Great Panther Mining Announces Open Pit Drill Results for the Tucano Gold Mine in Brazil


Outcomes display continuity of mineralization at depth and supply additional confidence of geological mannequin used for mineral reserve and useful resource estimation

VANCOUVER, BC, April 7, 2021 /CNW/ – Nice Panther Mining Restricted (TSX: GPR) (NYSE American: GPL) (“Nice Panther” or the “Firm”) publicizes drill outcomes from the useful resource alternative and enlargement drilling program on the Firm’s wholly owned Tucano Gold Mine (“Tucano”) in Brazil. Tucano is mining a 7-kilometre-long pattern of gold deposits hosted inside a big tenement package deal managed by Nice Panther overlaying roughly 90 km (2,00zero km2) of the Vila Nova Greenstone Belt.

The primary part drill program targeted on the TAP C pit, located between the Taperaba pits (“TAP AB”) and the Urucum pits which might be the present focus of manufacturing at Tucano. TAP C is a collection of three pits over a 1,500 m pattern of which the C1 pit is the biggest with a depth of 50 m and a strike size of roughly 700 m. The pit was mined by the earlier operator all the way down to the bottom of the oxide zone. The Tucano plant now has the aptitude to course of each oxide and sulphide ore.

Exploration Highlights:

  • Drilling signifies continuity of mineralization of the TAP C1 deposit to roughly 50 m70 m beneath the present pit flooring.
  • Outcomes embrace intercepts of 17.7 g/t Au over 1.75 m from 130 m in 21TACDD001 and 6.three g/t Au over three.9 m in 21TACDD002 (be aware widths are drillhole intercept widths).
  • Preliminary outcomes of re-modelling of the TAP C1 deposit outline the structural framework that has affected the mineralization. The up to date mannequin explains mineralization discontinuities whereas offering higher controls on areas of pinch and swell of the mineralized zones.

“The interpretation of the controls on the mineralization at TAP C1 is a key step ahead,” commented Rob Henderson, Nice Panther’s President and CEO. “The brand new geological mannequin will now be used to plan ongoing drilling at TAP C1 and be prolonged to the adjoining areas in TAP C. With this extra work, we’re assured that we will embrace TAP C within the subsequent open pit mineral useful resource assertion for Tucano.”

The primary part drilling program at TAP C1 adopted Roscoe Postle Affiliate Inc.’s (“RPA”) 2019 suggestion to guage the down-dip projections of the banded iron formation and carbonate items within the TAP C sector for his or her potential for internet hosting gold mineralization. Outcomes from the drill program display mineralization continuity alongside strike and downdip.

Within the present diamond drilling program, seven holes had been drilled for a complete of 1,212 m alongside a strike size of 670 m of the TAP C1 deposit, geared toward intersecting mineralization at roughly 50 to 70 m beneath the present pit. Outcomes display the continuity of mineralization with depth beneath the pit and justify shallower infill drilling to focus on definition of an Inferred and Indicated mineral useful resource.

In parallel with the primary part drilling program, the present geologic mannequin is being modified bearing in mind structural controls that have an effect on the gold mineralization. This new mannequin will information and be examined by the second part drilling program at the moment underway and might be prolonged to the opposite deposits in TAP C.

The Mineral Useful resource and Reserve Replace for the Tucano Gold Mine accomplished in 2018 by AMC Mining Consultants (Canada) Ltd. estimated for TAP C a Measured Useful resource of 1.05 Mt @ 1.10 g/t Au containing 37,00zero ouncesof gold, an Indicated Useful resource of two.29 Mt @ 1.18 g/t Au containing 87,00zero ouncesof gold and an Inferred Useful resource of 1.1 Mt @ 1.three g/t Au containing 47,00zero ouncesof gold, calculated at a gold value of $1,500/oz. This historic useful resource estimate was excluded from the 2019 Mineral Reserves and Mineral Assets (“MRMR”) assertion ready by RPA as a consequence of insecurity within the current mannequin and was not included within the present 2020 MRMR introduced within the Firm’s December 15, 2020, information launch for related reasoning. RPA urged additional drilling was required beneath the TAP C oxide pits, thus this reinterpretation of the structural controls together with the extra drilling is a vital advance within the extension of the open pit assets at Tucano. Whereas additional work and affirmation drilling are required to outline a present Mineral Useful resource, it’s believed that this new mannequin and ongoing drilling will enable inclusion of TAP C within the subsequent MRMR assertion for Tucano. Mineral Assets that aren’t Mineral Reserves don’t have any demonstrated financial viability.

