Results from the 2021 drill program extend mineralization and indicate good continuity at high grades, confirming the importance of the recently discovered Escondida vein.
This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated
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Exploration Highlights:
- ES-DDH01-21 with 0.4 m (true width) from 220.7 m at 9.8 g/t Au, 910 g/t Ag, 7.2% Zn, 2.2% Cu & 5.6% Pb.
- ES-DDH04-21 with 0.8 m (true width) from 154.8 m at 9.7 g/t Au, 323 g/t Ag, 10% Zn, 1.3% Cu & 3.7% Pb.
- ES-DDH09-21 with 0.6 m (true width) from 192.5 m at 4.9g/t Au, 497 g/t Ag, 9.6% Zn, 1.5% Cu & 2.2% Pb.
- CON-DDH01-21 with 0.7 m (true width) from 75.4 m at 7.9g/t Au.
- CON-DDH01-21 with 0.7 m (true width) from 213.6 m at 8.6g/t Au, 158g/t Ag, 3.1% Zn and 3.6% Pb.
Drilling to date includes four drill holes on the Constancia Vein from Level 3710m, 14 holes on the Escondida vein; 11 from level 3640m and three holes 500m lower down on level 3140m, and four holes on the
"We are pleased to report that these results confirm the potential for the new Escondida vein and appear to extend the zones of known mineralization at good grades," stated
Coricancha is a past producing mine with an extensive land package in the prolific Central Polymetallic Belt in
- Measured and Indicated Resources of 752,759 tonnes at 5.8 g/t Au, 200 g/t Ag, 2.06% Pb, 3.26 % Zn and 0.53 % Cu.
- Inferred Resources are 943,160 tonnes at 5.0 g/t Au, 209 g/t Ag, 1.45% Pb, 3.25 % Zn and 0.64% Cu.
There are over six veins known in the Coricancha deposit with Great Panther's exploration currently focused on three veins. Constancia, which extends over 2,000 metres, has been worked previously between levels 3450 metres above sea level ("masl") and 4100 masl.
There is a general zonation from gold, silver and arsenic in the upper parts of the orebody, towards copper and silver in the lower levels. Lead and zinc occur throughout the deposit in varying amounts. This is illustrated by the grades in ES-DD04-21 in the upper zone (level 3640 masl), which is gold and silver rich, with 9.7 g/t Au, 323 g/t Ag, 10% Zn, 1.3% Cu & 3.7% Pb compared to channel samples in development on level 3140 masl, which have grades of 3.9% Cu, 276g/t Ag, 0.64g/t Au, 0.7% Zn and 0.2% Pb.
Table 1: Significant intersections from the 2021 exploration drilling program | |||||||||
Drill Hole | From | To | Intercept | Est. True | Au | Ag | Zn | Cu | Pb |
CON-DDH01-21 | 2.66 | 2.96 | 0.30 | 0.13 | 0.3 | 1410 | 3.2 | 1.2 | 4.4 |
CON-DDH01-21 | 75.40 | 77.60 | 2.20 | 0.94 | 7.9 | 13 | 0.8 | 0.0 | 0.4 |
CON-DDH01-21 | 213.55 | 215.09 | 1.54 | 0.66 | 8.6 | 158 | 3.1 | 0.4 | 3.6 |
CON-DDH02-21 | 163.70 | 164.48 | 0.78 | 0.48 | 7.7 | 105 | 2.3 | 0.1 | 3.5 |
CON-DDH04-21 | 212.43 | 213.40 | 0.97 | 0.46 | 9.6 | 28 | 0.4 | 0.1 | 0.5 |
ES-DDH01-21 | 220.65 | 221.49 | 0.84 | 0.44 | 9.9 | 895 | 7.1 | 2.2 | 5.8 |
ES-DDH01-21 | 224.32 | 225.10 | 0.78 | 0.41 | 2.5 | 221 | 4.8 | 0.4 | 0.6 |
ES-DDH01-21 | 226.30 | 228.20 | 1.90 | 1.00 | 7.7 | 44 | 1.2 | 0.1 | 0.2 |
ES-DDH04-21 | 154.78 | 155.85 | 1.07 | 0.78 | 9.7 | 323 | 10.0 | 1.3 | 3.7 |
ES-DDH05-21 | 151.30 | 152.12 | 0.82 | 0.64 | 4.2 | 357 | 11.1 | 0.7 | 2.7 |
ES-DDH07-21 | 249.50 | 250.52 | 1.02 | 0.56 | 4.9 | 330 | 10.5 | 1.4 | 11.0 |
ES-DDH08-21 | 226.52 | 227.27 | 0.75 | 0.39 | 8.9 | 37 | 1.1 | 0.2 | 0.2 |
ES-DDH09-21 | 192.00 | 193.09 | 1.09 | 0.67 | 5.5 | 307 | 3.9 | 0.8 | 1.6 |
ES-DDH09-21 | 193.54 | 193.95 | 0.41 | 0.25 | 0.7 | 373 | 14.1 | 1.5 | 1.9 |
ES-DDH10-21 | 158.80 | 160.00 | 1.20 | 0.97 | 1.5 | 198 | 2.1 | 0.5 | 1.5 |
ES-DDH11-21 | 152.55 | 152.96 | 0.41 | 0.25 | 5.0 | 113 | 3.8 | 0.3 | 4.7 |
ES-DDH11-21 | 202.90 | 203.40 | 0.50 | 0.31 | 2.5 | 515 | 12.8 | 3.8 | 5.7 |
ES-DDH13-21 | 246.52 | 247.22 | 0.70 | 0.46 | 0.2 | 762 | 0.8 | 10.8 | 1.4 |
ES-DDH13-21 | 247.66 | 248.27 | 0.61 | 0.40 | 3.4 | 143 | 0.3 | 3.6 | 0.0 |
ES-DDH14-21 | 291.72 | 292.35 | 0.63 | 0.33 | 1.1 | 95 | 0.9 | 0.7 | 0.1 |
WE-DDH01-21 | 235.10 | 236.36 | 1.26 | 0.53 | 4.1 | 30 | 1.8 | 0.1 | 1.3 |
WE-DDH01-21 | 254.00 | 254.53 | 0.53 | 0.22 | 0.7 | 225 | 3.3 | 4.7 | 0.4 |
WE-DDH01-21 | 256.50 | 257.60 | 1.10 | 0.46 | 1.9 | 167 | 3.0 | 1.3 | 0.2 |
WE-DDH01-21 | 257.80 | 258.00 | 0.20 | 0.08 | 9.6 | 289 | 13.0 | 1.4 | 0.5 |
WE-DDH01-21 | 311.00 | 311.85 | 0.85 | 0.36 | 6.8 | 111 | 6.1 | 0.4 | 2.4 |
WE-DDH02-21 | 223.27 | 223.60 | 0.33 | 0.20 | 3.9 | 371 | 5.9 | 0.1 | 6.4 |
WE-DDH02-21 | 224.61 | 226.30 | 1.69 | 1.05 | 2.0 | 281 | 9.3 | 1.0 | 1.4 |
Notes:
- Analyses carried out by the certified,
ALS Laboratory inLima, Peru . On receipt, following QA/QC approval, the ALS assays are loaded to the resource geochemistry database. - True widths are estimates based on current geologic knowledge but may vary after resource modelling.
The full table of results can be found at https://www.greatpanther.com/_resources/news/20220301-GPR-News-Release-Coricancha-Drill-Results-Full-Table.pdf.
Regional Setting
