TSX:GPR
NYSE MKT: GPL
VANCOUVER, Aug. 14, 2017 /CNW/ - GREAT PANTHER SILVER
LIMITED (TSX: GPR) (NYSE MKT: GPL) ("Great Panther" or the
"Company") is releasing results from the exploration drilling
program conducted on the Coricancha gold-silver-lead-zinc-copper
property in the central Andes of Peru. Great Panther held the
property under option during the period May
2015 to May 2016 but
terminated the option before the results could be released.
The Company subsequently renegotiated and closed the acquisition of
the mine and mill complex and now owns a 100% interest (see news
release dated July 3, 2017).
The exploration program comprised 33 diamond drill holes, in
5,875 metres, from surface and underground in 2015 and 2016.
Three main veins were targeted, Wellington, Constancia and Colquipallana, and
one new exploration target, the Animas vein (see table of
highlights below). Constancia was historically the main
producing vein, followed by the Wellington vein. Highlights include
Wellington hole Cori-15-003, which
intersected 10.46g/t Au, 388g/t Ag, 1.64% Cu, 0.53% Zn and 2.86% Zn
over a true width of 0.53 metres, and Constancia hole Cori-15-13
that intersected 22.64g/t Au, 83g/t Ag, 0.19% Cu, 1.12% Pb and
2.30% Zn over a true width of 0.41 metres.
"The initial drilling results at Coricancha demonstrate the
potential to extend known zones of high grade mineralization,"
stated Robert Archer, President
& CEO. "The high gold and silver grades, good continuity
and significant exploration upside all underscore our optimism that
Coricancha has the potential to be a new mine for the
Company. While the veins pinch and swell, we have extensive
experience in mining narrow widths at our Topia Mine in
Mexico. Since closing the acquisition at the end of June, we
have embarked on a comprehensive program of technical studies with
the objective of returning the mine to production."
The intersections on the Constancia and Wellington veins represent extensions of known
high grade areas and have added to the mineral inventory.
Holes Cori-15-009 through 012 were drilled through pillars in old
workings on the Constancia vein and these intersections have not
been included below. Intersections on the Colquipallana vein
were narrower but demonstrated high gold grades as evidenced by
hole Cori-15-011, which returned 20.75g/t Au, 121g/t Ag, 0.52% Cu,
0.17% Pb and 0.05% Zn across 0.21 metres. Follow up drilling
will initially concentrate on wider areas.
Only two holes were drilled on the Animas vein following up on
encouraging surface channel samples. These are believed to be
the first drill holes ever on this target and returned 3.64g/t Au
and 417g/t Ag over 0.41 metres and 1.50g/t Au and 107g/t Ag over
1.20 metres, with minor base metals. Follow-up drilling is
planned.
Highlights of 2015-16 Drilling at Coricancha:
HOLE
ID
|
FROM (m)
|
TO (m)
|
Au
g/t
|
Ag
g/t
|
Cu
%
|
Pb
%
|
Zn
%
|
TRUE
THICKNESS (m)
|
Wellington
|
|
|
|
|
|
|
|
|
Cori-15-001
|
136.60
|
137.60
|
5.09
|
84
|
0.72
|
0.28
|
0.89
|
0.70
|
Cori-15-002
|
233.90
|
236.20
|
5.93
|
717
|
0.10
|
1.27
|
12.03
|
0.83
|
Cori-15-003
|
172.60
|
173.70
|
10.46
|
388
|
1.64
|
0.53
|
2.86
|
0.53
|
Cori-15-006
|
141.62
|
142.95
|
6.98
|
37
|
0.11
|
0.11
|
0.57
|
0.75
|
Cori-15-007
|
160.50
|
161.50
|
9.93
|
335
|
1.26
|
0.58
|
5.13
|
0.59
|
Cori-16-030
|
135.30
|
137.90
|
5.08
|
127
|
0.46
|
0.50
|
3.71
|
1.72
|
Cori-16-032
|
217.86
|
219.10
|
3.46
|
109
|
0.13
|
0.29
|
2.44
|
0.58
|
Colquipallana
|
|
|
|
|
|
|
|
|
Cori-15-011
|
54.34
|
54.60
|
20.75
|
121
|
0.52
|
0.17
|
0.05
|
0.21
|
Constancia
|
|
|
|
|
|
|
|
|
Cori-15-013
|
109.77
|
110.24
|
22.64
|
83
|
0.19
|
1.12
|
2.30
|
0.41
|
Cori-16-017
|
148.45
|
148.75
|
8.32
|
11
|
0.01
|
0.28
|
0.40
|
0.23
|
Cori-16-018
|
131.80
|
132.15
|
12.38
|
53
|
0.06
|
1.64
|
1.55
|
0.25
|
"
|
136.80
|
137.30
|
3.91
|
65
|
0.09
|
2.66
|
6.11
|
0.35
|
Cori-16-019
|
189.73
|
190.26
|
12.96
|
7
|
0.03
|
0.04
|
0.01
|
0.27
|
Cori-16-020
|
189.92
|
190.64
|
20.32
|
79
|
0.31
|
1.80
|
0.90
|
0.40
|
Cori-16-021
|
192.35
|
193.25
|
9.59
|
38
|
0.11
|
0.90
|
3.68
|
0.52
|
Cori-16-022
|
191.70
|
192.64
|
6.91
|
24
|
0.07
|
0.19
|
0.70
|
0.51
|
Cori-16-023
|
118.57
|
118.85
|
17.8
|
1096
|
0.27
|
4.18
|
6.47
|
0.18
|
Cori-16-024
|
97.27
|
97.48
|
3.20
|
644
|
0.09
|
0.42
|
1.04
|
0.17
|
Cori-16-025
|
119.80
|
120.07
|
5.84
|
664
|
0.12
|
1.37
|
1.15
|
0.21
|
Cori-16-026
|
130.13
|
130.26
|
1.92
|
104
|
0.01
|
1.34
|
0.80
|
0.08
|
Cori-16-028
|