Desk 1: Important gold assay outcomes for 2021 TAP C drilling marketing campaign

Drill gap

Interval
(m)

From  (m)

To  (m)

Est. true width
(m)

Grade  (g/t
Au)

21TACDD001

four.65

84.65

89.30

2.53

zero.98

21TACDD001

6.85

98.95

105.80

three.73

zero.99

21TACDD001

1.75

130.00

131.75

zero.95

17.67

21TACDD002

four.00

80.00

84.00

2.29

zero.75

21TACDD002

6.90

129.60

136.50

four.30

1.20

together with

three.95

130.65

134.60

2.27

1.74

21TACDD002

three.85

148.15

152.00

2.21

6.34

together with

1.00

150.00

151.00

zero.57

19.21

21TACDD003

11.95

104.25

116.20

7.36

1.39

together with

three.00

110.00

113.00

1.86

three.54

21TACDD004

5.55

199.45

205.00

three.42

zero.92

21TACDD005

No important intersection

21TACDD006

6.00

18.00

24.00

three.69

zero.73

21TACDD006

5.00

101.00

106.00

three.08

1.18

together with

1.00

104.00

105.00

zero.62

four.29

21TACDD006

four.00

168.00

172.00

2.46

zero.64

21TACDD007

eight.00

75.00

83.00

four.70

zero.96

Notes:

  • DD = diamond drilling;
  • Grades over zero.4g/t cut-off, max 2m inside dilution
  • True widths are estimates primarily based on present geologic information however might range after useful resource modelling. Drill gap inclinations range between 57° and 60° and mineralization is sub-vertical. Intersections are essentially indirect to the mineralized zones because of entry constraints as a consequence of topography and pit improvement.
  • Assay knowledge are from the Tucano Laboratory except in any other case indicated and intercept widths are drill intercepts. Drill holes are usually inclined at 60 levels and mineralization is variable however near sub-vertical.

Drilling is ongoing with a give attention to rising the drill density within the southern space between holes 21TACDD005 and 21TACDD006. This zone was inaccessible as a consequence of unusually heavy rains mixed with inappropriate heavy equipment to organize the platforms. New equipment is now on web site and drilling continues. A second Reverse Circulation (“RC”) drill is due on web site within the second half of Could and can perform shallow, infill useful resource drilling. In parallel, modelling might be accomplished of the northern pits at TAP C and people to the south in addition to the realm between TAP C1 and TAP AB to outline extra drill targets.

The complete desk of drill outcomes might be discovered at https://www.greatpanther.com/_resources/pdf/20210407-GPR-TAP-C-Drill-Outcomes.pdf.

Technical Disclosure and Certified Individuals

On behalf of Nice Panther, Nicholas Winer, Fellow AusIMM and Vice President of Exploration supervised the preparation of information for inclusion on this information launch and permitted this information launch. Mr. Winer is a non-independent Certified Particular person as outlined by Nationwide Instrument 43-101 – Requirements of Disclosure for Mineral Tasks (“NI 43-101”).

The Certified Particular person reviewed the Tucano QA/QC program. The QA/QC program for drill core contains the common insertion of blanks, requirements, and duplicates into pattern batches, diligent monitoring of assay outcomes, and mandatory remedial actions. Useful resource drilling samples are first assayed on the Tucano onsite laboratory. All intervals with anomalous gold are submitted and re-analyzed by the Licensed SGS Geosol laboratory in Belo Horizonte by 50 g fire-assay. All SGS Geosol assays, after diligent monitoring of QA/QC and mandatory remedial actions, supersede the Tucano assay ends in the database for MRMR grade estimation. QA/QC monitoring of the SGS laboratory additionally contains inter-laboratory checks on 5 % of samples with the Licensed, ALS laboratory in Belo Horizonte. Along with the information verification methodology described above, private inspections of the Tucano property have additionally been accomplished.

ABOUT GREAT PANTHER

Nice Panther is a rising gold and silver producer targeted on the Americas. The Firm owns a diversified portfolio of belongings in Brazil, Mexico and Peru that features three working gold and silver mines, 4 exploration tasks, and a complicated improvement undertaking. Nice Panther is actively exploring massive land packages in extremely potential districts and is pursuing acquisition alternatives to enhance its current portfolio. Nice Panther trades on the Toronto Inventory Change buying and selling below the image GPR, and on the NYSE American below the image GPL.

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

This information launch comprises forward-looking statements throughout the which means of the US Non-public Securities Litigation Reform Act of 1995 and forward-looking info throughout the which means of Canadian securities legal guidelines (collectively, “forward-looking statements”). Such forward-looking statements might embrace, however will not be restricted to, statements relating to: (i) continuity of mineralization of the TAP C1 deposit to roughly 50 m – 70 m beneath the present pit flooring; (ii) preliminary outcomes of the re-modelling of the TAP C1 deposit which outline the structural framework that has affected the mineralization and clarify mineralization discontinuities; (iii) plans to finish infill drilling of TAP C1 to focus on definition of an Inferred and Indicated Mineral Useful resource; (iv) perception that the interpretation of outcomes of the part 1 and part 2 drilling applications at TAP C1 are indicative and could also be prolonged over all the TAP C deposits; (v) confidence in and perception that the Firm might be in a position  to incorporate TAP C within the subsequent MRMR assertion for Tucano  offering extra confidence within the geometry of the ore physique is decided; and (vi) the Firm’s plans to pursue acquisition alternatives to enhance its current portfolio.