Great Panther is evaluating the structural setting of the Coricancha mineralization. This indicates some key characteristics that, while requiring further investigation, increase the prospectivity of the zone. The characteristics include:
- Location within a regional flexure in a north-south terrain bounded by the Huaripampa and
Rio Blanco faults. - Presence of northeast-southwest cross-cutting structures.
- The large Millotingo dioritic intrusion immediately to the south of the project. Inca Minerals investigated a porphyry target at Chanape on the southern flank of this intrusive body and a number of historical workings occur on its northeastern flank, the principle being the Minera Germania' Pacococha mine.
- Drillhole geochemistry data suggests that the hydrothermal fluids have a southerly plunge in the direction of the Millotingo intrusive. Mineralization metal ratios suggest an increasing temperature gradient in the same direction.
- The presence of additional known but relatively unexplored veins within the Coricancha mineral claims.
Technical Disclosure and Qualified Persons
On behalf of Great Panther,
The Qualified Person reviewed the Coricancha QA/QC program. The QA/QC program for drill core includes the regular insertion of blanks, standards, and duplicates into sample batches, diligent monitoring of assay results, and necessary remedial actions. All intervals within or near to samples with significant sulphides are submitted to the
ABOUT GREAT PANTHER
Great Panther is a growth-oriented precious metals producer focused on the
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 (i) the potential for the new Escondida vein to extend the zones of known mineralization at good grades; (ii) the impact, if any, that a full evaluation of the drill results will have on the Company's long-term strategy for the Coricancha mine.
These forward-looking statements and information reflect the Company's current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: continued operations and exploration work, including plans to complete infill drilling at Coricancha in 2022 occur without significant interruption due to COVID-19 or any other reason; the accuracy of the Company's geological modeling at Coricancha, the assumptions upon which they are based, ore grades and recoveries; prices for gold, silver, and base metals remaining as estimated; currency exchange rates remaining as estimated; prices for energy inputs, labour, materials, supplies and services (including transportation); all necessary permits, licenses and regulatory approvals for the Company's operations and exploration work are received in a timely manner on favourable terms; the ability to procure equipment and operating supplies without interruption and that there are no material unanticipated variations in the cost of energy or supplies; operations not being disrupted by issues such as roof-wall failures or instability, mechanical failures, labour disturbances and workforce shortages, illegal occupations or mining, seismic events, and adverse weather conditions; and the Company's ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.
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: the impact of COVID-19 on the Company's ability to operate and conduct exploration work, including drilling plans, as anticipated, and the risk of an unplanned partial or full shutdown of the Company's mines and processing plants, whether voluntary or imposed, which would adversely impact the Company's revenues, financial condition and ability to meet its production and cost guidance and fund its capital programs and repay its indebtedness; the inherent risk that estimates of Mineral Reserves and Resources may not be accurate and accordingly that mine production will not be as estimated or predicted; planned exploration activities, including plans for further exploration drilling and infill drilling, may not result in the discovery of new Mineral Resources/definition of Mineral Resources and readers are cautioned that Mineral Resources that are not Mineral Reserves have no defined economic viability; there is no certainty that the Company will be able to define a mineral resource for Coricancha; gold, silver and base metal prices may decline or may be less than forecasted; fluctuations in currency exchange rates (including the
There is no assurance that these forward-looking statements will prove accurate or that actual results will not vary materially from these forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described, or intended. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward-looking statements and information are designed to help readers understand management's current views of our near- and longer-term prospects and may not be appropriate for other purposes. The Company does not intend, nor does it assume any obligation to update or revise forward-looking statements or information, whether as a result of new information, changes in assumptions, future events or otherwise, except to the extent required by applicable law.
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