This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated
TSX: GPR | NYSE American: GPL
The Company will file a technical report in respect of each of
Topia Highlights
- Measured and Indicated ("M&I") Mineral Resource grade increased 8% to 1,041 silver equivalent grams per ton ("Ag eq g/t"), when compared with the 2018 MRE for
Topia . - M&I Mineral Resources decreased 25% to 11.1 million silver equivalent ounces ("Ag eq oz"), when compared with the 2018 MRE.
GMC Highlights
- M&I Mineral Resource grade increased 2% to 391 grams Ag eq g/t when compared with the 2020 MRE for GMC.
- M&I Mineral Resources decreased 36% to 7.7 million Ag eq oz when compared with the 2020 MRE.
Topia Mineral Resource Estimate Update
The MRE for
Measured and Indicated Mineral Resources are estimated to contain 331,800 tonnes at 609 g/t Ag, 1.84 g/t Au, 4.40% Pb, and 4.50% Zn and Inferred Mineral Resources are estimated to contain 274,600 tonnes at 592 g/t Ag, 1.44 g/t Au, 3.35% Pb, and 3.63% Zn. The MRE for
Table 1. Topia Mineral Resource Estimate at
Classification | Tonnage (kt) | Ag (g/t) | Au (g/t) | Pb (%) | Zn (%) | Ag Eq (g/t) | Ag Eq (oz) |
Measured | 176.0 | 630 | 1.92 | 4.63 | 4.80 | 1085 | 6,141,106 |
Indicated | 155.8 | 587 | 1.75 | 4.15 | 4.16 | 991 | 4,965,431 |
M & I | 331.8 | 609 | 1.84 | 4.40 | 4.50 | 1041 | 11,106,538 |
Inferred | 274.6 | 592 | 1.44 | 3.35 | 3.63 | 931 | 8,222,655 |
Notes:
1. | CIM Definitions were followed for Mineral Resources. |
2. | Area-Specific vein bulk densities as follows: |
3. | Measured, Indicated, and Inferred Mineral Resources are reported at a cut-off Net Smelter Return (NSR) in US$, include 1522 Mine |
4. | Total estimates may not agree due to rounding. |
5. | A minimum mining width of 0.30 metres was used. |
6. | Mineral Resources are estimated using metal prices of |
7. | 2021 Mineral Resource Ag Eq oz were calculated using 85:1 Ag:Au ratio, and ratios of 1:0.041 and 1:0.049 for the price/ounce of silver to price/pound of lead and zinc, respectively. The ratios are reflective of average metal prices for 2021. |
8. | Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The potential quantity and grade is conceptual in nature, there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the target being delineated as a Mineral Resource. Inferred Mineral Resources have a high degree of uncertainty as to their economic and technical feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resources can be upgraded to Measured or Indicated Mineral Resources. |
9. | There are no known legal, political, environmental, or other risks that could materially affect the Mineral Resource Estimates detailed in this report. |
In contrast to the 2018 MRE, current resource estimations include the addition of block models for veins in the
Guanajuato Mine Complex Mineral Resource Estimate Update
GMC is comprised of the
The MRE for the GMC has an effective date of
Table 2. Total GMC Mineral Resource Estimates at
Class | Tonnes | Ag (g/t) | Ag(oz) | Au (g/t) | Au (oz) | Ag Eq(g/t) | Ag Eq (oz) | Au Eq (g/t) | Au Eq (oz) |
Measured | 368,944 | 196 | 2,329,550 | 2.36 | 27,948 | 397 | 4,708,345 | 4.67 | 55,392 |
Indicated | 150,550 | 194 | 940,377 | 2.16 | 10,438 | 378 | 1,829,410 | 4.45 | 21,522 |
M&I | 519,493 | 196 | 3,269,927 | 2.30 | 38,386 | 391 | 6,537,755 | 4.61 | 76,915 |
Inferred | 665,977 | 194 | 4,149,076 | 2.42 | 51,876 | 400 | 8,558,540 | 4.70 | 100,689 |
Notes:
1. | Cut-offs are based on the marginal operating costs per mining area being |
2. | Block model grades converted to USD NSR value using plant recoveries of 87.15% Ag, 86.70% Au, and net smelter terms negotiated for concentrates. |
3. | Rock Density for Cata is 2.66t/m³, 2.65t/m³ |
4. | Totals may not agree due to rounding. |
5. | Grades in metric units. |
6. | Contained silver and gold in troy ounces. |
7. | Minimum true width 0.5m. |
8. | Metal Prices |
9. | Effective date of |
10. | AgEq oz were calculated using 85:1 Ag:Au ratio. |
11. | Inferred Mineral Resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It cannot be assumed that all or part of the Inferred Mineral Resources will ever be upgraded to a higher category. |
