Drilling on the TAP C open pit further defines continuity of mineralization for resource expansion and regional exploration identifies gold trend within 20 km radius of Tucano mine
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"One of the primary objectives of our exploration program at Tucano this year is to extend the open pit mine life, and I am pleased to report that our intention is to bring TAP C back into production in 2022 as the drilling has demonstrated continuity of mineralization at depth below the current pit floor," commented
"The other main objectives at Tucano this year include extending the high-grade zones underground and defining the regional potential of our district-scale land package," continued
Resource Replacement and Expansion Drilling
The Company continues to focus on resource definition along the 7-kilometer-long mine sequence. Last year the focus was on the Taperaba ("
Highlights and significant intersections from drilling at TAP C are summarized below and are expected to be applied to an updated Mineral Reserve and Mineral Resource ("MRMR") estimation for Tucano later this year.
Highlights from the 2021 TAP C drill program1 2:
- 21TACDD001: 4m @ 13.7g/t from 130m
- 21TACDD002: 6.3m @ 4.0g/t from 145.7m
- 21TACDD003: 11.95m @ 1.4g/t from 104.25m
- 21TACDD023: 8.55m @ 4.9g/t from 25.95m
- 21TACDD028: 12.7m @ 2.9g/t from 186.3m
- 21TACDD029: 24.6m @ 1.6g/t from 100m
- 21TACDD029: 38m @ 2.5g/t from 167m
- including: 3m @ 8.7g/t from 167m
- 21TACDD030: 9m @ 7.8g/t from 45m
_______________________ |
1 Widths are drillhole intercept widths. |
2 Drill holes 21TACDD001-21TACDD007 announced in a news release dated |
The drilling focused on defining M&I resources down to 70 m below the pit surface. Wireframes for the mineralization have been prepared and block models are being generated for resource estimation and categorization.
Table 1: Significant gold assay results for 2021 TAP C drilling | |||||
Drill hole | Interval | From | To | Est. true width | Grade |
21TACDD001 | 10.4 | 83.0 | 93.4 | 5.2 | 0.60 |
21TACDD001 | 6.8 | 99.0 | 105.8 | 3.4 | 0.99 |
21TACDD001 | 4.0 | 130.0 | 134.0 | 2.0 | 13.65 |
21TACDD002 | 9.3 | 79.3 | 88.6 | 5.0 | 0.55 |
21TACDD002 | 6.9 | 129.6 | 136.5 | 3.7 | 1.20 |
21TACDD002 | 6.3 | 145.7 | 152.0 | 3.3 | 3.99 |
including | 1.0 | 150.0 | 151.0 | 0.5 | 19.21 |
21TACDD003 | 12.0 | 104.3 | 116.2 | 6.9 | 1.39 |
including | 2.0 | 111.0 | 113.0 | 1.1 | 4.61 |
21TACDD004 | 5.6 | 199.5 | 205.0 | 3.2 | 0.93 |
21TACDD006 | 6.0 | 18.0 | 24.0 | 3.4 | 0.76 |
21TACDD006 | 5.0 | 101.0 | 106.0 | 2.9 | 1.30 |
including | 1.0 | 104.0 | 105.0 | 0.6 | 4.67 |
21TACDD006 | 4.0 | 168.0 | 172.0 | 2.3 | 0.87 |
21TACDD007 | 8.0 | 75.0 | 83.0 | 4.4 | 1.03 |
21TACDD008 | 3.1 | 38.0 | 41.1 | 1.8 | 2.60 |
21TACDD010 | 2.3 | 136.0 | 138.3 | 1.3 | 2.55 |
21TACDD011 | 7.1 | 185.1 | 192.2 | 4.0 | 1.45 |
21TACDD012 | 10.0 | 117.0 | 127.0 | 5.7 | 1.20 |
21TACDD013 | 4.5 | 70.0 | 74.5 | 2.6 | 1.65 |
21TACDD022 | 6.6 | 124.0 | 130.6 | 3.8 | 2.77 |
including | 1.2 | 125.2 | 126.4 | 0.7 | 8.90 |
21TACDD023 | 8.6 | 26.0 | 34.5 | 4.3 | 4.93 |
including | 1.7 | 29.4 | 31.1 | 0.8 | 13.93 |
21TACDD027 | 6.0 | 0.0 | 6.0 | 2.7 | 0.78 |
21TACDD028 | 12.7 | 186.3 | 199.0 | 5.4 | 2.85 |
including | 4.0 | 190.0 | 194.0 | 1.7 | 5.36 |
21TACDD029 | 15.0 | 52.0 | 67.0 | 3.9 | 0.51 |
21TACDD029 | 8.0 | 88.0 | 96.0 | 2.1 | 0.89 |
21TACDD029 | 24.6 | 100.0 | 124.6 | 6.4 | 1.64 |
21TACDD029 | 38.0 | 167.0 | 205.0 | 9.8 | 2.48 |
including | 3.0 | 167.0 | 170.0 | 0.8 | 8.74 |
