Results demonstrate continuity of mineralization at depth and provide further confidence of geological model used for mineral reserve and resource estimation
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The first phase drill program focused on the TAP C pit, situated between the Taperaba pits ("
Exploration Highlights:
- Drilling indicates continuity of mineralization of the TAP C1 deposit to approximately 50 m – 70 m below the current pit floor.
- Results include intercepts of 17.7 g/t Au over 1.75 m from 130 m in 21TACDD001 and 6.3 g/t Au over 3.9 m in 21TACDD002 (note widths are drillhole intercept widths).
- Initial results of re-modelling of the TAP C1 deposit define the structural framework that has affected the mineralization. The updated model explains mineralization discontinuities while providing better controls on areas of pinch and swell of the mineralized zones.
"The interpretation of the controls on the mineralization at TAP C1 is a key step forward," commented
The first phase drilling program at TAP C1 followed
In the current diamond drilling program, seven holes were drilled for a total of 1,212 m along a strike length of 670 m of the TAP C1 deposit, aimed at intersecting mineralization at approximately 50 to 70 m below the current pit. Results demonstrate the continuity of mineralization with depth below the pit and justify shallower infill drilling to target definition of an Inferred and Indicated mineral resource.
In parallel with the first phase drilling program, the existing geologic model is being modified taking into account structural controls that affect the gold mineralization. This new model will guide and be tested by the second phase drilling program currently underway and will be extended to the other deposits in TAP C.
The Mineral Resource and Reserve Update for the
Table 1: Significant gold assay results for 2021 TAP C drilling campaign | |||||
Drill hole | Interval | From (m) | To (m) | Est. true width | Grade (g/t |
21TACDD001 | 4.65 | 84.65 | 89.30 | 2.53 | 0.98 |
21TACDD001 | 6.85 | 98.95 | 105.80 | 3.73 | 0.99 |
21TACDD001 | 1.75 | 130.00 | 131.75 | 0.95 | 17.67 |
21TACDD002 | 4.00 | 80.00 | 84.00 | 2.29 | 0.75 |
21TACDD002 | 6.90 | 129.60 | 136.50 | 4.30 | 1.20 |
including | 3.95 | 130.65 | 134.60 | 2.27 | 1.74 |
21TACDD002 | 3.85 | 148.15 | 152.00 | 2.21 | 6.34 |
including | 1.00 | 150.00 | 151.00 | 0.57 | 19.21 |
21TACDD003 | 11.95 | 104.25 | 116.20 | 7.36 | 1.39 |
including | 3.00 | 110.00 | 113.00 | 1.86 | 3.54 |
21TACDD004 | 5.55 | 199.45 | 205.00 | 3.42 | 0.92 |
21TACDD005 | No significant intersection | ||||
21TACDD006 | 6.00 | 18.00 | 24.00 | 3.69 | 0.73 |
21TACDD006 | 5.00 | 101.00 | 106.00 | 3.08 | 1.18 |
including | 1.00 | 104.00 | 105.00 | 0.62 | 4.29 |
21TACDD006 | 4.00 | 168.00 | 172.00 | 2.46 | 0.64 |
21TACDD007 | 8.00 | 75.00 | 83.00 | 4.70 | 0.96 |
Notes: | |||||
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Drilling is ongoing with a focus on increasing the drill density in the southern area between holes 21TACDD005 and 21TACDD006. This zone was inaccessible due to unusually heavy rains combined with inappropriate heavy machinery to prepare the platforms. New machinery is now on site and drilling continues. A second Reverse Circulation ("RC") drill is due on site in the second half of May and will carry out shallow, infill resource drilling. In parallel, modelling will be done of the northern pits at TAP C and those to the south as well as the area between
The full table of drill results can be found at https://www.greatpanther.com/_resources/pdf/20210407-GPR-TAP-C-Drill-Results.pdf.
Technical Disclosure and Qualified Persons
On behalf of Great Panther,
The Qualified Person reviewed the Tucano 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. Resource drilling samples are first assayed at the Tucano onsite laboratory. All intervals with anomalous gold are submitted and re-analyzed by the Certified SGS Geosol laboratory in
ABOUT GREAT PANTHER
Great Panther is a growing gold and silver 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) continuity of mineralization of the TAP C1 deposit to approximately 50 m - 70 m below the current pit floor; (ii) initial results of the re-modelling of the TAP C1 deposit which define the structural framework that has affected the mineralization and explain mineralization discontinuities; (iii) plans to complete infill drilling of TAP C1 to target definition of an Inferred and Indicated Mineral Resource; (iv) belief that the interpretation of results of the phase 1 and phase 2 drilling programs at TAP C1 are indicative and may be extended over all of the TAP C deposits; (v) confidence in and belief that the Company will be able to include TAP C in the next MRMR statement for Tucano providing additional confidence in the geometry of the ore body is determined; and (vi) the Company's plans to pursue acquisition opportunities to complement its existing portfolio.
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 Tucano, in 2021 occur without significant interruption due to COVID-19 or any other reason; the accuracy of the Company's geological modeling at Tucano and the assumptions upon which they are based, including initial results of the re-modelling of the TAP C1 deposit which define the structural framework that has affected the mineralization and explain mineralization discontinuities; the results of the phase 1 and phase 2 drilling programs at TAP C1 are indicative and may be extended over all of the TAP C deposits; planned infill drilling will provide confidence sufficient to define Mineral Resource estimates for the TAP C deposits; geometry of the orebody; 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, Tucano will be able to continue to use cyanide in its operations; the Company will not be required to further impair Tucano as the current open pit mineral reserves are depleted through mining; 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 pit-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 infill drilling at TAP C1, 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 the TAP C deposits and the Company is not treating the AMC historical estimate as a current mineral resource estimate; open pit mining operations at Tucano have a limited established mine life and the Company may not be able to extend the mine life for Tucano open pit operations beyond 2023 as anticipated; 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.
CAUTIONARY NOTE TO
The Company prepares its disclosure in accordance with the requirements of securities laws in effect in
As a result of the adoption of the SEC Modernization Rules, the
Further, "Inferred Mineral Resources" have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. Therefore,
In addition, disclosure of "contained ounces" is permitted disclosure under Canadian regulations; however, the
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