TSX: GPR
NYSE American: GPL
VANCOUVER, Dec. 20, 2017 /CNW/ - GREAT PANTHER SILVER
LIMITED (TSX: GPR; NYSE American: GPL) ("Great Panther"; the
"Company") announces that it has completed an updated Mineral
Resource Estimate in accordance with National Instrument 43-101 for
the Company's 100% owned Coricancha Mine located approximately 90
kilometres east of Lima,
Peru. This estimate was prepared by Ronald Turner, P.Geo., of Golder Associates
S.A., the Qualified Person.
"This resource update confirms the potential in the Coricancha
Mine area and allows the Company to initiate additional engineering
studies required to support a positive production decision",
stated James Bannantine, President & CEO. "We are
all very excited about the prospects for the Coricancha Mine and
look forward to taking the next step in Great Panther's growth
strategy by adding a base of operations in Peru."
The Measured and Indicated tonnes and grades in this Mineral
Resource Estimate compare well with those from the Historical
Resource Estimate of 2012, providing a high degree of confidence in
the results (see below). The tonnes in the Inferred category
are now lower due to the different search parameters used but it
may be possible to replace these tonnages with additional
drilling.
Great Panther is completing optimization studies and is
evaluating alternative mining methods to reduce costs and project
risk. The Company plans to release additional technical
studies for the project in the second quarter of 2018.
Updated 2017 Mineral Resource Estimate for the Coricancha
Mine, Peru
Measured
|
Mine
|
Tonnes
|
Au (g/t)
|
Ag (g/t)
|
Pb (%)
|
Zn (%)
|
Cu (%)
|
Ag eq gpt
|
Aq eq oz
(M)
|
Constancia
|
270,336
|
6.2
|
219
|
2.36
|
3.44
|
0.43
|
1,064
|
9.24
|
Wellington
|
92,328
|
6.1
|
184
|
1.69
|
3.95
|
0.51
|
1,028
|
3.05
|
Escondida
|
15,362
|
0.9
|
279
|
0.28
|
1.35
|
3.20
|
832
|
0.41
|
Constancia
East
|
16,315
|
6.0
|
143
|
1.97
|
2.16
|
0.11
|
836
|
0.44
|
San Jose
|
6,922
|
5.8
|
212
|
4.49
|
2.94
|
0.30
|
1,078
|
0.24
|
Colquipallana
|
2,944
|
3.4
|
220
|
3.67
|
5.26
|
0.21
|
995
|
0.09
|
Total
Measured
|
404,205
|
5.9
|
210
|
2.16
|
3.43
|
0.54
|
1,037
|
13.49
|
Indicated
|
Mine
|
Tonnes
|
Au (g/t)
|
Ag (g/t)
|
Pb (%)
|
Zn (%)
|
Cu (%)
|
Ag eq gpt
|
Aq eq oz
(M)
|
Constancia
|
218,545
|
6.0
|
188
|
2.09
|
3.08
|
0.34
|
968
|
6.80
|
Wellington
|
77,080
|
6.0
|
186
|
1.68
|
3.66
|
0.52
|
1,004
|
2.49
|
Escondida
|
21,406
|
1.0
|
238
|
0.24
|
1.08
|
2.84
|
733
|
0.50
|
Constancia
East
|
18,636
|
5.8
|
137
|
1.93
|
1.95
|
0.11
|
798
|
0.48
|
San Jose
|
7,673
|
5.7
|
217
|
4.76
|
2.93
|
0.30
|
1,084
|
0.27
|
Colquipallana
|
5,215
|
3.4
|
207
|
3.31
|
5.14
|
0.19
|
953
|
0.16
|
Total
Indicated
|
348,554
|
5.6
|
189
|
1.95
|
3.05
|
0.52
|
955
|
10.71
|
Measured &
Indicated
|
Mine
|
Tonnes
|
Au (g/t)
|
Ag (g/t)
|
Pb (%)
|
Zn (%)
|
Cu (%)
|
Ag eq gpt
|
Aq eq oz
(M)
|
Constancia
|
488,881
|
6.1
|
205
|
2.24
|
3.28
|
0.39
|
1,021
|
16.05
|
Wellington
|
169,408
|
6.0
|
185
|
1.69
|
3.82
|
0.51
|
1,017
|
5.54
|
Escondida
|
36,767
|
1.0
|
255
|
0.26
|
1.19
|
2.99
|
775
|
0.92
|
Constancia
East
|
34,950
|
5.9
|
139
|
1.95
|
2.05
|
0.11
|
816
|
0.92
|
San Jose
|
14,594
|
5.7
|
215
|
4.63
|
2.93
|
0.30
|
1,081
|
0.51
|
Colquipallana
|
8,159
|
3.4
|
212
|
3.44
|
5.18
|
0.20
|
968
|
0.25
|
Total M &
I
|
752,759
|
5.8
|
200
|
2.06
|
3.26
|
0.53
|
999
|
24.20
|
Inferred
|
Mine
|
Tonnes
|
Au (g/t)
|
Ag (g/t)
|
Pb (%)
|
Zn (%)
|
Cu (%)
|
Ag eq gpt
|
Aq eq oz
(M)
|
Constancia
|
532,422
|
5.3
|
215
|
1.71
|
3.29
|
0.40
|
950
|
16.25
|
Wellington
|
238,811
|
5.4
|
219
|
1.06
|
3.95
|
0.78
|
1,014
|
7.78
|
Escondida
|
96,926
|
2.2
|
208
|
0.26
|
2.24
|
1.90
|
751
|
2.34
|
Constancia
East
|
49,234
|
5.7
|
125
|
1.66
|
1.57
|
0.21
|
760
|
1.20
|
San Jose
|
14,174
|
5.7
|
213
|
4.34
|
2.78
|
0.28
|
1,049
|
0.48
|
Colquipallana
|
11,592
|
3.7
|
117
|
2.98
|
3.15
|
0.15
|
743
|
0.28
|
Total
Inferred
|
943,160
|
5.0
|
209
|
1.45
|
3.25
|
0.64
|
934
|
28.36
|
Notes for Mineral
Resource Estimates
|
1.
