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Great Panther Silver Moves Ahead With El Horcon Project

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GREAT PANTHER SILVER LIMITED (TSX:GPR)(NYSE MKT:GPL) announces that it has completed a maiden resource estimate for the El Horcon Project and the results are sufficiently encouraging that the Company is moving ahead with permitting for the next phase of exploration.

 

“We are pleased to see that the El Horcon mineralization shows good continuity and has the potential for additional tonnages at similar grade as that defined by the initial drill program,” stated Robert Archer, President & CEO. “As the mineralization is very close to surface and the project is within trucking distance to our plant in Guanajuato, we intend to continue with our drilling to define a larger resource base. Our goal is to advance El Horcon to where it can be another satellite operation for Guanajuato, similar to our San Ignacio Project.”

 

An internal resource estimate was prepared in the third quarter based upon the initial 2,156 metre, 24 hole surface drill program completed during the second quarter. The drill program tested 650 metres of strike length on the Diamantillo vein and various splays and nearby parallel structures and veins, which occur within a NW-SE trending structural corridor six kilometres long by 2.5 kilometres wide.

 

The mineral resource estimate has an effective date of August 31st, 2013 and is classified as Inferred. The Company cautions that there is no guarantee that a sufficient amount of additional mineralization at adequate grade will be found to render the project economic. Inferred mineral resources are not mineral reserves and do not have demonstrated economic viability. The work undertaken to date simply provides the Company with sufficient justification to proceed to the next stage. The table below summarizes the Inferred mineral resource estimate for the Diamantillo, Diamantillo HW, Natividad, and San Guillermo veins.

 



----------------------------------------------------------------------------
                                     Au         Ag                   Average
Vein                  Tonnes        g/t        g/t        Pb%     $NSR/tonne
----------------------------------------------------------------------------
Diamantillo          141,285       2.91         79       2.72            158
----------------------------------------------------------------------------
Diamantillo HW         4,929       4.54         53       2.61            201
----------------------------------------------------------------------------
San Guillermo         57,878       3.93         37       1.62            165
----------------------------------------------------------------------------
Natividad             10,310       2.84         98       1.44            157
----------------------------------------------------------------------------
Grand Total          214,402       3.22         68       2.36            161
----------------------------------------------------------------------------
 

 

Notes:

 



1.  CIM Definitions were followed for Mineral Resources.
2.  Inferred Mineral Resources are reported at a cut-off of $110USD / tonne.
3.  Bulk Density's used are 2.77t/m3 (Diamantillo), 2.62t/m3 (Diamantillo
    HW), 2.57t/m3 (Natividad), and 2.78t/m3 (San Guillermo).
4.  Totals may not agree due to rounding.
5.  $NSR/tonne based on prices of Ag = USD $24/oz; Au = USD $1,440/oz; and
    Pb = USD $1.00/lb.
6.  Contained ounces have been calculated using 1oz = 31.1035g.
7.  Minimum true width of intersection was 1.0m.
 

 

 

El Horcon comprises 7,908 hectares in Jalisco State, Mexico, on the Guanajuato structural trend and is approximately 80 kilometres by paved highway from Great Panther’s Guanajuato Mine Complex. The property hosts a historic mining operation, dating back to the days of the Jesuits, but the extent of past production is unknown. Several underground workings exist, the most extensive of which is the Diamantillo Tunnel. El Horcon hosts nine known silver-gold-lead-zinc veins, with the Diamantillo vein traceable on surface for more than four kilometres.

 

Preliminary metallurgical testing at the Company’s facilities in Guanajuato shows the El Horcon mineralization to be compatible with the existing mill feed. While further testing is required, it is anticipated that recoveries from El Horcon could be approximately 92% for gold and 80% for silver.

 

At the abovementioned metal prices, and using Great Panther’s existing smelter terms, the initial resource contains approximately 2.47 million silver equivalent ounces. While this is insufficient to make a production decision, the Company is encouraged by the tenor and continuity of the mineralization. As the veins are open in all directions, the next phase of drilling would test the strike and depth extent of the mineralization.

 



Highlights from the Phase I drill program include:
----------------------------------------------------------------------------
                                                    Au      Ag
Hole                 Vein   From      To  Width    g/t     g/t    Pb%    Zn%
----------------------------------------------------------------------------
EH-13-001       Natividad   4.65    5.70   1.05   2.50   17.00   0.14   0.20
          ------------------------------------------------------------------
              Diamantillo  46.30   50.40   4.10   1.92   39.00   2.34   1.58
          ------------------------------------------------------------------
           Diamantillo FW
                Stockwork  50.40   53.00   2.60   3.99    9.00   0.46   6.05
----------------------------------------------------------------------------
EH-13-002       Natividad   1.05    1.55   0.50   1.57  280.00   0.00   0.11
          ------------------------------------------------------------------
              Diamantillo  62.55   66.85   4.30   3.42   72.56   7.74  12.03
----------------------------------------------------------------------------
EH-13-004     Diamantillo  66.50   68.70   2.20   2.82   31.00   2.90   5.70
----------------------------------------------------------------------------
EH-13-007  Diamantillo HW  29.80   30.40   0.60   6.53   70.00   3.47   0.53
----------------------------------------------------------------------------
EH-13-008       Natividad   4.10    4.80   0.70   5.02  159.00   4.21   0.07
----------------------------------------------------------------------------
EH-13-009     Desprendido  15.00   21.70   6.70   3.52   18.00   1.45   0.18
          ------------------------------------------------------------------
              Diamantillo  57.65   62.45   4.80   2.01   11.00   1.48   1.17
----------------------------------------------------------------------------
EH-13-011  Diamantillo FW  67.20   67.85   0.65   2.34   13.00   0.22   0.25
----------------------------------------------------------------------------
EH-13-012     Diamantillo  70.25   72.20   1.95   3.63   56.00   0.60   4.90
----------------------------------------------------------------------------
EH-13-014     Diamantillo  94.40   95.70   1.30   1.72   50.00   3.20   6.60
----------------------------------------------------------------------------
EH-13-015     Diamantillo  74.90   78.90   4.00   3.00   15.00   0.03   0.20
          ------------------------------------------------------------------
            San Guillermo  80.60   82.90   2.30   9.37   52.00   2.94   3.11
----------------------------------------------------------------------------
EH-13-019     Diamantillo  44.35   46.30   1.95   3.64   65.69   0.62   0.15
----------------------------------------------------------------------------
EH-13-023     Diamantillo  67.50   69.10   1.60   3.49  369.88   0.30   0.30
          ------------------------------------------------------------------
            San Guillermo  74.55   76.80   2.25   2.72   28.42   1.60   3.40
----------------------------------------------------------------------------
Note: Core widths do not necessarily represent True Widths.
 

 

 

Robert F. Brown, P.Eng. and Vice President of Exploration for the Company is the Qualified Person for the El Horcon Project, under the meaning of NI 43-101. Great Panther is a Producing Issuer and the mineral resource estimate was completed internally, to NI 43-101 standards, under the supervision of Mr. Brown. A full QA/QC program is being followed including the regular insertion of splits, blanks, and standards into the core sampling sequence. Analysis of the drill core samples was conducted at the Guanajuato Mine on-site laboratory, independently operated by SGS.

 

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 MKT trading under the symbol GPL. The Company’s current activities are focused on the mining of precious metals from its two wholly-owned operating mines in Mexico, Topia and Guanajuato. Great Panther is also in the process of developing its San Ignacio Project and has two exploration projects, El Horcon and Santa Rosa.

Posted October 21, 2013

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