12. | Mineral Resources that are not Mineral Reserves have no demonstrated economic viability. |
Compared to the previous MRE with an effective date of
Tables 3 and 4 below present the MREs for the
Table 3. Guanajuato Mineral Resource Estimates at
Class | Tonnes | Ag (g/t) | Ag(oz) | Au (g/t) | Au (oz) | AgEq (g/t) | AgEq (oz) | AuEq (g/t) | AuEq (oz) |
Measured | 166,262 | 255 | 1,362,426 | 1.81 | 9,681 | 409 | 2,185,272 | 4.81 | 25,709 |
Indicated | 85,404 | 240 | 658,767 | 1.68 | 4,600 | 382 | 1,049,757 | 4.50 | 12,350 |
M&I | 251,666 | 250 | 2,021,193 | 1.76 | 14,280 | 400 | 3,235,029 | 4.70 | 38,059 |
Inferred | 220,760 | 225 | 1,597,357 | 1.95 | 13,873 | 391 | 2,776,596 | 4.60 | 32,666 |
Notes:
1. | Cut-offs are based on the marginal operating costs per mining area being |
2. | Block model grades converted to US$ value using plant recoveries of 87.15% Ag, 86.70% Au, and net smelter terms negotiated for concentrates. |
3. | Rock Density for Cata is 2.66t/m³, 2.65t/m³ |
4. | Totals may not agree due to rounding. |
5. | Grades in metric units. |
6. | Contained silver and gold in troy ounces. |
7. | Minimum true width 0.5m. |
8. | Metal Prices |
9. | Effective date of |
10. | AgEq oz were calculated using 85:1 Ag:Au ratio. |
11. | Inferred Mineral Resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It cannot be assumed that all or part of the Inferred Mineral Resources will ever be upgraded to a higher category. |
12. | Mineral Resources that are not Mineral Reserves have no demonstrated economic viability. |
Table 4. San Ignacio Mineral Resource Estimates at
Class | Tonnes | Ag (g/t) | Ag (oz) | Au (g/t) | Au (oz) | AgEq (g/t) | AgEq (oz) | AuEq (g/t) | AuEq (oz) |
Measured | 202,682 | 148 | 967,124 | 2.80 | 18,267 | 387 | 2,523,073 | 4.56 | 29,683 |
Indicated | 65,146 | 134 | 281,611 | 2.79 | 5,839 | 372 | 779,653 | 4.38 | 9,172 |
M&I | 267,828 | 145 | 1,248,734 | 2.80 | 24,106 | 384 | 3,302,726 | 4.51 | 38,856 |
Inferred | 445,217 | 178 | 2,551,719 | 2.65 | 38,002 | 404 | 5,781,944 | 4.75 | 68,023 |
Notes:
1. | Cut-offs are based on the marginal operating costs per mining area being |
2. | Block model grades converted to US$ value using plant recoveries of 87.15% Ag, 86.70% Au, and net smelter terms negotiated for concentrates. |
3. | Rock Density for |
4. | Totals may not agree due to rounding. |
5. | Grades in metric units. |
6. | Contained silver and gold in troy ounces. |
7. | Minimum true width 0.5m. |
8. | Metal Prices |
9. | Effective date of |
10. | AgEq oz were calculated using 85:1 Ag:Au ratio. |
11. | Inferred Mineral Resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It cannot be assumed that all or part of the Inferred Mineral Resources will ever be upgraded to a higher category. |
12. | Mineral Resources that are not Mineral Reserves have no demonstrated economic viability. |
Cautionary Note Regarding Absence of Mineral Reserve Estimates
There are no current estimates of Mineral Reserves for any of the GMC or
Technical Disclosure and Qualified Persons
The GMC and Topia Mineral Resource estimates included in this news release were classified per the CIM Definition Standards on Mineral Resources and Mineral Reserves ("CIM Standards") and are consistent with the requirements of NI 43-101. The MREs were completed under the supervision of
Analyses from
Great Panther's QA/QC program for drill core includes the regular insertion of blanks, standards, and duplicates into the sample shipments, diligent monitoring of assay results, and necessary remedial actions. The Great Panther laboratories use the following analytical techniques: atomic absorption spectroscopy (AAS) for silver with over-limits (300 g/t) completed by fire assay, AAS for gold with over-limits (10 g/t) completed by fire assay, and routinely, lead, zinc and antimony analyses completed using AAS. Iron, (at
The technical information contained in this news release, including the sampling, analytical, and test data underlying the Mineral Resource estimates, has been reviewed and approved by