|
Cut-offs are based on
an estimated $140 Net Smelter Return (NSR)/tonne.
|
2.
|
Metal prices used to
calculate NSR: $1,300 per ounce (oz) Au, $17/oz Ag, $1.15 per pound
(lb) Pb,
$1.50/lb Zn, $3.00/lb
Cu
|
3.
|
Block model grades
converted to United States Dollar (US$) value using plant
recoveries of 92.1% Ag,
80.2% Au, 77.3% Pb,
82.6% Zn, 52.7% Cu.
|
4.
|
Rock Density for
Constancia: 3.3 tonnes per cubic meter (t/m³), Wellington,
Constancia East, Escondida, San Jose: 3.2 t/m³, Colquipallana: 2.9
t/m³.
|
5.
|
Totals may not agree
due to rounding.
|
6.
|
Grades in metric
units.
|
7.
|
All currencies US
dollars.
|
8.
|
Ag equivalent ounces
(eq oz) million (M) is calculated from gpt data
|
9.
|
AgEq g/t = Ag g/t +
(Pb grade x ((Pb price per lb/Ag price per oz) x 0.0685714 lbs per
Troy Ounce x
10000 g per %)) +(Zn
grade x ((Zn price per lb/Ag price per oz) x 0.0685714 lbs per Troy
Ounce x 10000
g per %)) + (Cu grade
x ((Cu price per lb/Ag price per oz) x 0.0685714 lbs per Troy Ounce
x 10000 g
per %)) + (Au grade x
(Au price per oz/Ag price per oz)).
|
The last published Resource Estimate for the Coricancha Mine has
an effective date of December 31,
2012 (see Nyrstar news release February 7, 2013 and table below). Great Panther
considers this estimate historical in nature and is referenced for
historical purposes only and should not be relied upon.
Coricancha Mine Historical Mineral Resources (December 31, 2012) *
Category
|
Tonnes
|
Au g/t
|
Ag g/t
|
Pb %
|
Zn %
|
Cu %
|
Ag eq gpt
|
Ag eq oz
(M)
|
Measured
|
630,000
|
5.18
|
169.85
|
2.10
|
2.97
|
0.38
|
1070
|
15.56
|
Indicated
|
260,000
|
4.72
|
186.07
|
1.66
|
3.45
|
0.54
|
1090
|
6.43
|
Total
M&I
|
890,000
|
5.04
|
174.62
|
1.97
|
3.11
|
0.42
|
1075
|
21.96
|
|
|
|
|
|
|
|
|
|
Inferred
|
4,880,000
|
4.91
|
224.54
|
1.57
|
2.98
|
0.48
|
1078
|
124.6
|
* see Nyrstar news release February 7,
2013
The above updated resource estimates included in this news
release 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 constructed under supervision of Ronald
Turner, P.Geo. of Golder Associates S.A., the Qualified
Person. The Mineral Resource Estimate was completed using
MicroMine 3D geological software, and the inverse distance cubed
estimation technique was utilized in the estimation of grade to
each of the blocks in the block models. A Company-proprietary
Net Smelter Return ("NSR") calculator, considering mill recoveries,
smelter terms, and designated metal prices converted block grades
into NSR (US$) values.
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-Lima lab in Lima, Peru.
The gold was analyzed by fusion with 30 g fire assay and
atomic absorption spectroscopy (AAS) finish, with the resulting
values reported in parts per million (code FAA313). The
remaining 52 elements were analyzed by mass spectrometry of
inductively coupled plasma (ICPMS) and the resulting values were
reported in parts per million (code IMC12B). Any gold results
that exceeded the limit of detection were re-analyzed by fire assay
with a gravimetric finish (code FAG303). Any silver results
that exceeded the limit of detection (>10g/t) were re-analyzed
by fire assay with a gravimetric finish (code FAG313). Any
other metals that exceeded the limit of detection were re-analyzed
by ICP-AAS (code AAS11B).
The technical information contained in this news release has
been reviewed and approved by Matthew
Wunder, P. Geo., Vice-President Exploration for the Company
and the Qualified Person (QP) for the Coricancha 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 in Durango. The Company is also evaluating the
restart of the Coricancha Mine in Peru, which
it acquired earlier this year, and continues to pursue the
acquisition of additional mining operations or projects in
the Americas.
James Bannantine
President & CEO
CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS
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 include but are
not limited to statements regarding the timing and results of
technical, economic and optimization studies, including plans for
additional drilling and resource delineation and the overall
economic potential of the Coricancha Mine; and involve known and
unknown risks, uncertainties and other factors which 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 risks involving the Company's
operations in a foreign jurisdiction, and the potential for
unexpected costs and expenses, physical risks inherent in mining
operations, operating or technical difficulties in mineral
exploration, fluctuations in the price of silver, gold and base
metals, completion of economic evaluations, changes in project
parameters as plans continue to be refined, and other risks and
uncertainties, including those described in the Company's Annual
Information Form for the year ended December
31, 2016 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
and results may vary materially from such forward-looking
statements. 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.
SOURCE Great Panther Silver Limited