Great Panther Mining Limited (TSX:GPR, NYSE:GPL) has released new exploration drill results from its past-producing Coricancha project in the central Andes of Peru, which it said augur well for advancing the asset.
The latest assays come from 22 holes, for around 5,219 metres (m) from the ongoing drill campaign at the deposit, where there are six known mineralized veins. Great Panther's work is currently focused on three.
"We are pleased to report that these results confirm the potential for the new Escondida vein and appear to extend the zones of known mineralization at good grades," said Alan Hair, the interim CEO of Great Panther in a statement.
"An advanced-stage development project with extensive infrastructure in place, Coricancha is located in a historic mining district dating back to the 1800s. A full evaluation of these promising drill results will be carried out and incorporated into our mine development plan for Coricancha and will help formulate our strategy for the asset," he added.
READ: Great Panther Mining releases new mineral resource estimates for Topia and GMC operations in Mexico
Highlight results included a length of 0.8m starting from 154.8m depth, which showed 9.7 grams per ton (g/t) gold, 323 g/t silver, 10% zinc, 1.3% copper and 3.7% lead in one hole.
Another hole generated a 0.6m width from 192.5m depth at 4.9g/t gold, 497 g/t silver, 9.6% zinc, 1.5% copper and 2.2% lead.
A past-producing mine, Coricancha is currently on care and maintenance and includes an operational 600 tonne per day (tpd) mill, an underground mine and supporting infrastructure. The deposit contains structurally controlled, sulphide vein systems with elevated values of gold, silver, copper, zinc and lead.
A 2017 estimate showed measured and indicated (M&I) resources of 752,759 tonnes at 5.8 g/t gold, 200 g/t silver, 2.06% lead, 3.26% zinc and 0.53% copper, while inferred is 943,160 tonnes at 5 g/t gold, 209 g/t silver, 1.45% lead, 3.25 % zinc and 0.64% copper.
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 the writer at giles@proactiveinvestors.com