Results from the 2021 drill program extend mineralization and indicate good continuity at high grades, confirming the importance of the recently discovered Escondida vein.
This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated October 15, 2021, to its short form base shelf prospectus dated September 10, 2021.
TSX: GPR | NYSE American: GPL
VANCOUVER, BC, March 1, 2022 /PRNewswire/ - Great Panther Mining Limited (TSX: GPR) (NYSE-A: GPL) ("Great Panther" or the "Company"), a growth-oriented precious metals producer focused on the Americas, reports drill results from the Coricancha Mine Complex ("Coricancha"), located in the central Andes of Peru, approximately 90 kilometres east of Lima. A total of 22 holes were completed over approximately 5,219 metres.
Exploration Highlights:
- ES-DDH01-21 with 0.4 m (true width) from 220.7 m at 9.8 g/t Au, 910 g/t Ag, 7.2% Zn, 2.2% Cu & 5.6% Pb.
- ES-DDH04-21 with 0.8 m (true width) from 154.8 m at 9.7 g/t Au, 323 g/t Ag, 10% Zn, 1.3% Cu & 3.7% Pb.
- ES-DDH09-21 with 0.6 m (true width) from 192.5 m at 4.9g/t Au, 497 g/t Ag, 9.6% Zn, 1.5% Cu & 2.2% Pb.
- CON-DDH01-21 with 0.7 m (true width) from 75.4 m at 7.9g/t Au.
- CON-DDH01-21 with 0.7 m (true width) from 213.6 m at 8.6g/t Au, 158g/t Ag, 3.1% Zn and 3.6% Pb.
Drilling to date includes four drill holes on the Constancia Vein from Level 3710m, 14 holes on the Escondida vein; 11 from level 3640m and three holes 500m lower down on level 3140m, and four holes on the Wellington vein from level 3690m. This news release presents results of this drilling campaign.
"We are pleased to report that these results confirm the potential for the new Escondida vein and appear to extend the zones of known mineralization at good grades," stated Alan Hair, Chair & Interim CEO of Great Panther. "An advanced-stage development project with extensive infrastructure in place, Coricancha is located in a historic mining district dating back to the 1800s. A full evaluation of these promising drill results will be carried out and incorporated into our mine development plan for Coricancha and will help formulate our strategy for the asset."
Coricancha is a past producing mine with an extensive land package in the prolific Central Polymetallic Belt in Peru. The project is currently in care and maintenance and includes an operational 600 tonne per day mill, an underground mine and supporting infrastructure. The Coricancha deposit contains structurally controlled, sulphide vein systems with elevated values of gold, silver, copper, zinc and lead. The NI 43-101 Resource Update Technical Report on the Coricancha Mine Complex, completed by Golder Associates Inc. in 2017, estimated the following contained resources:
- Measured and Indicated Resources of 752,759 tonnes at 5.8 g/t Au, 200 g/t Ag, 2.06% Pb, 3.26 % Zn and 0.53 % Cu.
- Inferred Resources are 943,160 tonnes at 5.0 g/t Au, 209 g/t Ag, 1.45% Pb, 3.25 % Zn and 0.64% Cu.
There are over six veins known in the Coricancha deposit with Great Panther's exploration currently focused on three veins. Constancia, which extends over 2,000 metres, has been worked previously between levels 3450 metres above sea level ("masl") and 4100 masl. Wellington, a sub-parallel vein, is located approximately 600 metres to the west. Escondida lies between the two and was accidently discovered by previous owners while drifting to open a drill chamber for Constancia. The Escondida vein has not had significant past exploitation and is unusual in the Coricancha area, in that it is oblique (NNE) to both Wellington and Constancia, lying between the two and interconnecting them.
There is a general zonation from gold, silver and arsenic in the upper parts of the orebody, towards copper and silver in the lower levels. Lead and zinc occur throughout the deposit in varying amounts. This is illustrated by the grades in ES-DD04-21 in the upper zone (level 3640 masl), which is gold and silver rich, with 9.7 g/t Au, 323 g/t Ag, 10% Zn, 1.3% Cu & 3.7% Pb compared to channel samples in development on level 3140 masl, which have grades of 3.9% Cu, 276g/t Ag, 0.64g/t Au, 0.7% Zn and 0.2% Pb.
