Great Panther Mining Limited (TSE:GPR) (NYSEAMERICAN:GPL) (FRA:G3U) Monday released updated Mineral Resource estimates for its 100%-owned Guanajuato Mine Complex (GMC) in Mexico, which showed a 17% increase in the Measured and Indicated (M&I) resource to 10.2 million silver equivalent ounces along with a 10% improvement in grade from 180 to 199 grams per tonne (g/t) silver.
The company also noted that its Inferred resource at GMC now contains 18.1 million silver equivalent ounces, more than double the previous estimate. GMC is comprised of the Guanajuato and San Ignacio underground mines and the 1,000 tonne-per-day Cata processing plant.
Great Panther Mining CEO Rob Henderson said in a statement: "We are pleased to have completed another productive drilling campaign at GMC, successfully outlining new resources and demonstrating the quality of the orebody. GMC has been in our portfolio since 2005 and has cumulatively produced nearly 30 million silver equivalent ounces for Great Panther. We also expect to report updated reserve and resource estimates at Tucano before year-end."
The company added that the estimates are effective July 31, 2020 and are based on 199 holes totalling 19,913 metres of drilling since the previous Mineral Resource estimate. Since July 31, 2020, Great Panther has drilled an additional 63 holes totalling 9,560 metres, with drilling at Guanajuato and San Ignacio continuing with three underground rigs at Guanajuato and one surface rig at San Ignacio doing infill and step-out drilling along the Purisima vein system.
Great Panther Mining, which also owns the Topia mine in Mexico, as well as the Tucano mine in Brazil, reported recently record 3Q earnings of US$18.6 million, or $0.05 per share, as revenue rose 8% year over year to US$77.0 million.
The company, originally known as Great Panther Silver, now generates gold from 83% of its production. On November 5, 2020, Great Panther said it is on track to meet 2020 guidance of 146,000 to 158,000 gold equivalent ounces at AISC of US$1,150 to US$1,250 per ounce of gold sold.
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