Great Panther Mining Limited (TSX:GPR, NYSE:GPL) has released a new mineral resource estimate for its Topia Mine and the Guanajuato Mine Complex in Mexico.
The Topia mineral resource estimate increases the grade of the measured and indicated silver by 8% to 1,041 grams per ton (g/t) silver equivalent ounces compared to the 2018 estimate.
At Guanajuato Mine Complex, or GMC, the silver equivalent grade increased by 2% to 391 g/t compared to a 2020 estimate.
READ: Great Panther Mining guides for production of between 100,000 and 119,000 gold-equivalent ounces in 2022
However, mineral resources decreased for both projects, with measured and indicated dropping by 25% to 11.1 million silver equivalent ounces at Topia and by 36% to 7.7 million silver equivalent ounces at GMC.
Topia has been part of Great Panther’s portfolio since 2005 and has produced 9.5 million silver equivalent ounces and 17,574 tonnes of lead and 23,592 tonnes of zinc over the years.
The mine is located northwest of Durango and is a silver, gold, lead, and zinc district with a central concentrator plant capable of processing 260 tonnes per day.
“Compared to the previous (mineral resource estimate) with an effective date of July 31, 2018, grades have significantly increased with measured and indicated grades increasing 32% for silver, 37% for gold, 14% for lead and 11% for zinc,” Great Panther said in a statement. “The higher-grade ore, however, is associated with an overall decrease of 30% in tonnes and 25% in silver equivalent ounces.”
The company noted factors that varied during the three-year period since the last MRE included an increase in mining costs, metal price variations and mine depletion, which totalled 3.7 million silver equivalent ounces.
GMC is located in the Guanajuato mining district and is comprised of the Guanajuato and San Ignacio silver and gold underground mines and the 1,000tons per day (tpd) Cata processing plant. Also in the Great Panther portfolio in 2005, GMC has cumulatively produced 30 million silver equivalent ounces.
In the fourth quarter of 2021, the Guanajuato mine and Cata processing plant were placed on care and maintenance and mining operations were suspended at the San Ignacio mine while the company waits for the permits to extend the tailings dam or finds other alternatives to maximize value from the GMC.
Vancouver-based Great Panther owns a diversified portfolio of assets in Brazil, Mexico and Peru made up of three gold and silver mines, an advanced development project, and a large land package with district-scale potential.
Contact Angela at angela@proactiveinvestors.com
Follow her on Twitter @AHarmantas