| Table 1: Significant intersections from the 2021 exploration drilling program |
| Drill Hole | From
(m) | To
(m) | Intercept
(m) | Est. True
width (m) | Au
(g/t) | Ag
(g/t) | Zn
(%) | Cu
(%) | Pb
(%) |
| CON-DDH01-21 | 2.66 | 2.96 | 0.30 | 0.13 | 0.3 | 1410 | 3.2 | 1.2 | 4.4 |
| CON-DDH01-21 | 75.40 | 77.60 | 2.20 | 0.94 | 7.9 | 13 | 0.8 | 0.0 | 0.4 |
| CON-DDH01-21 | 213.55 | 215.09 | 1.54 | 0.66 | 8.6 | 158 | 3.1 | 0.4 | 3.6 |
| CON-DDH02-21 | 163.70 | 164.48 | 0.78 | 0.48 | 7.7 | 105 | 2.3 | 0.1 | 3.5 |
| CON-DDH04-21 | 212.43 | 213.40 | 0.97 | 0.46 | 9.6 | 28 | 0.4 | 0.1 | 0.5 |
| ES-DDH01-21 | 220.65 | 221.49 | 0.84 | 0.44 | 9.9 | 895 | 7.1 | 2.2 | 5.8 |
| ES-DDH01-21 | 224.32 | 225.10 | 0.78 | 0.41 | 2.5 | 221 | 4.8 | 0.4 | 0.6 |
| ES-DDH01-21 | 226.30 | 228.20 | 1.90 | 1.00 | 7.7 | 44 | 1.2 | 0.1 | 0.2 |
| ES-DDH04-21 | 154.78 | 155.85 | 1.07 | 0.78 | 9.7 | 323 | 10.0 | 1.3 | 3.7 |
| ES-DDH05-21 | 151.30 | 152.12 | 0.82 | 0.64 | 4.2 | 357 | 11.1 | 0.7 | 2.7 |
| ES-DDH07-21 | 249.50 | 250.52 | 1.02 | 0.56 | 4.9 | 330 | 10.5 | 1.4 | 11.0 |
| ES-DDH08-21 | 226.52 | 227.27 | 0.75 | 0.39 | 8.9 | 37 | 1.1 | 0.2 | 0.2 |
| ES-DDH09-21 | 192.00 | 193.09 | 1.09 | 0.67 | 5.5 | 307 | 3.9 | 0.8 | 1.6 |
| ES-DDH09-21 | 193.54 | 193.95 | 0.41 | 0.25 | 0.7 | 373 | 14.1 | 1.5 | 1.9 |
| ES-DDH10-21 | 158.80 | 160.00 | 1.20 | 0.97 | 1.5 | 198 | 2.1 | 0.5 | 1.5 |
| ES-DDH11-21 | 152.55 | 152.96 | 0.41 | 0.25 | 5.0 | 113 | 3.8 | 0.3 | 4.7 |
| ES-DDH11-21 | 202.90 | 203.40 | 0.50 | 0.31 | 2.5 | 515 | 12.8 | 3.8 | 5.7 |
| ES-DDH13-21 | 246.52 | 247.22 | 0.70 | 0.46 | 0.2 | 762 | 0.8 | 10.8 | 1.4 |
| ES-DDH13-21 | 247.66 | 248.27 | 0.61 | 0.40 | 3.4 | 143 | 0.3 | 3.6 | 0.0 |
| ES-DDH14-21 | 291.72 | 292.35 | 0.63 | 0.33 | 1.1 | 95 | 0.9 | 0.7 | 0.1 |
| WE-DDH01-21 | 235.10 | 236.36 | 1.26 | 0.53 | 4.1 | 30 | 1.8 | 0.1 | 1.3 |
| WE-DDH01-21 | 254.00 | 254.53 | 0.53 | 0.22 | 0.7 | 225 | 3.3 | 4.7 | 0.4 |
| WE-DDH01-21 | 256.50 | 257.60 | 1.10 | 0.46 | 1.9 | 167 | 3.0 | 1.3 | 0.2 |
| WE-DDH01-21 | 257.80 | 258.00 | 0.20 | 0.08 | 9.6 | 289 | 13.0 | 1.4 | 0.5 |
| WE-DDH01-21 | 311.00 | 311.85 | 0.85 | 0.36 | 6.8 | 111 | 6.1 | 0.4 | 2.4 |
| WE-DDH02-21 | 223.27 | 223.60 | 0.33 | 0.20 | 3.9 | 371 | 5.9 | 0.1 | 6.4 |
| WE-DDH02-21 | 224.61 | 226.30 | 1.69 | 1.05 | 2.0 | 281 | 9.3 | 1.0 | 1.4 |
Notes:
- Analyses carried out by the certified, ALS Laboratory in Lima, Peru. On receipt, following QA/QC approval, the ALS assays are loaded to the resource geochemistry database.
- True widths are estimates based on current geologic knowledge but may vary after resource modelling.
The full table of results can be found at https://www.greatpanther.com/_resources/news/20220301-GPR-News-Release-Coricancha-Drill-Results-Full-Table.pdf.
Regional Setting
Great Panther is evaluating the structural setting of the Coricancha mineralization. This indicates some key characteristics that, while requiring further investigation, increase the prospectivity of the zone. The characteristics include:
- Location within a regional flexure in a north-south terrain bounded by the Huaripampa and Rio Blanco faults.
- Presence of northeast-southwest cross-cutting structures.
- The large Millotingo dioritic intrusion immediately to the south of the project. Inca Minerals investigated a porphyry target at Chanape on the southern flank of this intrusive body and a number of historical workings occur on its northeastern flank, the principle being the Minera Germania' Pacococha mine.
- Drillhole geochemistry data suggests that the hydrothermal fluids have a southerly plunge in the direction of the Millotingo intrusive. Mineralization metal ratios suggest an increasing temperature gradient in the same direction.
- The presence of additional known but relatively unexplored veins within the Coricancha mineral claims.