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 Company's ability to execute its growth plan and to unlock value from its asset portfolio, (ii) the Mineral Resource estimates and the assumptions underlying the estimates (iii) the Company's ability to secure a permit to extend the tailings storage facility for the GMC mine or to successfully find other alternatives to maximize the value of GMC, and (iv) the potential of 3D modelling creating adequate targets for further exploration.
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 in 2022 occur without significant interruption due to COVID-19 or any other reason; the accuracy of the Company's resource estimate at
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, 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; gold, silver and base metal prices may decline or may be less than forecasted; fluctuations in currency exchange rates may increase costs of operations; operational and physical risks inherent in mining operations (including pit wall collapses, tailings storage facility failures, environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather) may result in unforeseen costs, shut downs, delays in production and drilling and exposure to liability; potential political and social risks involving Great Panther's operations in a foreign jurisdiction; the potential for unexpected costs and expenses or overruns; shortages in the ability to procure equipment and operating supplies without interruption; employee and contractor relations; relationships with, and claims by, local communities; the Company's ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner on favourable terms; changes in laws, regulations and government practices in the jurisdictions in which the Company operates; legal restrictions related to mining; diminishing quantities or grades of mineral reserves as properties are mined operating or technical difficulties in mineral exploration, changes in project parameters as plans continue to be refined; the Company's inability to meet its production forecasts or to generate the anticipated cash flows from operations could result in the Company's inability to meet its scheduled debt payments when due or to meet financial covenants to which the Company is subject or to fund its exploration programs as planned; ability to maintain and renew agreements with local communities to support continued operations; there is no assurance that the Company will be able to identify or complete acquisition opportunities of, if completed, that such acquisitions will be accretive to the Company; the risk that incremental closure bond requirements with respect to the Company's Coricancha mine could have a material and adverse effect on the company's liquidity and could require additional financing to be raised; the Company's ability to raise additional financing as debt comes due; and other risks and uncertainties, including those described in respect of Great Panther in its most recent annual information form, and management's discussion and analysis 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
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.
INFORMATION CONCERNING ESTIMATES OF MINERAL RESOURCES
The disclosure in this press release and referred to herein was prepared in accordance with NI 43-101 which differs significantly from the requirements of the
Investors are cautioned not to assume that any part or all of mineral resources will ever be converted into reserves. Pursuant to CIM Definition Standards, "inferred mineral resources" are that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Such geological evidence is sufficient to imply but not verify geological and grade or quality continuity. An inferred mineral resource has a lower level of confidence than that applying to an indicated mineral resource and must not be converted to a mineral reserve. However, it is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Investors are cautioned not to assume that all or any part of an inferred mineral resource is economically or legally mineable. Disclosure of "contained ounces" in a resource is permitted disclosure under Canadian regulations; however, the
Canadian standards, including the CIM Definition Standards and NI 43-101, differ significantly from standards in the SEC Industry Guide 7. Effective
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