Drilling to be incorporated into an updated resource model for mine planning of the high-grade underground zones

Great Panther Mining Limited (TSX: GPR) (NYSE-A: GPL) a growth-oriented precious metals producer focused on the Americas, reports drill results for an additional 29 holes at the Urucum North underground project at the Company’s wholly owned Tucano Gold Mine in Brazil. URN is the most northern of a series of open pits distributed along the 7-kilometre-long belt that hosts Tucano.

Surface diamond drilling focused on a zone of multiple plunging high-grade lodes beneath the URN open pit where underground mine development studies are advancing. The resource conversion drill program, which commenced in 2021, was completed in April 2022 and totalled 18,948 metres (“m”) in 48 drill holes. Drill results from the first 19 holes were announced in a news release dated July 22, 2021. Highlights from the remainder of the drill program are presented below and significant intercepts are presented in Table 1.

Highlights (all intervals are estimated true mineralization widths)

• 21URNDD028    2.5 m @ 5.80 g/t Au from 342 m
• 21URNDD028    3.8 m @ 4.71 g/t Au from 409 m
• 21URNDD049    3.9 m @ 7.65 g/t Au from 114 m
• 21URNDD051    3.0 m @ 4.65 g/t Au from 139 m
• 21URNDD053    3.7 m @ 6.20 g/t Au from 432.2 m

Great Panther Chair and Interim CEO, Alan Hair, commented: “The zones of deeper, higher-grade mineralization being delineated at Urucum North demonstrate the potential for additional production from these underground resources in parallel with open pit operations at Tucano. In addition to the Urucum North underground zone, exploration has identified several similar potential high-grade zones associated with other pits along the seven-kilometre belt, which may also support underground production and warrant additional drilling. Drill results from the Urucum North underground will be incorporated into an updated underground resource estimate.”

Table 1: Significant intersections from drilling program (post-July 22, 2021)

Notes:

• Significant results are intersections that gave greater than 6 g/t Au*m (est. true width)
• URNDD = URN diamond drilling
• Grades over 2 g/t cut-off, max 2 m internal dilution
• True widths are estimates based on current geologic knowledge but may vary after resource modelling. Drill hole inclinations vary between 55° and 75° and mineralization is sub-vertical. Intersection azimuths may be slightly oblique to the mineralized zones as a result of access constraints due to topography and pit development
• Assays are first carried out by the Tucano Laboratory and all resource model assays are re-analyzed by the Certified SGS Laboratory in Belo Horizonte, Brazil. On receipt, following QA/QC approval, the SGS assays replace the Tucano assays in the resource database

Diamond drilling was primarily focused on the URN high-grade zone (HGZ1), which lies less than 100 m below the planned URN final pit shell. In addition to the HGZ1 lode, drilling also identified an additional four high-grade lodes, which are being incorporated into the mine plan for Tucano. These lodes are expected to allow access to ore during early stages of ramp development prior to reaching the HGZ1 zone. The URN gold resource comprises five parallel, tabular bodies with grades ranging from 2 to 121 g/t gold and true thicknesses that range from a minimum true mining width of 2 m to 7 m (Figure 1). The gold mineralization is associated with pyrrhotite and hosted in banded iron formation and calc-silicate units. High-grade ore shoots plunge 20-30 degrees to the north.

Drill samples are analyzed for gold by fire assay at Great Panther’s onsite laboratory, with all samples to be included in the resource model re-analyzed at the certified SGS Laboratory in Belo Horizonte, where multi-element ICP analyses are also undertaken. The data is being modelled with updated mineralization and lithology wireframes being prepared for an updated resource model to support underground mine development planning.

Engineering studies for underground development at URN are currently in progress. The drilling plan and mine planning focus is on near-term development and production largely above the -200 masl level (Figure 1) and will result in access to the top of the main high-grade zone (HGZ1) as well as provide access for reserve drilling along deeper parts of the HGZ1 and sub-parallel lodes and further infill drilling on the deeper, sub-parallel, plunging high-grade zone, shown in Figure 1.

QUALIFIED PERSONS

On behalf of Great Panther, Nicholas Winer, Fellow AusIMM supervised the preparation of data for inclusion in, and approved, this news release. Mr. Winer is a non-independent Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

The Qualified Person has reviewed the Tucano QA/QC program. The QA/QC program for drill core includes the regular insertion of blanks, standards, and duplicates into sample batches, diligent monitoring of assay results, and necessary remedial actions. Resource drilling samples are first assayed at the Tucano onsite laboratory. All intervals with anomalous gold are submitted and re-analyzed by the Certified, SGS Geosol laboratory in Belo Horizonte by 50 g fire-assay. All SGS Geosol assays, after diligent monitoring of QA/QC and necessary remedial actions, supersede the Tucano assay results in the database for MRMR grade estimation. In addition to the data verification methodology described above, personal inspections of the Tucano property have also been completed.

ABOUT GREAT PANTHER

Great Panther is a growth-oriented precious metals producer focused on the Americas. The Company owns a portfolio of assets in Brazil, Mexico and Peru that includes three gold and silver mines, an advanced development project and a large land package with district-scale potential. Great Panther is focused on creating long-term stakeholder value through safe and sustainable production, reinvesting into exploration and pursuing acquisition opportunities to complement its existing portfolio.

Figure 1. Long section with gram*metre contours in Lodes 1 and 5 (CNW Group/Great Panther Mining Limited)