Great Panther Mining Limited (TSE:GPR) (NYSEAMERICAN:GPL) is forging ahead with its 2020 exploration plans after a “highly successful” 2019 program, interim CEO Jeffry Mason told shareholders Tuesday.
The miner revealed plans for its two mining operations in Mexico, which include three producing mines.
During 2020, Vancouver-based Great Panther is planning to drill a total of at least 25,000 metres across its San Ignacio, Guanajuato and Topia mines.
Drilling will focus on defining mineralization and testing new targets to develop new high-grade resources, CEO Mason told investors.
"Our 2019 exploration program in Mexico was highly successful at both of our mining operations," Mason said in a statement. "This is already translating into growth in production and cash flow, with record silver equivalent production at the Topia Mine in 2019.”
Focus on exploration
Topia will see around 2,500 metres of drilling in the coming year, focusing on building mineral resources along a series of previously identified veins. Great Panther is planning to release an updated resource estimate by July 2020.
Mason said the firm plans to define new mineralized zones and test new targets at San Ignacio and focus on developing new high-grade resources at Guanajuato with 63% more drilling metres, targeting increased production later this year.
At San Ignacio, the firm is planning to sink 8,500 metres of infill drilling along the Purisima, Purisima Bo and Melladito South structures while testing additional targets along Purisima and a nearby hanging wall structure. The firm will focus efforts this year on testing areas within San Ignacio that were previously developed but not exploited.
Last year’s program of over 7,500 metres successfully tested and in-filled the Nombre de Dios 2, Purisima, Purisima Bo, and Melladito South structures. Great Panther said it plans to update the mineral resource at San Ignacio during the first quarter of 2020.
Over at Guanajuato, Great Panther is planning a 14,400-metre drill program after last year’s decision to halt production at the main mine to focus on finding higher-grade resources. An exploration team remapped and sampled accessible areas on the property during 2019 and developed multiple new drill targets. The firm said it is working towards resuming mining in 2020, with an updated resource estimate planned for 1Q 2020.
Planning for 2020 success
CEO Mason told shareholders that the company is planning to spend C$4 million on exploration this year. “Our 2020 programs will build on momentum from our 2019 successes,” he said.
Last year, Topia achieved a new record for annual production at 1.8 million silver equivalent ounces due to increased mill capacity, grade and the advancing development of various mines in the Topia area, the group said.
Output at the Guanajuato mine complex in Mexico was sourced in 4Q from both the San Ignacio Mine and limited areas of the Guanajuato site.
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