including | 21.0 | 167.0 | 188.0 | 5.4 | 4.05 |
21TACDD030 | 4.0 | 36.0 | 40.0 | 1.8 | 2.18 |
21TACDD030 | 9.0 | 45.0 | 54.0 | 4.1 | 7.78 |
including | 1.0 | 51.0 | 52.0 | 0.5 | 63.19 |
Notes:
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The full table of drill results can be found at https://www.greatpanther.com/_resources/pdf/20210907-GPR-News-Release-Full-Table-of-Results.pdf.
Regional Exploration
This year the Company initiated an extensive regional soil sampling and mapping program over high priority exploration corridors defined last year. The regional exploration program ties into the current resource definition drilling along the mine sequence by focusing on the identification and fast-tracking of gold targets within a 20 km radius of the mine that may be exploited by open pit mining and processed by the Tucano plant. The Company's goal is to define new resources that may be mined to complement the current ore reserves along the mine sequence. This ambitious program includes over 500-line-kilometres of soil sampling followed by drill testing starting in the fourth quarter of 2021 ("Q4 2021").
Multi-element soil geochemistry received for the first regional grid, Mutum, indicates a continuous 3.8-kilometre-long elevated gold trend. The structural and lithologic setting together with indications of intrusive activity, interpreted from the multi-element geochemistry and aerogeophysics, increase the priority of this trend. They reflect positive features commonly found associated with gold deposits. The Mutum trend is the first of eight high-priority exploration corridors being evaluated with multi-element soil geochemistry this year and is situated just 15 km northeast of the Tucano mine (see Figure 2). The gold trend is being mapped in detail and will be covered by ground magnetics and prioritized for drilling in Q4 2021.
To date, in addition to Mutum, the following prospective, regional exploration corridors have been covered by regional multi-element soil sampling grids: Mutum-Joseph, Lona Amarela, Eastern Mine Sequence, Janaina, Timbo and Jornal. Sampling has been initiated on the Village Antonio grid. Sample results from these grids will be received over the next four to six months. Results will be integrated and anomalies prioritized for inclusion in the regional fast-track drilling budget for 2022.
Technical Disclosure and Qualified Persons
On behalf of Great Panther,
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 C deposit to approximately 50 m - 70 m below the current pit floor; (ii) initial results of the re-modelling of the TAP C deposit which define the structural framework that has affected the mineralization and explain mineralization discontinuities; (iii) plans to complete infill drilling of TAP C to target definition of an Inferred and Indicated Mineral Resource; (iv) belief that the interpretation of results of the drilling programs at TAP C 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) confidence that the results of an economic evaluation of the results from TAP C will permit mining to be initiated
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 C 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 C 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 C, 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
Figure 1: Tap C location and current operating areas of
Figure 2: Location of regional soil grids relative to the Tucano mine sequence.
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