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Great Panther Announces High-Grade Intercepts from Tucano’s Urucum North Deposit

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Great Panther Announces High-Grade Intercepts from Tucano’s Urucum North Deposit

 

 

 

 

 

Exploration drilling has delineated continuity in the underground zone and potential for expanding the open pit

 

Great Panther Mining Limited (TSX: GPR) (NYSE-A: GPL) a growing gold and silver producer focused on the Americas, announces drill results for the Urucum North deposit located at its wholly-owned Tucano mine in Brazil.

 

Rob Henderson, Great Panther’s President & CEO commented: “We are very excited with the exploration results we are seeing from Tucano, which demonstrate the potential for additional near-term gold production. The high grades discovered at Urucum North are encouraging, and we are expediting studies to support a decision to initiate underground production to supplement the open pit feed to the mill. Drilling also identified shallow high-grade mineralization, which we believe will extend the Urucum North pit.”

 

The URN underground project envisions an estimated 40,000 to 50,000 gold ounce (“Au oz”) per year underground mine planned to extract ore from below the current URN open pit. In late 2020, Great Panther conducted additional drilling as part of a larger exploration program designed to update development studies to support a decision for the start-up of the underground project. The program is ongoing and significant drilling results to-date are presented below.

 

URN High-Grade Zone (Underground)

 

The URN High-Grade Zone 1 lies less than 100 metres below the planned URN final pit shell. It is the shallowest high-grade zone defined in the mine plan. Nineteen holes were drilled within and along the up and down plunge extensions of HGZ1. Three of these are deep (i.e., +500 metres) drill holes completed to test the down plunge extension of this high-grade zone to demonstrate the down plunge continuity of the HGZ1 beyond the previous limits (see Figure 1). Key drill intersections from these holes include:

 

  • 2.2 metres at 14.3g/t Au in 21URNDD005
  • 2.6 metres at 6.3g/t Au in 21URNDD011
  • 2.6 metres at 9.3g/t Au in 21URNDD015 and
  • 3.1 metres at 4.1g/t Au also in 21URNDD015

 

Currently, the HGZ1 is approximately 500 metres long and remains open down plunge. Drill hole 21URNDD021 and 21URNDD024 are currently underway to test the extension.

 

URN Pit Extension to North

 

Twenty-six holes drilled between 2020 and 2021 (see Table 1) targeted shallow upper-level stopes defined in the URN underground project mine plan. These were identified for early production during ramp development. This additional drilling has delineated a near-surface zone of relatively high-grades with potential to incorporate the upper-level stopes into an extension of the URN open pit design.

 

Key highlights from drilling in this zone include:

 

  • 2.4 metres @ 2.8g/t Au in 21URNDD020
  • 2.4 metres @ 8.0g/t Au in 21URNDD018
  • 1.8 metres @ 6.8g/t Au in 21URNDD017
  • 4.7 metres @ 8.0g/t Au also in 21URNDD017
  • 1.4 metres @ 5.2g/t Au in 21URNDD016
  • 4.8 metres @ 3.8g/t Au also in 21URNDD016
  • 6.2 metres @ 3.5g/t Au in 20URNDD010
  • 1.3 metres @ 4.0g/t Au in 20URNDD006
  • 2.8 metres @ 2.7g/t Au in 20URNDD012
  • 1.1 metres @ 5.7g/t Au in 20URNDD002

 

The Company is conducting a mine planning trade-off evaluation between accessing this near-surface mineralization by extending the open pit or via underground stoping, as early ramp development in the current model will access this zone.

The Mine Trend

The drilling executed by Great Panther has improved our understanding of the high-grade zones at Tucano and the Company is applying this knowledge to the entire Tucano drilling database. Recent modelling of high-grade intersections along the 7-kilometre mine sequence indicates a repetition of high-grade zones with similar characteristics and similar controls, that have either been mined or are inferred from sparse drilling. This revised understanding will assist exploration efforts along the mine trend.

Full drill results are provided in the following table:

