13:39:32 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Great Panther Silver Ltd
Symbol GPR
Shares Issued 167,947,421
Close 2017-08-11 C$ 1.65
Market Cap C$ 277,113,245
Recent Sedar Documents

Great Panther drills 0.53 m of 388 g/t Ag at Coricancha

2017-08-14 08:38 ET - News Release

Mr. Robert Archer reports

GREAT PANTHER SILVER RELEASES RESULTS OF PRIOR CORICANCHA EXPLORATION DRILLING AND UPDATES CURRENT PROGRAM

Great Panther Silver Ltd. is releasing results from the exploration drilling program conducted on the Coricancha gold-silver-lead-zinc-copper property in the central Andes of Peru. Great Panther held the property under option during the period May, 2015, to May, 2016, but terminated the option before the results could be released. The company subsequently renegotiated and closed the acquisition of the mine and mill complex and now owns a 100-per-cent interest (see news release dated July 3, 2017).

The exploration program comprised 33 diamond drill holes, in 5,875 metres, from surface and underground in 2015 and 2016. Three main veins were targeted, Wellington, Constancia and Colquipallana, and one new exploration target, the Animas vein (see table). Constancia was historically the main producing vein, followed by the Wellington vein. Highlights include Wellington hole Cori-15-003, which intersected 10.46 grams per tonne gold, 388 g/t silver, 1.64 per cent copper, 0.53 per cent lead and 2.86 per cent zinc over a true width of 0.53 metre, and Constancia hole Cori-15-13 that intersected 22.64 g/t Au, 83 g/t Ag, 0.19 per cent Cu, 1.12 per cent Pb and 2.30 per cent Zn over a true width of 0.41 metre.

"The initial drilling results at Coricancha demonstrate the potential to extend known zones of high-grade mineralization," stated Robert Archer, president and chief executive officer. "The high gold and silver grades, good continuity, and significant exploration upside all underscore our optimism that Coricancha has the potential to be a new mine for the company. While the veins pinch and swell, we have extensive experience in mining narrow widths at our Topia mine in Mexico. Since closing the acquisition at the end of June, we have embarked on a comprehensive program of technical studies with the objective of returning the mine to production."

The intersections on the Constancia and Wellington veins represent extensions of known high-grade areas and have added to the mineral inventory. Holes Cori-15-009 through 012 were drilled through pillars in old workings on the Constancia vein and these intersections have not been included in the table. Intersections on the Colquipallana vein were narrower but demonstrated high gold grades as evidenced by hole Cori-15-011, which returned 20.75 g/t Au, 121 g/t Ag, 0.52 per cent Cu, 0.17 per cent Pb and 0.05 per cent Zn across 0.21 metre. Follow-up drilling will initially concentrate on wider areas.

Only two holes were drilled on the Animas vein following up on encouraging surface channel samples. These are believed to be the first drill holes ever on this target and returned 3.64 g/t Au and 417 g/t Ag over 0.41 metre and 1.50 g/t Au and 107 g/t Ag over 1.20 metres, with minor base metals. Follow-up drilling is planned.

                            HIGHLIGHTS OF 2015-2016 DRILLING AT CORICANCHA
  
Hole            From (m)    To (m)  Au (g/t) Ag (g/t)  Cu (%)   Pb (%)    Zn (%)   True thickness (m)