These forward-looking statements and knowledge replicate the Firm’s present views with respect to future occasions and are essentially primarily based upon various assumptions that, whereas thought-about affordable by the Firm, are inherently topic to important operational, enterprise, financial and regulatory uncertainties and contingencies. These assumptions embrace: continued operations and exploration work, together with plans to finish infill drilling at Tucano, in 2021 happen with out important interruption as a consequence of COVID-19 or another motive; the accuracy of the Firm’s geological modeling at Tucano and the assumptions upon which they’re primarily based, together with preliminary outcomes of the re-modelling of the TAP C1 deposit which outline the structural framework that has affected the mineralization and clarify mineralization discontinuities; the outcomes of the part 1 and part 2 drilling applications at TAP C1 are indicative and could also be prolonged over all the TAP C deposits; deliberate infill drilling will present confidence enough to outline Mineral Useful resource estimates for the TAP C deposits; geometry of the orebody; ore grades and recoveries; costs for gold, silver, and base metals remaining as estimated; foreign money alternate charges remaining as estimated; costs for power inputs, labour, supplies, provides and providers (together with transportation); all mandatory permits, licenses and regulatory approvals for the Firm’s operations and exploration work are acquired in a well timed method on beneficial phrases, Tucano will have the ability to proceed to make use of cyanide in its operations; the Firm is not going to be required to additional impair Tucano as the present open pit mineral reserves are depleted by mining; the power to acquire tools and working provides with out interruption and that there are not any materials unanticipated variations in the price of power or provides; operations not being disrupted by points reminiscent of pit-wall failures or instability, mechanical failures, labour disturbances and workforce shortages, unlawful occupations or mining, seismic occasions, and adversarial climate circumstances; and the Firm’s skill to adjust to environmental, well being and security legal guidelines. The foregoing checklist of assumptions shouldn’t be exhaustive.

These forward-looking statements contain identified and unknown dangers, uncertainties and different elements which will trigger the precise outcomes, efficiency or achievements expressed or implied by such forward-looking statements to be materially completely different. Such elements embrace, amongst others, dangers and uncertainties referring to: the influence of COVID-19 on the Firm’s skill to function and conduct exploration work, together with drilling plans, as anticipated, and the chance of an unplanned partial or full shutdown of the Firm’s mines and processing vegetation, whether or not voluntary or imposed, which might adversely influence the Firm’s revenues, monetary situation and skill to fulfill its manufacturing and value steering and fund its capital applications and repay its indebtedness; the inherent danger that estimates of Mineral Reserves and Assets will not be correct and accordingly that mine manufacturing is not going to be as estimated or predicted; deliberate exploration actions, together with plans for additional infill drilling at TAP C1, might not end result within the discovery of latest Mineral Assets/definition of Mineral Assets and readers are cautioned that Mineral Assets that aren’t Mineral Reserves don’t have any outlined financial viability; there is no such thing as a certainty that the Firm will have the ability to outline a mineral useful resource for the TAP C deposits and the Firm shouldn’t be treating the AMC historic estimate as a present mineral useful resource estimate; open pit mining operations at Tucano have a restricted established mine life and the Firm might not have the ability to lengthen the mine life for Tucano open pit operations past 2023 as anticipated; gold, silver and base metallic costs might decline or could also be lower than forecasted; fluctuations in foreign money alternate charges (together with the U.S. greenback to Brazilian actual alternate charge) might enhance prices of operations; operational and bodily dangers inherent in mining operations (together with pit wall collapses, tailings storage facility failures, environmental accidents and hazards, industrial accidents, tools breakdown, uncommon or surprising geological or structural formations, cave-ins, flooding and extreme climate) might lead to unexpected prices, shut downs, delays in manufacturing and drilling and publicity to legal responsibility; potential political and social dangers involving Nice Panther’s operations in a overseas jurisdiction; the potential for surprising prices and bills or overruns; shortages within the skill to acquire tools and working provides with out interruption; worker and contractor relations; relationships with, and claims by, native communities; the Firm’s skill to acquire all mandatory permits, licenses and regulatory approvals in a well timed method on beneficial phrases; modifications in legal guidelines, rules and authorities practices within the jurisdictions through which the Firm operates; authorized restrictions associated to mining; diminishing portions or grades of mineral reserves as properties are mined working or technical difficulties in mineral exploration, modifications in undertaking parameters as plans proceed to be refined; the Firm’s lack of ability to fulfill its manufacturing forecasts or to generate the anticipated money flows from operations might end result within the Firm’s lack of ability to fulfill its scheduled debt funds when due or to fulfill monetary covenants to which the Firm is topic or to fund its exploration applications as deliberate; skill to take care of and renew agreements with native communities to help continued operations; there is no such thing as a assurance that the Firm will have the ability to establish or full acquisition alternatives of, if accomplished, that such acquisitions might be accretive to the Firm; and different dangers and uncertainties, together with these described in respect of Nice Panther, in its most up-to-date annual info kind and materials change stories filed with the Canadian Securities Directors obtainable at www.sedar.com and stories on Type 40-F and Type 6-Ok filed with the Securities and Change Fee and obtainable at www.sec.gov.

