GREAT PANTHER SILVER LIMITED (TSX: GPR) (NYSE American: GPL) announces an updated Mineral Resource Estimate for the Company’s Guanajuato Mine Complex in Guanajuato, Mexico. For the purpose of resource estimation, the GMC includes the operating Guanajuato and San Ignacio Mines.
“We are excited to announce an almost doubling of the estimated Measured and Indicated Mineral Resource at the GMC to over 13 million silver equivalent ounces,” stated James Bannantine, President & CEO. “This is a strong testament to our ability to continue to develop new mineral resources at the GMC and expand its potential. In this regard, we have over 24,000 metres of drilling planned for the GMC in 2018, which we believe will continue to add to the mineral resource inventory.”
During 2017, exploration at the San Ignacio Mine consisted of both surface and underground drilling. This drilling resulted in the extension and continued delineation of the Melladito and Nombre de Dios zones and a significant increase in Measured and Indicated Mineral Resources.
At San Ignacio, plans for 2018 include 5,000 metres of surface exploration drilling designed to test the down dip extension of the main productive structures and along the Nombre de Dios structure, and 5,000 metres of underground delineation drilling to upgrade and expand resources in these areas.
At the Guanajuato Mine, underground exploration in 2017 was focused on the Cata, Los Pozos, Guanajuatito, San Cayetano, Santa Margarita and Valenciana mining areas. An underground drill program of approximately 14,000 metres is planned for 2018, which will continue to focus on increasing Mineral Resources in these same areas.
2017 Mineral Resource Estimate Update for the Guanajuato Mine Complex¹
Measured | |||||||
Mine | Tonnes | Ag (g/t) | Ag (oz) | Au (g/t) | Au (oz) | Ag eq g/t | Ag eq (oz) |
San Ignacio | 801,468 | 142 | 3,655,447 | 3.09 | 79,724 | 360 | 9,283,955 |
Guanajuato | 170,978 | 227 | 1,245,568 | 1.50 | 8,268 | 333 | 1,829,281 |
Total Measured | 972,445 | 157 | 4,901,014 | 2.81 | 87,991 | 355 | 11,113,236 |
Indicated | |||||||
Mine | Tonnes | Ag (g/t) | Ag (oz) | Au (g/t) | Au (oz) | Ag eq g/t | Ag eq (oz) |
San Ignacio | 196,949 | 139 | 878,805 | 2.68 | 16,991 | 328 | 2,078,368 |
Guanajuato | 43,929 | 215 | 383,530 | 1.25 | 2,088 | 303 | 428,190 |
Total Indicated | 240,878 | 153 | 1,262,335 | 2.42 | 19,079 | 324 | 2,506,558 |
Measured and Indicated | |||||||
Mine | Tonnes | Ag (g/t) | Ag (oz) | Au (g/t) | Au (oz) | Ag eq (g/t) | Ag eq (oz) |
San Ignacio | 998,417 | 141 | 4,534,252 | 3.01 | 96,715 | 354 | 11,362,323 |
Guanajuato | 214,907 | 224 | 1,629,098 | 1.45 | 10,356 | 327 | 2,257,472 |
Total M & I | 1,213,324 | 156 | 6,163,350 | 2.74 | 107,070 | 349 | 13,619,794 |
Inferred | |||||||
Mine | Tonnes | Ag (g/t) | Ag (oz) | Au (g/t) | Au (oz) | Ag eq g/t | Ag eq (oz) |
San Ignacio | 573,431 | 130 | 2,395,220 | 2.44 | 44,911 | 302 | 5,565,972 |
Guanajuato | 158,846 | 136 | 694,917 | 2.04 | 10,432 | 280 | 1,431,334 |
Total Inferred | 732,277 | 131 | 3,090,137 | 2.35 | 55,343 | 297 | 6,997,306 |
¹ Mineral Resource Estimates use an effective date of August 31, 2017; and all used a metal price outlook of US$17.00/oz silver and US$1,300/oz gold. |
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Notes for San Ignacio Mine Mineral Resource Estimate
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1. | Cut-offs are based on the marginal operating costs per mining area being US$71/tonne. |
2. | Block model grades converted to US$/t value using process plant recoveries of 84% Ag, 84% Au, and net smelter terms negotiated for pyrite concentrates. |
3. | Rock Density for Intermediate 2.64t/m³, Melladito 2.63t/m³, Intermediate BO 2.65t/m³, Nombre de Dios 2.64t/m³, Nombre de Dios 1.5 2.63t/m³, Nombre de Dios 2S 2.62t/m³, Nombre de Dios II 2.62t/m³, and Veta 400 is 2.66t/m³. |
4. | Totals may not agree due to rounding. |
5. | Grades in metric units. |
6. | Contained silver and gold in troy ounces. |
7. | Minimum true width 1.0m . |
8. | Ag:Au ratio of 70.6 was used for Ag eq (oz). |
Notes for Guanajuato Mine Mineral Resource Estimate
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1. | Cut-offs are based on the marginal operating costs per mining area being US$76/tonne for Cata, US$70/tonne for Santa Margarita / San Cayetano, US$68/tonne for Los Pozos, US$93/tonne for Guanajuatito, US$80/tonne for Promontorio, and US$80/tonne for Valenciana. |
2. | Block model grades converted to US$/t value using process plant recoveries of 87% Ag, 86.8% Au, and net smelter terms negotiated for pyrite concentrates. |
3. | Rock Density for all veins is 2.68t/m³. |
4. | Totals may not agree due to rounding. |
5. | Grades in metric units. |
6. | Contained silver and gold in troy ounces. |
7. | Minimum true width 1.0m. |
8. | Ag:Au ratio of 70.6 was used for Ag eq (oz). |
The above estimates were classified per the CIM Definition Standards on Mineral Resources and Mineral Reserves and, as such, are consistent with the requirements of NI 43-101. The Mineral Resource Estimate was completed under the supervision of Matthew C. Wunder, P. Geo., the Company Qualified Person. The Mineral Resource Estimates were completed using MicroMine 3D geological software, and the inverse distance cubed estimation technique for estimation of grade to each of the block model blocks. The stated Mineral Resources are a categorized compilation of blocks greater than the marginal operational costs of the various mining areas.
The Company’s QA/QC 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-GTO lab in Guanajuato, GTO, Mexico. Silver assaying was conducted with AAS12B technique, with over-limits (300g/t) completed by FAG323. Gold assaying was conducted with FAA313 technique, with over-limits (10g/t) completed by FAG323. Where necessary, lead, zinc, copper, arsenic and antimony assays were conducted using atomic absorption spectroscopy.
The technical information contained in this news release has been reviewed and approved by Matthew C. Wunder, P. Geo., who is the Qualified Person for the Guanajuato Mine Complex under the meaning of NI 43-101. Aspects relating to mining and metallurgy are overseen by Ali Soltani, Chief Operating Officer for Great Panther.
ABOUT GREAT PANTHER
Great Panther Silver Limited is a primary silver mining and exploration company listed on the Toronto Stock Exchange trading under the symbol GPR, and on the NYSE American under the symbol GPL. 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 and the Topia Mine. The Company is also evaluating the restart of the Coricancha Mine in Peru, which it acquired in 2017, and continues to pursue the acquisition of additional mining operations or projects in the Americas.
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