Great Panther Mining Limited (TSE:GPR) (NYSEAMERICAN:GPL) (FRA:G3U) announced a boost for its Tucano gold mine in Brazil, having added another year to its life and replaced ounces it has mined in 2020.
The miner has updated the reserve and resource estimates for the producing asset, with effect from September 30 this year.
READ: Great Panther Mining sees a 17% increase in the M&I resource at its Guanajuato Mine Complex in Mexico
Proven and probable reserves are now pegged at 629,000 ounces of gold, of which 299,000 are in the more readily exploited open pit.
The higher confidence measured and indicated (M&I) resources now stand at 953,000 ounces of the yellow metal, which includes the reserves.
At the Tucano open pit, measured and indicated resources were pegged at 561,000 gold ounces, which is an increase of 28% since September 2019. Inferred resources at Tucano now total 534,000 ounces.
"We have successfully replaced 2020 mining depletion and added another year to the mine life at Tucano. The updated MRMR estimate provides us with a higher level of confidence for future mine and operational planning and we are confident that, in parallel, we can unlock the larger potential of the region," said Great Panther CEO Rob Henderson in a statement.
"Going forward, we will be aggressively advancing opportunities for resource growth and mine life extension on multiple fronts. We are actively drilling, both near the mine and in the extensive and largely under-explored regional land package."
The update on the Tucano mine reflects the results of near-mine drilling up to the end of July this year, which was focused on the TAP AB pits, which represent about only 2 kilometres (km) of the 7km mining trend.
Drilling of near-mine targets continued at TAP AB and Urucum in the second half of the year, while drilling will continue on these targets and the area between TAP AB and Urucum in 2021, added Great Panther.
"Three diamond drills and a reverse circulation (RC) rig are working on near-mine resource definition/conversion. Ongoing rotary air blast (RAB) drilling is also targeting regional potential with the current focus being Mutum and Saraminda, two of seven regional priority targets," the precious metals miner said.
Growing producer Great Panther owns a portfolio of assets in Brazil, Mexico and Peru, which includes three operating gold and silver mines, four exploration projects, and an advanced development project.
Shares in New York added 3.37% to US$0.81.
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Contact the author at giles@proactiveinvestors.com
