Great Panther Silver Ltd. (
TSX: T.GPR,
Stock Forum) said that it has completed a maiden resource estimate for the El Horcon project and the results are sufficiently encouraging that the company is moving ahead with permitting for the next phase of exploration.
El Horcon comprises 7,908 hectares in Jalisco State, Mexico, on the Guanajuato structural trend and is approximately 80 kilometres by paved highway from Great Panther's Guanajuato mine complex.
According to the
Great Panther Silver press release, the combined inferred resource estimate holds 214,402 tonnes grading 3.22 grams per tonne gold, 68 grams per tonne silver and 2.36% lead.
"We are pleased to see that the El Horcon mineralization shows good continuity and has the potential for additional tonnages at similar grade as that defined by the initial drill program," said Robert Archer, President and CEO. "As the mineralization is very close to surface and the project is within trucking distance to our plant in Guanajuato, we intend to continue with our drilling to define a larger resource base. Our goal is to advance El Horcon to where it can be another satellite operation for Guanajuato, similar to our San Ignacio project."
Preliminary metallurgical testing at the company's facilities in Guanajuato shows the El Horcon mineralization to be compatible with the existing mill feed. While further testing is required, it is anticipated that recoveries from El Horcon could be approximately 92% for gold and 80% for silver.
Great Panther is a primary silver mining and exploration company focused on the mining of precious metals.
On Monday, Great Panther was up 3.3% and was trading at $0.95 a share. The company had a market cap of $131.5 million, based on 138.4 million shares outstanding.
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