Great Panther Silver Updates Mineral Resources at Topia Mine
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 29, 2014) -
GREAT PANTHER SILVER LIMITED (TSX:GPR)(NYSEMKT:GPL) (the "Company")
is providing an update to the mineral resource at the Company's
100% owned Topia Silver-Gold-Lead-Zinc Mine in Durango, Mexico (the
"November 2013 Mineral Resource Estimate"). The November 2013
Measured & Indicated ("M & I") Mineral Resource Estimate
totals 198.0 kilotonnes ("kt") at 844g/t silver, 1.71g/t gold,
6.16% lead and 4.82% zinc (8.19 million silver equivalent ounces
("Ag eq oz")). In addition, the Inferred Mineral Resource Estimate
totals 209.5kt of 863g/t silver, 1.68g/t gold, 5.37% lead and 4.54%
zinc (8.56 million Ag eq oz). The breakdown for the November 2013
Mineral Resource Estimate for Topia is given in Table 1 below.
The M & I portion of the November 2013 Mineral Resource
Estimate reflects a 46% increase in Ag eq oz due to the successful
conversion of Inferred resources to M & I resources through
in-vein development, improved smelter contract terms, the
conversion of the Mineral Estimate from a 2D (previous estimates)
to 3D system, and refinement of individual vein reconciliation and
associated dilution. The Inferred portion of the Resource Estimate
decreased by 10% mainly due to the conversion of Inferred resources
to M & I resources through underground development and
sampling, and to a reduction in step-out drilling due to budgetary
constraints in 2013.
"The successful conversion of resources from the Inferred
category to Measured and Indicated at Topia reflects a more robust
model and a better understanding of the continuity of the
mineralization", stated Robert Archer, President & CEO. "By
increasing our Measured and Indicated resources from 5.60 million
to 8.19 million Ag eq oz, we have more than replaced what we mined
since the last Resource Estimate. This speaks volumes about the
longevity of the Topia Mine."
Table 1: Mineral Resource Estimate:
Topia Mine Mineral Resource Estimate, effective date
November 30, 2013 |
Category |
Tonnage kt |
Ag g/t |
Au g/t |
Pb % |
Zn % |
Total Measured |
71.0 |
911 |
1.70 |
6.91 |
5.42 |
Total Indicated |
127.0 |
807 |
1.72 |
5.75 |
4.48 |
Total Measured & Indicated |
198.0 |
844 |
1.71 |
6.16 |
4.82 |
Total Inferred |
209.5 |
863 |
1.68 |
5.37 |
4.54 |
Notes:
- CIM Definitions were followed for Mineral Resources.
- Mineral Resources are reported at a cut-off Net Smelter Return
(NSR) of USD$180/t.
- Area-Specific Bulk Densities as follows: Argentina - 3.06t/m3;
Don Benito - 3.26t/m3; Durangueno - 3.12t/m3; El Rosario -
3.00t/m3; Hormiguera - 2.56t/m3; La Prieta - 2.85t/m3; Recompensa -
3.30t/m3.
- A minimum mining width of 0.30 metres was used.
- Mineral Resources are estimated using metal prices of:
USD$1,260/oz Au, USD$21.00/oz Ag, USD$0.95/lb Pb, and USD$0.95/lb
Zn.
- Totals may not agree due to rounding.
Table 2: Contained metal (all veins):
Category |
Tonnage kt |
Ag Moz |
Au Koz |
Pb Mlbs |
Zn Mlbs |
Ag eq Moz |
M & I Resource |
198.0 |
5.37 |
10.9 |
26.9 |
21.0 |
8.19 |
Inferred Resource |
209.5 |
5.81 |
11.3 |
24.8 |
21.0 |
8.56 |
Table 3: Percentage change 2013 over 2012:
Category |
GPR 2013 Ag eq oz |
RPA 2012 Ag eq oz |
Change |
M & I Resource |
8.19 million |
5.60 million |
+46% |
Inferred Resource |
8.56 million |
9.54 million |
-10% |
The November 2013 Mineral Resource Estimate was classified
according to the CIM Definition Standards on Mineral Resources and
Mineral Reserves and, as such, is consistent with the requirements
of NI 43-101. This Resource Estimate replaces the previous Resource
Estimate completed by Roscoe Postle Associates Inc. ("RPA") in 2012
for the Argentina and various other veins on the property.
