Excellon Resources has acquired the past-producing Mallay mine in Peru. Credit: Excellon Resources
Excellon Resources’ (TSXV: EXN) shares jumped to their highest level in two years on Friday amid the company’s preparations to restart production next year at the Mallay silver-lead-zinc mine in Peru.
The miner’s $1.56 million acquisition of Mallay and the nearby Tres Cerros gold-silver exploration target from private entity Adar Mining closed June 24. Both projects are located just west of Oyón, about 220 km north of the capital Lima.
“Excellon appears to have captured lightning in a bottle,” Red Cloud Securities analyst Ron Stewart said in a note on Friday. “The potential upside provided by the mine combined with the discovery potential at Tres Cerros outweighs the execution and exploration risks associated with both Mallay and Tres Cerros.”
Excellon first announced the acquisition in…
