Great Panther Silver Releases Results of Prior Coricancha Exploration Drilling and Updates Current Program
VANCOUVER, Aug. 14, 2017 /PRNewswire/ - GREAT PANTHER SILVER LIMITED (TSX: GPR) (NYSE MKT: GPL) ("Great Panther" or the "Company") is releasing results from the exploration drilling program conducted on the Coricancha gold-silver-lead-zinc-copper property in the central Andes of Peru.Great Panther held the property under option during the period May 2015 to May 2016 but terminated the option before the results could be released. The Company subsequently renegotiated and closed the acquisition of the mine and mill complex and now owns a 100% interest (see news release dated July 3, 2017).
The exploration program comprised 33 diamond drill holes, in 5,875 metres, from surface and underground in 2015 and 2016. Three main veins were targeted, Wellington, Constancia and Colquipallana, and one new exploration target, the Animas vein (see table of highlights below). Constancia was historically the main producing vein, followed by the Wellington vein. Highlights include Wellington hole Cori-15-003, which intersected 10.46g/t Au, 388g/t Ag, 1.64% Cu, 0.53% Zn and 2.86% Zn over a true width of 0.53 metres, and Constancia hole Cori-15-13 that intersected 22.64g/t Au, 83g/t Ag, 0.19% Cu, 1.12% Pb and 2.30% Zn over a true width of 0.41 metres.
"The initial drilling results at Coricancha demonstrate the potential to extend known zones of high grade mineralization," stated Robert Archer, President & CEO. "The high gold and silver grades, good continuity and significant exploration upside all underscore our optimism that Coricancha has the potential to be a new mine for the Company. While the veins pinch and swell, we have extensive experience in mining narrow widths at our Topia Mine in Mexico. Since closing the acquisition at the end of June, we have embarked on a comprehensive program of technical studies with the objective of returning the mine to production."
The intersections on the Constancia and Wellington veins represent extensions of known high grade areas and have added to the mineral inventory. Holes Cori-15-009 through 012 were drilled through pillars in old workings on the Constancia vein and these intersections have not been included below. Intersections on the Colquipallana vein were narrower but demonstrated high gold grades as evidenced by hole Cori-15-011, which returned 20.75g/t Au, 121g/t Ag, 0.52% Cu, 0.17% Pb and 0.05% Zn across 0.21 metres. Follow up drilling will initially concentrate on wider areas.
Only two holes were drilled on the Animas vein following up on encouraging surface channel samples. These are believed to be the first drill holes ever on this target and returned 3.64g/t Au and 417g/t Ag over 0.41 metres and 1.50g/t Au and 107g/t Ag over 1.20 metres, with minor base metals. Follow-up drilling is planned.