163.45
|
165.27
|
4.20
|
1883
|
0.55
|
7.84
|
3.98
|
1.04
|
Animas
|
|
|
|
|
|
|
|
|
Cori-16-031
|
132.60
|
133.36
|
3.64
|
417
|
0.04
|
0.25
|
0.65
|
0.41
|
Cori-16-033
|
118.62
|
120.62
|
1.50
|
107
|
0.03
|
0.97
|
1.14
|
1.20
|
An updated mineral resource estimate is underway, incorporating
all previous drilling and the results from all underground sampling
undertaken by previous owners. While it is believed that this
will increase the mineral inventory, the use of current (lower)
metal prices compared to the 2012 historical resource estimate is
expected to offset this to some degree. Additional drilling
is planned, but the timing will depend on surface and underground
rehabilitation and development required to support the program.
Engineering and environmental studies were also initiated during
the option period and are being expanded in scope and detail to a
Prefeasibility level in order to refine operating parameters.
Infrastructure improvements and mine development are commencing to
support underground drilling and the application for a surface
drilling permit is being prepared. Further updates will be
provided as work progresses.
The Coricancha Mine Complex (the "CMC") is a fully permitted
polymetallic mine that includes an operational 600 tonne per day
flotation and gold BIOX® bio-leach plant along with
supporting mining infrastructure. The CMC has been on care
and maintenance since August 2013. The CMC property comprises
more than 3,700 hectares in the prolific Central Polymetallic Belt
of Peru and production at the mine
dates back to 1906. Gold-silver-lead-zinc-copper
mineralization (approximately 80% gold-silver by value) occurs as
massive sulphide veins that have been mined by cut and fill
extraction methods.
The Company's QA/QC program includes the regular insertion of
blanks, duplicates, and standards into the sample shipments;
diligent monitoring of assay results; and necessary remedial
actions. Sample assaying was completed at the independent SGS
lab in Lima, Peru. Gold was
completed with FAA313 technique, with over-limits (10g/t) completed
by FAG303. 50 element ICP (ICM12B) included silver, copper,
lead, and zinc. Over limit assaying for silver (10ppm) was
completed with AAS11B, while over limit assaying for copper, lead,
and zinc (all at 1%) was conducted with AAS11B.
The technical information contained in this news release has
been reviewed and approved by Robert F.
Brown, P. Eng., consultant to the Company, who is the
Qualified Person (QP) for the CMC under the meaning of NI
43-101. Aspects relating to mining and metallurgy are
overseen by Ali Soltani, Chief
Operating Officer for Great Panther.
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 NYSE MKT under the symbol
GPL. Great Panther's current activities are focused on the
mining of precious metals from its two wholly-owned operating mines
in Mexico: the Guanajuato Mine
Complex, which includes the San Ignacio Mine; and the Topia Mine in
Durango; and advancing the development of the Coricancha Mine
Complex in Peru. The Company's activities also include the
pursuit of additional mining opportunities in the Americas.
Robert Archer
President & CEO
CAUTIONARY STATEMENT 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 include but are
not limited to statements regarding the timing and results of
technical studies, potential changes to the CMC resource base, and
the economic viability of the CMC; 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, technical and operational difficulties that
may be encountered with reactivation of the CMC, uncertainty of
production and cost estimates and the potential for unexpected
costs and expenses, uncertainty in mineral resource estimation,
physical risks inherent in mining and reclamation 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, permitting
risks, 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, 2016 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. There is no assurance that such forward looking
statements will prove accurate; results may vary materially from
such forward-looking statements; and there is no assurance that the
Company will be able to identify and acquire additional projects or
that any projects acquired will be successfully developed.
Readers are cautioned not to place undue reliance on forward
looking statements. The Company has no intention to update
forward looking statements except as required by law.
SOURCE Great Panther Silver Limited