Great Panther Silver Updates Mineral Resources at San Ignacio Mine
July 02 2014 - 9:00AM
Marketwired
Great Panther Silver Updates Mineral Resources at San Ignacio Mine
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jul 2, 2014) - GREAT
PANTHER SILVER LIMITED (TSX:GPR)(NYSEMKT:GPL) (the "Company") is
providing an update to its Mineral Resources at its 100% owned San
Ignacio Silver-Gold Mine in Guanajuato, Mexico (the "April 2014
Mineral Resource Estimate").
The April 2014 Mineral Resource Estimate totals 1.245 million
silver equivalent ounces ("Ag eq oz") of Indicated Mineral
Resources and 5.645 million Ag eq oz of Inferred Mineral Resources
at a cut-off of 125 grams per tonne ("g/t") silver equivalent.
The Indicated Mineral Resource is a new addition, comprising
103,000 tonnes at 165g/t silver and 3.54g/t gold and incorporates
detailed infill drilling completed in the fourth quarter of 2013
(see news release December 16, 2013), and data from mine
development along the Intermediate vein. The Inferred Mineral
Resource totals 737,000 tonnes at 115g/t silver and 2.04g/t gold.
The breakdown for the estimate is provided in Table 1.
Table 1: Mineral Resource Estimate
| San Ignacio Mineral Resource Estimate, effective date
April 6, 2014 |
|
Tonnage |
Ag g/t |
Ag Moz |
Au g/t |
Au oz |
Ag eq g/t |
Ag eq Moz |
| Indicated Resource |
|
|
INT Vein |
103,000 |
165 |
0.543 |
3.54 |
12,000 |
377 |
1.245 |
| Inferred Resource |
|
|
|
|
|
|
|
|
DIOS1 Vein |
178,000 |
103 |
0.591 |
1.99 |
11,000 |
224 |
1.287 |
|
|
DIOS2 Vein |
147,000 |
141 |
0.663 |
2.38 |
11,000 |
285 |
1.346 |
|
|
INT Vein |
241,000 |
135 |
1.042 |
2.12 |
16,000 |
262 |
2.026 |
|
|
MELL Vein |
171,000 |
77 |
0.425 |
1.68 |
9,000 |
180 |
0.987 |
| Total Inferred |
737,000 |
115 |
2.721 |
2.04 |
48,000 |
238 |
5.645 |
Notes:
- Base case cut-off grade of 125g/t silver equivalent
- Silver equivalent calculated using a 60 to 1 ratio of silver to
gold value
- Rock Density for all veins is 2.63t/m3
- Totals may not agree due to rounding
- Grades in metric units
- Contained silver and gold in troy ounces
- Vein names abbreviated as follows: INT = Intermediate vein;
DIOS1 = Nombre de Dios1 vein; DIOS2 = Nombre de Dios2 vein; and
MELL = Melladito vein
Recent drilling enabled upgrading a portion of the Inferred
Mineral Resource from the Intermediate vein to the Indicated
Mineral Resource category. The upgrade resulted in an 18% decrease
in Inferred Resources when compared to the 2012 estimate as noted
in Table 2. Inferred Mineral Resources are unchanged for the
Melladito and Nombre de Dios 1 and 2 veins.
Table 2: Percentage change 2014 over 2012
|
Category |
Waldegger & Brown 2014 Ag eq Moz |
Waldegger 2012 Ag eq Moz |
Change |
|
Indicated Resources |
1.245 |
0 |
1.245 (N/A) |
|
Inferred Resources |
5.645 |
6.894 |
-1.249 (-18%) |
The goal of recent exploration work was to increase confidence
in the Mineral Resources of the Intermediate vein. The Company
completed 13 infill drill holes into the vein development (see news
release dated December 16, 2013) and collected 112 chip samples
from 200 metres of underground mine development. Overall Mineral
Resources at San Ignacio considered 91 drill holes completed
between sections 450N and 1100N (up to hole ESI13-116), as well as
112 underground chip samples.
The mineralization at San Ignacio is hosted in classic
epithermal quartz-calcite veins. The geologic interpretation was
based on diamond drilling and surface and underground mapping.
Veins were modelled to a 1.5 metre minimum width and raw assays
were composited to the intersection width of the wireframes. The
drill-hole and underground composites were used in the estimate of
block grades using the Inverse Distance to the second power (ID2).
Volumes were converted to tonnages using 2.63t/m3, which were based
on results from density tests completed on 313 drill core samples
captured by the wireframes.
This Mineral Resource Estimate has an effective date of April 6,
2014 and was classified as Indicated and Inferred according to the
CIM Definition Standards on Mineral Resources and Mineral Reserves
and is consistent with the requirements of NI 43-101. Analysis of
underground mine samples and drill-core samples was performed by
SGS Minerals Services in the Company's Guanajuato, Mexico
laboratory.
Areas of interest for the 2014 drill program will be the
extension of the drilling south along the Intermediate vein and
some infill drilling on the Melladito and Nombre de Dios 1 and 2
veins.
Block model graphics, maps, sections and previous news releases
can be viewed on the Company's website at www.greatpanther.com.
The Company's QA/QC program includes the regular insertion of
blanks, duplicates 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 Michael Waldegger, P.Geo.,
Senior Resource Geologist, MFW Geoscience Inc., are designated as
the Qualified Persons for the San Ignacio 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 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, or e-mail info@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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