NYSE American: GPL | TSX:
GPR
VANCOUVER, BC, June 23, 2020 /PRNewswire/ - Great Panther
Mining Limited (TSX: GPR) (NYSE-A: GPL) ("Great Panther" or "the
Company") announces initial drill results from the 2020 drill
program at its wholly owned Tucano gold mine in Brazil. These results are part of an
ongoing 55,000 metre, $6.6 million
resource definition drill program focused on both near-mine and
regional targets. To date, 12,000 metres of drilling have
been completed, including 6,000 metres of near-mine diamond and
reverse circulation drilling at the Tapereba (TAP) AB1 and AB3 open
pits. The ongoing drilling is being conducted with three rigs
and results will be incorporated into an updated Resource and
Reserve statement due for release in fourth quarter of 2020.
Drilling rates are expected to advance as Tucano enters the
dry season in July.
Highlights of the near-mine drill program include intervals of
29.4 metres grading 15.99 grams per tonne gold (g/t Au) in hole
DD018 and 16.7 metres grading 10.96 g/t Au in hole DD009, as
outlined in Table 1. A full table of all significant
intercepts drilled to date can be found on the Company's website at
www.greatpanther.com/operations/operations-overview/.
Table 1: Highlights from near-mine drilling at the TAP AB1
and AB3 open pits, Tucano
Drill
hole
|
Interval
(m)
|
From
(m)
|
To
(m)
|
Est. true width
(m)
|
Grade (g/t
Au)
|
DD020
|
10.25
|
231.95
|
242.20
|
7.3
|
6.55
|
including
|
1.05
|
234.60
|
235.65
|
0.7
|
29.29
|
DD020
|
1.95
|
247.05
|
249.00
|
1.4
|
26.95
|
DD018
|
29.40
|
161.60
|
191.00
|
13.5
|
15.99
|
including
|
6.40
|
161.60
|
168.00
|
2.9
|
38.33
|
including
|
2.40
|
172.60
|
175.00
|
1.1
|
16.20
|
including
|
4.00
|
177.00
|
181.00
|
1.8
|
27.99
|
DD016
|
20.20
|
167.00
|
187.20
|
11.9
|
1.89
|
DD012
|
6.25
|
4.20
|
10.45
|
4.5
|
6.21
|
including
|
1.59
|
5.41
|
7.00
|
1.1
|
17.37
|
DD009
|
16.70
|
188.00
|
204.70
|
10
|
10.96
|
DD007
|
20.00
|
201.00
|
221.00
|
14.3
|
1.71
|
DD003
|
3.00
|
22.00
|
25.00
|
1.4
|
31.70
|
RC003
|
12.00
|
47.00
|
59.00
|
5.7
|
8.06
|
including
|
1.00
|
51.00
|
52.00
|
0,5
|
64.89
|
RC004
|
22.00
|
84.00
|
106.00
|
7.3
|
4.78
|
Notes:
|
· DD =
diamond drilling; RC = reverse circulation
|
· Highlight
drill results are +25 gram*metre intervals intersected in drilling
this year.
|
· True
widths are estimates based on current geologic knowledge but may
vary after resource modelling. Certain intersections are
necessarily oblique to the mineralized zones due to access
constraints due to topography and pit development.
|
Great Panther President and CEO Rob
Henderson commented: "The 2020 exploration program at Tucano
is a top priority. The focus to date has been on converting
inferred resources to measured and indicated and we are encouraged
by the number of significant zones that have exceeded expectations
either in grade, width, or both. We are working to capitalize
on Tucano's significant exploration potential, both in the existing
pits and on regional targets in this largely unexplored area."
Tapereba represents two-thirds of the seven-kilometre Tucano
mine trend, with TAP AB1 and AB3 located toward the southern end
(see Figure 1). They are the largest and deepest pits on the
trend, containing an average resource grade of 2.33 g/t Au (refer
to the Tucano Technical Report dated December 31, 2019 and released on March 25, 2020, available on the Company's
website at www.greatpanther.com).