Cori-15-001      136.60    137.60      5.09       84    0.72     0.28      0.89                 0.70
Cori-15-002      233.90    236.20      5.93      717    0.10     1.27     12.03                 0.83
Cori-15-003      172.60    173.70     10.46      388    1.64     0.53      2.86                 0.53
Cori-15-006      141.62    142.95      6.98       37    0.11     0.11      0.57                 0.75
Cori-15-007      160.50    161.50      9.93      335    1.26     0.58      5.13                 0.59
Cori-16-030      135.30    137.90      5.08      127    0.46     0.50      3.71                 1.72
Cori-16-032      217.86    219.10      3.46      109    0.13     0.29      2.44                 0.58
Cori-15-011       54.34     54.60     20.75      121    0.52     0.17      0.05                 0.21
Cori-15-013      109.77    110.24     22.64       83    0.19     1.12      2.30                 0.41
Cori-16-017      148.45    148.75      8.32       11    0.01     0.28      0.40                 0.23
Cori-16-018      131.80    132.15     12.38       53    0.06     1.64      1.55                 0.25
Cori-16-018      136.80    137.30      3.91       65    0.09     2.66      6.11                 0.35
Cori-16-019      189.73    190.26     12.96        7    0.03     0.04      0.01                 0.27
Cori-16-020      189.92    190.64     20.32       79    0.31     1.80      0.90                 0.40
Cori-16-021      192.35    193.25      9.59       38    0.11     0.90      3.68                 0.52
Cori-16-022      191.70    192.64      6.91       24    0.07     0.19      0.70                 0.51
Cori-16-023      118.57    118.85      17.8     1096    0.27     4.18      6.47                 0.18
Cori-16-024       97.27     97.48      3.20      644    0.09     0.42      1.04                 0.17
Cori-16-025      119.80    120.07      5.84      664    0.12     1.37      1.15                 0.21
Cori-16-026      130.13    130.26      1.92      104    0.01     1.34      0.80                 0.08
Cori-16-028      163.45    165.27      4.20     1883    0.55     7.84      3.98                 1.04
Cori-16-031      132.60    133.36      3.64      417    0.04     0.25      0.65                 0.41
Cori-16-033      118.62    120.62      1.50      107    0.03     0.97      1.14                 1.20

An updated mineral resource estimate is under way, incorporating all previous drilling and the results from all underground sampling undertaken by previous owners. While it is believed that this will increase the mineral inventory, the use of current (lower) metal prices compared with the 2012 historical resource estimate is expected to offset this to some degree. Additional drilling is planned, but the timing will depend on surface and underground rehabilitation and development required to support the program.

Engineering and environmental studies were also initiated during the option period and are being expanded in scope and detail to a prefeasibility level in order to refine operating parameters. Infrastructure improvements and mine development are commencing to support underground drilling and the application for a surface drilling permit is being prepared. Further updates will be provided as work progresses.

The Coricancha mine complex (CMC) is a fully permitted polymetallic mine that includes an operational 600-tonne-per-day flotation and gold BIOX bio-leach plant along with supporting mining infrastructure. The CMC has been on care and maintenance since August, 2013. The CMC property comprises more than 3,700 hectares in the prolific Central polymetallic belt of Peru and production at the mine dates back to 1906. Gold-silver-lead-zinc-copper mineralization (approximately 80 per cent gold-silver by value) occurs as massive sulphide veins that have been mined by cut and fill extraction methods.

The company's quality assurance/quality control program includes the regular insertion of blanks, duplicates and standards into the sample shipments; diligent monitoring of assay results; and necessary remedial actions. Sample assaying was completed at the independent SGS lab in Lima, Peru. Gold was completed with FAA313 technique, with overlimits (10 g/t) completed by FAG303. Fifty-element ICP (ICM12B) included silver, copper, lead and zinc. Overlimit assaying for silver (10 parts per million) was completed with AAS11B, while overlimit assaying for copper, lead and zinc (all at 1 per cent) was conducted with AAS11B.

The technical information contained in this news release has been reviewed and approved by Robert F. Brown, PEng, consultant to the company, who is the qualified person (QP) for the CMC under the meaning of National Instrument 43-101. Aspects relating to mining and metallurgy are overseen by Ali Soltani, chief operating officer for Great Panther.

About Great Panther Silver Ltd.

Great Panther Silver is a primary silver mining and exploration company. Great Panther's current activities are focused on the mining of precious metals from its two wholly owned operating mines in Mexico: the Guanajuato mine complex, which includes the San Ignacio mine and the Topia mine, in Durango; and advancing the development of the Coricancha mine complex in Peru. The company's activities also include the pursuit of additional mining opportunities in the Americas.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.