Hole Id Target Intercept From To Est. Horiz. Grade Est. Horiz.
(m) (m) (m) Thickness (m) (g/t Au) gram*m
Au
21URNDD001 Hole abandoned: re-drilled as 21URNDD002
21URNDD002 HGZ1 up-plunge 4.3 227.5 231.8 2.2 3.24 7.0
21URNDD003 Hole abandoned: re-drilled as 21URNDD004
21URNDD004 HGZ1 up-plunge 2.9 274 276.9 1.7 3.67 6.1
21URNDD004 HGZ1 up-plunge 3 342 345 1.7 3.29 5.7
21URNDD005 HGZ1 down-
plunge
4.9 424 428.9 2.2 2.6 5.8
21URNDD005 HGZ1 down-
plunge
6.2 480.8 487 2.8 14.26 40.1
21URNDD011 HGZ1 down-
plunge
6.2 423 429.2 2.6 6.26 16.4
21URNDD012 HGZ1 up-plunge 6.5 173.3 179.8 2.4 2.09 5.1
21URNDD013 Hole abandoned: to be re-drilled
21URNDD014 HGZ1 up-plunge 2.75 286.8 289.5 1.5 6.19 9.0
21URNDD014 HGZ1 up-plunge 2 303 305 1.1 5.21 5.5
21URNDD015 HGZ1 down-
plunge
6.05 479.6 485.6 2.6 9.34 23.9
21URNDD015 HGZ1 down-
plunge
7.4 549.6 557 3.1 4.14 12.9
21URNDD016 URN Extension 2.35 206.3 208.7 1.4 5.21 7.4
21URNDD016 URN Extension 8 235.6 243.6 4.8 3.77 18.2
21URNDD017 URN Extension 3 214 217 1.8 6.83 12.6
21URNDD017 URN Extension 7.6 235 242.6 4.7 8.03 37.6
21URNDD018 URN Extension 4.8 201.2 206 2.4 8.02 19.2
21URNDD019 Hole abandoned: to be re-drilled
21URNDD020 URN Extension 4 220 224 2.4 2.82 6.8
21URNDD021 HGZ1 down-plunge Hole currently in progress
21URNDD022 HGZ1 up-plunge 2 217 219 1.03007615 9.84 10.1
21URNDD023 Hole abandoned: wedge of 21URNDD21
21URNDD024 HGZ1 down-
plunge
Hole currently in progress
20URNDD002 URN Extension 1.9 217 218.9 1.1 5.74 6.6
20URNDD002 URN Extension 4 241 245 2.4 2.13 5.1
20URNDD003 URN Extension 6.45 354 360.5 2.7 3.55 9.7
20URNDD004 URN Extension 3 282.6 285.6 1.5 3.03 4.5
20URNDD006 URN Extension 9.7 255.4 265.1 6.2 5.99 37.3
20URNDD006 URN Extension 2 279 281 1.3 4.01 5.2
20URNDD008 URN Extension 3.1 234.1 237.2 2.0 2.61 5.2
20URNDD009 URN Extension 8.4 313.7 322.1 3.8 6.56 25.0
20URNDD009 URN Extension 2 376 378 0.9 3.55 3.2
20URNDD010 URN Extension 11 247 258 6.2 3.52 21.7
20URNDD011 URN Extension 4.8 229.6 234.4 2.8 2.02 5.6
20URNDD011 URN Extension 3.6 247.2 250.8 2.1 1.95 4.0
20URNDD012 URN Extension 4.95 227.6 232.5 2.8 2.71 7.7
20URNRC001 URN Extension 3 80 83 1.9 2.67 5.1
20URNRC001 URN Extension 6 83 89 3.9 2.38 9.2
20URNRC001 URN Extension 7 108 115 4.5 3.48 15.7
20URNRC001 URN Extension 1 118 119 0.6 14.48 9.3
* Significant results: +3.2 gram*meters (Est. horizontal thickness used).         
Minimum cut-off: 1.6 g/t Au
Max internal dilution: 2 m
Estimated horizontal thickness calculated assuming vertical mineralization and inclination of drill hole.

Figure 1: Location of HGZ1 and significant drill intersections highlights in the 2020 / 2021 drill campaign.

Technical Disclosure and Qualified Persons

On behalf of Great Panther, Nicholas Winer, Fellow AusIMM and Vice President of Exploration, supervised the preparation of data for the drillholes included in this news release and Nicholas Winer, together with Fernando A. Cornejo, P. Eng. and Chief Operating Officer, approved this news release. Mr. Winer and Mr. Cornejo are non-independent Qualified Persons as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

The Qualified Person 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 Mineral Resource and Mineral Reserve grade estimation. QA/QC monitoring of the SGS laboratory also includes inter-laboratory checks on five percent of samples with the Certified ALS laboratory in Belo Horizonte. In addition to the data verification methodology described above, personal inspections of the Tucano property have also been completed.

For more information about the Company’s underground URN project, including its mine plan, see the Company’s Annual Information Form for the year ended December 31, 2020 and the technical report dated February 2, 2021 entitled “Amended and Restated Technical Report on the 2020 Mineral Reserves and Mineral Resources of the Tucano Gold Mine, Amapa State, Brazil” filed with the Canadian Securities Administrators available at www.sedar.com and with the Securities and Exchange Commission available at www.sec.gov.

ABOUT GREAT PANTHER

Great Panther is a growing gold and silver producer focused on the Americas. The Company owns a diversified portfolio of assets in Brazil, Mexico and Peru that includes three operating gold and silver mines, four exploration projects, and an advanced development project. Great Panther is actively exploring large land packages in highly prospective districts and is pursuing acquisition opportunities to complement its existing portfolio. Great Panther trades on the Toronto Stock Exchange trading under the symbol GPR, and on the NYSE American under the symbol GPL.

 


Figure 1: Location of HGZ1 and significant drill intersections highlights in the 2020 / 2021 drill campaign. (CNW Group/Great Panther Mining Limited)

 

Posted July 22, 2021

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