There is no such thing as a assurance that these forward-looking statements will show correct or that precise outcomes is not going to range materially from these forward-looking statements. Though the Firm has tried to establish vital elements that would trigger precise outcomes to vary materially, there could also be different elements that trigger outcomes to not be as anticipated, estimated, described, or supposed. Accordingly, readers are cautioned to not place undue reliance on ahead wanting statements. Ahead-looking statements and knowledge are designed to assist readers perceive administration’s present views of our near- and longer-term prospects and will not be acceptable for different functions. The Firm doesn’t intend, nor does it assume any obligation to replace or revise forward-looking statements or info, whether or not because of new info, modifications in assumptions, future occasions or in any other case, besides to the extent required by relevant legislation.

CAUTIONARY NOTE TO UNITED STATES INVESTORS CONCERNING ESTIMATES OF MEASURED, INDICATED AND INFERRED RESOURCES

The Firm prepares its disclosure in accordance with the necessities of securities legal guidelines in impact in Canada, which differ from the necessities of U.S. securities legal guidelines. Phrases referring to mineral assets on this information launch are outlined in accordance with NI 43-101 below the rules set out within the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Requirements for Mineral Assets and Mineral Reserves 2014 (“CIM Definition Requirements”).

The US Securities and Change Fee (the “SEC”) has adopted amendments efficient February 25, 2019 (the “SEC Modernization Guidelines”) to its disclosure guidelines to modernize the mineral property disclosure necessities for issuers whose securities are registered with the SEC below the US Securities Change Act of 1934. The SEC Modernization Guidelines have changed SEC Business Information 7, which have been rescinded.

On account of the adoption of the SEC Modernization Guidelines, the SEC now acknowledges estimates of “Measured mineral assets”, “Indicated Mineral Assets” and “Inferred Mineral Assets”, that are outlined in considerably related phrases to the corresponding CIM Definition Requirements. As well as, the SEC has amended its definitions of “Confirmed Mineral Reserves” and “Possible Mineral Reserves” to be considerably much like the corresponding CIM Definition Requirements.

United States buyers are cautioned that whereas the foregoing phrases are “considerably related” to corresponding definitions below the CIM Definition Requirements, there are variations within the definitions below the SEC Modernization Guidelines and the CIM Definition Requirements. Accordingly, there is no such thing as a assurance any Mineral Assets that the Firm might report as “Measured Mineral Assets”, “Indicated Mineral Assets” and “Inferred Mineral Assets” below NI 43-101 could be the identical had the Firm ready the useful resource estimates below the requirements adopted below the SEC Modernization Guidelines.

United States buyers are additionally cautioned that whereas the SEC will now acknowledge “Measured Mineral Assets”, “Indicated Mineral Assets” and “Inferred Mineral Assets”, buyers mustn’t assume that any half or all the mineral deposits in these classes would ever be transformed into a better class of Mineral Assets or into Mineral Reserves. Mineralization described by these phrases has a large amount of uncertainty as to their existence, and nice uncertainty as to their financial and authorized feasibility. Accordingly, buyers are cautioned to not assume that any “Measured Mineral Assets”, “Indicated Mineral Assets”, or “Inferred Mineral Assets” that the Firm stories are or might be economically or legally mineable.

Additional, “Inferred Mineral Assets” have a large amount of uncertainty as to their existence and as as to whether they are often mined legally or economically. Due to this fact, United States buyers are additionally cautioned to not assume that each one or any a part of the Inferred assets exist. In accordance with Canadian securities legal guidelines, estimates of “Inferred Mineral Assets” can not kind the premise of feasibility or different financial research, besides in restricted circumstances the place permitted below NI 43-101.

As well as, disclosure of “contained ounces” is permitted disclosure below Canadian rules; nevertheless, the SEC has traditionally solely permitted issuers to report mineralization as in place tonnage and grade irrespective of unit measures.



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