The November 2013 Mineral Resource Estimate provides an update
for the following 31 veins from nine mining areas: Argentina (west,
central, and east portions in the Argentina Mine), Santa Cruz, Don
Benito (north, south, intermediate, north splay, west, and west
splay veins in the 1522 Mine), Recompensa, Intermediate and Oliva
(Recompensa Mine), Cantarranas (Hormiguera Mine), San Jorge and San
Miguel (San Miguel Mine), San Gregorio (San Gregorio, and
Durangueno Mines), El Rosario (El Rosario Mine), Oxidada, Oxi,
Higueras, and San Pablo veins (Durangueno Mine), and the La Prieta
1 to 5 veins (La Prieta Mine).
The effective date for this Resource Estimate is November 30,
2013. Reporting delays were caused by scheduling issues and
challenges relating to the complexity of the multiple vein zones at
Topia. The Resource Estimate was based on a minimum Net Smelter
Return ("NSR") value of US$180/tonne (corresponding to 2013 mining,
processing, and general and administrative costs). The November
2013 Mineral Resource Estimates assumes: 1) actual concentrate
transport, and smelter treatment and refining charges in effect for
2014; 2) metal prices as of Q4, 2013; 3) typical plant recoveries
for 2013; and 4) a minimum true width of 0.3 metres. Capping was
individually applied to each of the veins making up the summary in
Table 1 above.
While most of the current resource base came from Great
Panther's diamond drilling and underground development, the
resource estimated in certain veins (e.g. Argentina) on the
property came largely from the verification of Peñoles' sampling,
on levels that are planned for access in 2014 and later, and are
still intact. The majority of Great Panther's mining to date has
come from new mine development on veins reported in these
estimates. There is minor production from other veins that is not
included in this update but may be estimated in future resource
updates. The new total contained metal for the mineral resource
categories is shown in Table 2 above.
Due to the steep topography and the nature of the narrow veins
at Topia, surface drilling is typically widely spaced and is used
as a guide for underground development by locating and confirming
structural continuity and grade, while development by drifting,
sampling, and some underground drilling along the vein defines the
M & I mineral resource. Accordingly, surface drilling is used
to determine Inferred resources.
Areas of interest for the 2014 Topia Mine underground drill
program include the various veins located at the Recompensa,
Argentina, El Rosario, Durangueno, and 1522 mines.
Analysis of underground mine samples is completed on site, with
check assays and drill-core sample assays performed by SGS Minerals
Services in the Company's Guanajuato, Mexico laboratory. The
Company's QA/QC program includes the regular insertion of blanks
and standards into the sample shipments. Robert F. Brown, P. Eng.
and Vice-President of Exploration for Great Panther Silver and its
wholly owned Mexican subsidiary, Minera Mexicana El Rosario, S.A.
de C.V., and Linda Sprigg, RPGeo AIG, and Resource Geologist for
Octree Consulting Pty Ltd. are designated as the Qualified Person's
for the Topia Mine Project under the meaning of NI 43-101, and have
reviewed 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 NYSEMKT trading under the symbol
GPL. The Company's current activities are focused on the mining of
precious metals from its two wholly-owned operating mines in
Mexico, Guanajuato and Topia. Great Panther is also in the process
of developing its San Ignacio Project with a view to production in
2014, and has two exploration projects, El Horcon and Santa Rosa.
The Company is also pursuing additional mining opportunities within
the Americas, with the goal of adding to its portfolio of mineral
properties.
For further information, please visit the Company's website at
www.greatpanther.com.
CAUTIONARY NOTE 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 may include but are not limited to
the Company's plans for production at its Guanajuato and Topia
Mines in Mexico, exploring its other properties in Mexico, the
overall economic potential of its properties, the availability of
adequate financing 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 risks involving the Company's operations in a
foreign jurisdiction, uncertainty of production and cost estimates
and the potential for unexpected costs and expenses, physical risks
inherent in mining operations, currency fluctuations, fluctuations
in the price of silver, gold and base metals, completion of
economic evaluations, changes in project parameters as plans
continue to be refined, the inability or failure to obtain adequate
financing on a timely basis, and other risks and uncertainties,
including those described in the Company's Annual Information Form
for the year ended December 31, 2013 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.
Great Panther Silver LimitedRobert ArcherPresident &
CEO1-888-355-1766Great Panther Silver LimitedRhonda BennettoVice
President Corporate
Communications1-888-355-1766info@greatpanther.comwww.greatpanther.com
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