink: EXNRF) (FSE: E4X2) **("**Excellon**" or the "**Company**") is pleased to report updated geological interpretations and exploration priorities from technical reviews of the Pierina and Shafra zones at the Company's wholly-owned Mallay Silver Mine in central Peru. **Highlights:** - **Pierina vein extension (Figure 1):**Historic drilling and mine records indicate that the gold-silver Pierina vein extends below the 4090 level and is a prime target for near-term exploration. - **Shafra Zone:**Surface sampling completed by Excellon in 2025 confirms a gold-silver-base metal footprint coincident with a 500 m diameter circular feature. Anomalous gold was found in 96% of surface samples, ranging up to 62.38 g/t Au, associated with veins and breccias of unknown depth extent. - **Mallay Deeps conceptual target (Figure 3):**Structural interpretations indicate the Isguiz Vein and associated mineralized shoots (clavos) extend below the limits of historic drilling (Level 3850), supporting continuity of mineralization at depth. Geological and structural evidence suggests the Shafra, Isguiz and Pierina structures may coalesce at depth within the favourable Santa Formation, a regionally significant formation known host to polymetallic mineralization in the area. - **Planned exploration:**Underground drilling totaling 3,500 metres from the 4090 level to test the Pierina Vein at depth, in combination with downhole geophysics as an aid to targeting Shafra and the Mallay Deeps. **Shawn Howarth, President and CEO, commented,**"The integration of Pierina, Shafra, and Mallay Deeps provides a more complete picture of Mallay's multi-phase mineralizing system. "We now recognize 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." [](https://images.newsfilecorp.com/files/1601/275996_e807db2c84bd3a70_001full.jpg) **Figure 1: Historical Work and Mineralized Potential - Pierina Vein and Shafra Zone Targets** To view an enhanced version of this graphic, please visit: [https://images.newsfilecorp.com/files/1601/275996_e807db2c84bd3a70_001full.jpg](https://images.newsfilecorp.com/files/1601/275996_e807db2c84bd3a70_001full.jpg) _Notes: _ _Surface grab samples referenced herein are not necessarily representative of mineralization across the Shafra Zone._ _Historical results generated by Buenaventura during 2014 to 2018 and reported in Buenaventura management presentations._ **Pierina Vein Targets - Extending High-Grade Mineralization at Depth** Core examination, including holes JM 06-08, ML 16-150 and JM 08-15, indicates the Pierina Vein mineralization remains open at depth where it is associated laterally with porphyry dykes and breccias that merge northeast into the deeper portions of Shafra. A recent review of historical core by Excellon geologists noted extensive silicification, brecciation and replacement of the limestones together with zones of disseminated pyrite and hydrothermal alteration and late carbonate and silica veining. These textures, coupled with persistent Ag-Pb-Zn-Au mineralization within the veining point toward vertical continuity and proximity to a multi-phase porphyry feeder zone beneath the Pierina-Shafra target areas. Detailed mineralogical studies of the Pierina Vein indicate that gold is introduced late in the mineralization sequence and occurs predominantly as gold telluride and electrum, also as inclusions in pyrite, galena, chalcopyrite, and carbonate minerals. The presence of adularia and bladed silica suggests an epithermal overprint to the earlier mesothermal sulphide event. Excellon intends to evaluate this system by drilling below existing underground infrastructure on the 4090 level to test the Pierina extension down-dip and along strike. [](https://images.newsfilecorp.com/files/1601/275996_image1.jpg) **Image 1: Hole JM 06-08, 71.40 metres: Alteration associated with mineralized intrusive breccias proximal to the Pierina Vein** T