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Great Panther Announces Open Pit Drill Results for the Tucano Gold Mine in Brazil

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Great Panther Mining Limited (TSX: GPR) (NYSE American: GPL) announces drill results from the resource replacement and expansion drilling program at the Company’s wholly owned Tucano Gold Mine in Brazil. Tucano is mining a 7-kilometre-long trend of gold deposits hosted within a large tenement package controlled by Great Panther covering approximately 90 km (2,000 km2) of the Vila Nova Greenstone Belt.

 

The first phase drill program focused on the TAP C pit, situated between the Taperaba pits and the Urucum pits that are the current focus of production at Tucano. TAP C is a series of three pits over a 1,500 m trend of which the C1 pit is the largest with a depth of 50 m and a strike length of approximately 700 m. The pit was mined by the previous operator down to the base of the oxide zone. The Tucano plant now has the capability to process both oxide and sulphide ore.

 

Exploration Highlights:

 

  • Drilling indicates continuity of mineralization of the TAP C1 deposit to approximately 50 m – 70 m below the current pit floor.
  • Results include intercepts of 17.7 g/t Au over 1.75 m from 130 m in 21TACDD001 and 6.3 g/t Au over 3.9 m in 21TACDD002 (note widths are drillhole intercept widths).
  • Initial results of re-modelling of the TAP C1 deposit define the structural framework that has affected the mineralization. The updated model explains mineralization discontinuities while providing better controls on areas of pinch and swell of the mineralized zones.

 

“The interpretation of the controls on the mineralization at TAP C1 is a key step forward,” commented Rob Henderson, Great Panther’s President and CEO. “The new geological model will now be used to plan ongoing drilling at TAP C1 and be extended to the adjoining areas in TAP C. With this additional work, we are confident that we will be able to include TAP C in the next open pit mineral resource statement for Tucano.”

 

The first phase drilling program at TAP C1 followed Roscoe Postle Associate Inc.’s (“RPA”) 2019 recommendation to evaluate the down-dip projections of the banded iron formation and carbonate units in the TAP C sector for their potential for hosting gold mineralization. Results from the drill program demonstrate mineralization continuity along strike and downdip.

 

In the current diamond drilling program, seven holes were drilled for a total of 1,212 m along a strike length of 670 m of the TAP C1 deposit, aimed at intersecting mineralization at approximately 50 to 70 m below the current pit. Results demonstrate the continuity of mineralization with depth below the pit and justify shallower infill drilling to target definition of an Inferred and Indicated mineral resource.

 

In parallel with the first phase drilling program, the existing geologic model is being modified taking into account structural controls that affect the gold mineralization. This new model will guide and be tested by the second phase drilling program currently underway and will be extended to the other deposits in TAP C.

 

The Mineral Resource and Reserve Update for the Tucano Gold Mine completed in 2018 by AMC Mining Consultants (Canada) Ltd. estimated for TAP C a Measured Resource of 1.05 Mt @ 1.10 g/t Au containing 37,000 oz of gold, an Indicated Resource of 2.29 Mt @ 1.18 g/t Au containing 87,000 oz of gold and an Inferred Resource of 1.1 Mt @ 1.3 g/t Au containing 47,000 oz of gold, calculated at a gold price of $1,500/oz. This historical resource estimate was excluded from the 2019 Mineral Reserves and Mineral Resources statement prepared by RPA due to lack of confidence in the existing model and was not included in the current 2020 MRMR announced in the Company’s December 15, 2020, news release for similar reasoning. RPA suggested further drilling was required below the TAP C oxide pits, thus this reinterpretation of the structural controls along with the additional drilling is an important advance in the extension of the open pit resources at Tucano. While further work and confirmation drilling are required to define a current Mineral Resource, it is believed that this new model and ongoing drilling will allow inclusion of TAP C in the next MRMR statement for Tucano. Mineral Resources that are not Mineral Reserves have no demonstrated economic viability.

 

 

Table 1: Significant gold assay results for 2021 TAP C drilling campaign
Drill hole Interval
(m)
From  (m) To  (m) Est. true width
(m)
Grade  (g/t
Au)
21TACDD001 4.65 84.65 89.30 2.53 0.98
21TACDD001 6.85 98.95 105.80 3.73 0.99
21TACDD001 1.75 130.00 131.75 0.95 17.67
21TACDD002 4.00 80.00 84.00 2.29 0.75
21TACDD002 6.90 129.60 136.50 4.30 1.20
including 3.95 130.65 134.60 2.27 1.74
21TACDD002 3.85 148.15 152.00 2.21 6.34
including 1.00 150.00 151.00 0.57 19.21
21TACDD003 11.95 104.25 116.20 7.36 1.39
including 3.00 110.00 113.00 1.86 3.54
21TACDD004 5.55 199.45 205.00 3.42 0.92
21TACDD005 No significant intersection
21TACDD006 6.00 18.00 24.00 3.69 0.73
21TACDD006 5.00 101.00 106.00 3.08 1.18
including 1.00 104.00 105.00 0.62 4.29
21TACDD006 4.00 168.00 172.00 2.46 0.64
21TACDD007 8.00 75.00 83.00 4.70 0.96

 

Notes:
·       DD = diamond drilling;

·       Grades over 0.4g/t cut-off, max 2m internal dilution

·       True widths are estimates based on current geologic knowledge but may vary after resource modelling. Drill hole inclinations vary between 57° and 60° and mineralization is sub-vertical. Intersections are necessarily oblique to the mineralized zones as a result of access constraints due to topography and pit development.

·       Assay data are from the Tucano Laboratory unless otherwise indicated and intercept widths are drill intercepts. Drill holes are generally inclined at 60 degrees and mineralization is variable but close to sub-vertical.

 

Drilling is ongoing with a focus on increasing the drill density in the southern area between holes 21TACDD005 and 21TACDD006. This zone was inaccessible due to unusually heavy rains combined with inappropriate heavy machinery to prepare the platforms. New machinery is now on site and drilling continues. A second Reverse Circulation (“RC”) drill is due on site in the second half of May and will carry out shallow, infill resource drilling. In parallel, modelling will be done of the northern pits at TAP C and those to the south as well as the area between TAP C1 and TAP AB to define additional drill targets.

 

The full table of drill results can be found at

https://www.greatpanther.com/_resources/pdf/20210407-GPR-TAP-C-Drill-Results.pdf.

 

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 inclusion in this news release 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 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. 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.

 

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, and on the NYSE American.

 

Posted April 7, 2021

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