TSX: GPR
NYSE American: GPL
VANCOUVER,
Sept. 5, 2018 /CNW/ - GREAT PANTHER
SILVER LIMITED (TSX: GPR; NYSE American: GPL) ("Great Panther"; the
"Company") is pleased to provide an update on the progress of the
trial stope and bulk sample program (the "Bulk Sample Program" or
"BSP") at its 100% owned Coricancha gold-silver-lead-zinc-copper
underground mine ("Coricancha") in Peru.
The BSP will process about 6,000 tonnes of material and is
expected to be completed in the first quarter of 2019. Its
objective is to validate key mine and process plant operating
parameters used in the Company's Preliminary Economic Assessment
("PEA") announced on May 31, 2018,
and further de-risk Coricancha. Following the completion of
the BSP, the Company expects to make a decision in early 2019 on
whether to commence the restart of Coricancha.
To date, 160 metres of decline access has been advanced,
representing 35% of the project total, and is ahead of schedule.
The development has reached mineralization at the Constancia
vein. The following provides a view of the Constancia Vein in
the 536 cross-cut, (looking south), showing a 2.05 metre vein width
grading 151g/t Ag, 6.04g/t Au, 2.94% Pb, 1.06% Zn, and 0.12% Cu. In
addition, work to date has shown that resue has been effective at
separating vein material from waste and controlling
over-break.
Further, the project has advanced in the following key
areas:
- Successful test of the crusher has been completed
- Refurbishment of the concentrator is well advanced
- Surface roads and underground mine rehabilitation has been
initiated
- 26 metres of development completed in galleries and
preparations have begun for stope development
Additional information and photographs of the Coricancha Bulk
Sample Program can be viewed HERE.
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 30g 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).
Robert F. Brown, P. Eng., is the
Qualified Person for the Company under the meaning of NI 43-101 and
has reviewed and approved the results in this news release.
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 advancing
towards a decision to restart the Coricancha Mine in Peru with the initiation of a Bulk Sample
Program following the completion of a positive Preliminary Economic
Assessment in May 2018. The Company
also 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 with respect to the findings of the PEA for Coricancha,
the timing or ability to complete the Bulk Sample Program, 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 and social
risks involving the Company's operations in a foreign jurisdiction,
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 the Company's Annual Information Form
for the year ended December 31, 2017
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.
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SOURCE Great Panther Silver Limited