Great Panther Silver Ltd (TSE:GPR) announced an updated mineral resources estimate for its Guanajuato mine complex (GMC) in Mexico.
Estimated measured and indicated mineral resources at the GMC increased 91% from the previous estimate back in February of 2016 to 13.62mln silver equivalent ounces (Ag eq oz) due to increases in both resource categories at both the San Ignacio and Guanajuato mines.
Estimated measured mineral resources doubled to 11.11mln Ag eq oz, with the San Ignacio mine increasing by 121% to 9.28mln Ag eq oz and the Guanajuato mine increasing by 33% to 1.83mln Ag eq oz.
Estimated indicated mineral resources at the GMC increased 58% to 2.51mln Ag eq oz (San Ignacio: +69% to 2.08mln Ag eq oz ; Guanajuato: + 22% to 428,190 Ag eq oz).
Estimated inferred mineral resources at the GMC remain ore or less the same at 7mln Ag eq oz.
The current mineral resource update includes 54 additional underground drill holes (10,251 metres) at the Guanajuato mine and 41 additional underground drill holes (7,860 metres) at the San Ignacio mine drilled after the August 31, 2016 mineral resource update, Great Panther said.
"We are excited to announce an almost doubling of the estimated measured and indicated mineral resource at the GMC to over 13 million silver equivalent ounces," stated James Bannantine, the president and chief executive officer of Great Panther.
"This is a strong testament to our ability to continue to develop new mineral resources at the GMC and expand its potential. In this regard, we have over 24,000 metres of drilling planned for the GMC in 2018, which we believe will continue to add to the mineral resource inventory," he added.