Great Panther Mining Limited (TSE:GPR) (NYSEAMERICAN:GPL) has revealed new open pit drill results from its Tucano gold mine in Brazil that highlighted a continuity of mineralization at depth.
Results include intercepts of 17.7 grams per ton (g/t) gold over 1.75 metres from 130 metres in one drill hole and 6.3 g/t gold over 3.9 metres in another.
The Canadian miner said that the results give it more confidence in its geological model used for a mineral reserve and resource estimation.
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According to the company, the first phase drill program centred on the TAP C pit, which is located between two pits that are currently in production at Tucano. TAP C includes three pits over a 1,500-metre trend, with the C1 pit the largest of the three and stretching over a strike length of nearly 700 metres and depths of 50 metres.
Initial results of re-modelling at TAP C1 define the structural framework that has affected the mineralization, Great Panther told investors, adding that the updated model “explains mineralization discontinuities while providing better controls on areas of pinch and swell of the mineralized zones.”
The Tucano plant has the ability to process both oxide and sulphide ore, the company said.
Great Panther CEO Rob Henderson called the reinterpretation of controls on mineralization at TAP C1 a “key step forward” for the project.
"The new geological model will now be used to plan ongoing drilling at TAP C1 and be extended to the adjoining areas in TAP C,” Henderson said in a statement. “With this additional work, we are confident that we will be able to include TAP C in the next open pit mineral resource statement for Tucano."
Drilling is continuing at the zone, Great Panther said. A second reverse circulation drill is due on site in mid-May for shallow, infill resource drilling. The company will also complete a new model of the northern pits at TAP C and other areas to define additional drill targets.
Based in Vancouver, Great Panther owns a diversified portfolio of assets in Brazil, Mexico and Peru that includes three operating gold and silver mines, four exploration projects, and an advanced development project.
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