Great Panther updates mineral resource estimates at the Guanajuato Mine Complex and San Ignacio Project; Extends mineralization at San Ignacio
VANCOUVER, BRITISH COLUMBIA, May 09, 2012 (MARKETWIRE via COMTEX) — GREAT PANTHER SILVER LIMITED CA:GPR +1.03% GPL +0.41% ("the Company") announces the completion of the updated mineral resource estimates at the Company's wholly-owned Guanajuato Mine Complex ("Guanajuato Mine") and San Ignacio Project ("San Ignacio") in Guanajuato, Mexico. As the San Ignacio Project is effectively a satellite of the Guanajuato Mine Complex (20 kilometres by road), and any mineralization extracted from the former will be processed at the Cata Plant, the resource is now being considered as part of the overall Guanajuato Mine mineral inventory.
-- Updated Measured and Indicated mineral resource at the Guanajuato Mine Complex contains 5,649,000 ounces of silver equivalent ("Ag eq oz"), replacing production from the Guanajuato Mine during the past 18 months; -- Inferred mineral resources at the Guanajuato Mine are estimated at 2,503,000 Ag eq oz(1); -- Inferred mineral resources at San Ignacio are estimated at 6,894,000 Ag eq oz(1,2); -- This estimate for San Ignacio increases the tonnage by 35%, the silver content by 29%, gold content by 51% and Ag eq oz by 53% over the previous estimate(2). (1) For now, Inferred resources from Guanajuato and San Ignacio are being reported separately as different parameters were used in their estimation. (2) Compared to the previous San Ignacio resource estimate, three vein zones were dropped from the current resource due to insufficient grade continuity. These may be added back in with further drilling.
At San Ignacio, surface drilling is ongoing with two drills and continues to extend the limits of the known mineralized zones beyond the resource model. Highlights in the known zones include 2.65 metres grading 533g/t silver and 7.59g/t gold, and 1.15 metres grading 249g/t silver and 2.99g/t gold.
In addition, new but as yet irregular, high grade silver-gold veins have also been discovered at San Ignacio. These zones returned intercepts of 794g/t silver and 3.70g/t gold over 2.22 metres; 422g/t silver and 10.50g/t gold over 0.60 metres; and 131g/t silver and 19.20g/t gold over 0.50 metres. None of these intercepts are contained within the aforementioned resource for San Ignacio.
Guanajuato Mine Complex
The 2012 Guanajuato Mine mineral resource estimate contains Measured and Indicated mineral resources of 5,649,000 Ag eq oz including 3,530,000 Ag eq oz in the Measured category and 2,119,000 Ag eq oz in the Indicated category (see tables below). Inferred mineral resources are estimated at 2,503,000 Ag eq oz. These are contained in the Cata Clavo, Los Pozos, Santa Margarita and Guanajuatito zones. The Guanajuatito zone, with its first estimate, has been significantly expanded from present mining on the 120 and 160 levels to the 390 level and is open to depth and along strike, illustrating that additional mineralization is expected to be found and could add to inventory with systematic and focused drilling.
Mining of the four zones, Cata, Los Pozos, Santa Margarita and Guanajuatito currently accounts for most of the Guanajuato metal production. Underground drilling is ongoing with five drill rigs to delineate new resources on the upper and depth extensions of Los Pozos, the southeast strike extension of Santa Margarita, and lateral and deep extensions at Guanajuatito, as well as deep exploration at Valenciana (Veta Madre) and Rayas (Veta Madre).
The updated mineral resource estimate for the Guanajuato Mine is valid as of January 31, 2012. Block model graphics, maps, sections and previous news releases can be viewed on the Company's website at www.greatpanther.com . The estimates were classified according to the CIM Definition Standards on Mineral Resources and Mineral Reserves and, as such, are consistent with the requirements of NI43-101.