Appointment of Vice President Exploration
Great Panther also announces the appointment of Nick Winer to the position of Vice President
Exploration. Mr. Winer has extensive international experience
in both major and junior mining companies, largely focused on
Latin America where he has been
involved in the discovery of world-class gold and base metal
deposits. He was involved with the initial resource/reserve
definition program at Tucano from 1996 to 2000, initially as
Exploration Manager for BHP Minerals and later as Exploration
Manager for AngloGold Ashanti.
Mr. Winer commented: "I am excited by the opportunity to be
involved with Great Panther's exploration program at Tucano.
The region offers significant upside potential as it has been
largely unexplored. Great Panther is demonstrating that they mean
to change this."
Prior to joining Great Panther, Mr. Winer was Vice President
Exploration for AngloGold in Colombia and later for all of South
America. He was Chief Operating Officer of Horizonte Minerals
and has held Exploration Manager positions in Brazil for BHP and AngloGold, and senior
exploration positions for BHP in Chile and Ghana.
Mr. Winer's focus will be on advancing Great Panther's
exploration programs in Brazil,
Mexico and Peru. He holds a
BSc in Geology and Geophysics from Macquarie University in
Sydney, Australia, and is a member
of AusIMM. He currently resides in Brazil.
Qualified Person and QA/QC
The technical information contained in this news release has
been reviewed and approved by Nicholas
Winer, Member of the AusIMM, a Qualified Person (QP) for the
purposes of National Instrument (NI) 43-101. Drill program
design, implementation, and interpretation of results were
performed by Great Panther geologists and overseen by the QP.
A Quality Assurance/Quality Control (QA/QC) program
consistent with NI 43-101 and industry best practices was carried
out by the Company regarding drill core logging and sampling.
The QA/QC program included the regular insertion of
standards, blanks and duplicates into the sample batches, as well
as further umpire sampling by an independent certified
laboratory.
The majority of results were produced by the Tucano laboratory,
which carries out preparation on all samples at Tucano and has
independent sample preparation lines for grade control and resource
definition. Initial assays are performed by the Tucano laboratory
and all samples to be included in the resource definition model are
forwarded to the accredited SGS laboratory in Belo Horizonte, Brazil.
Great Panther uses industry standard QA/QC practices for all
sample batches, including those to be assayed by the Tucano and
certified SGS laboratories. These QA/QC procedures and associated
assay results were independently reviewed and approved by RPA as
part of the NI 43-101 Tucano Technical Report dated December 31, 2019 and released on March 25, 2020, available on the Company's
website at www.greatpanther.com).
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.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
This news release contains forward-looking statements within the
meaning of the United States Private Securities Litigation Reform
Act of 1995 and forward-looking information within the meaning of
Canadian securities laws (together, "forward-looking statements").
Such forward-looking statements may include, but are not
limited to, statements regarding the success of the drill program
under way at Tucano, including the potential for conversion of
Inferred Mineral Resources to Indicated Mineral Resources, planed
metres of drilling and corresponding budgeted dollar values.
These forward-looking statements involve known and unknown
risks, uncertainties and other factors that may cause the actual
results, performance or achievements expressed or implied by such
forward-looking statements to be materially different. Such
factors include, among others, risks and uncertainties relating to
potential political and social risks involving Great Panther's
operations in a foreign jurisdiction, developments with respect to
COVID-19 that may impact the Company's operations, the potential
for unexpected costs and expenses, fluctuations in metal prices,
fluctuations in currency exchange rates, physical risks inherent in
mining operations, operating or technical difficulties in mineral
exploration, changes in project parameters as plans continue to be
refined, and other risks and uncertainties, including those
described in respect of Great Panther, in its annual information
form for the year ended December 31,
2018 and material change reports filed with the Canadian
Securities Administrators available at www.sedar.com and reports on
Form 40-F and Form 6-K filed with the Securities and Exchange
Commission and available at www.sec.gov.
There is no assurance that such forward looking statements will
prove accurate; results may vary materially from such
forward-looking statements; and there is no assurance that the
Company will be able to identify and acquire additional projects or
that any projects acquired will be successfully developed.
Readers are cautioned not to place undue reliance on forward
looking statements. The Company has no intention to update
forward looking statements except as required by law.
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SOURCE Great Panther Mining Limited