Home > Market Activity > Get Quotes > News > News Article

Great Panther Silver Limited

Exchange: TSX Exchange | Jan 24, 2017, 5:56 AM EST

$ 2.46 Change Up
0.07 (2.93%)

Day Low 2.41
Day High 2.49


VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 9, 2005) - GREAT PANTHER RESOURCES LIMITED (TSX VENTURE:GPR) ("the Company") is pleased to announce that the first ever diamond drilling program at its Virimoa Gold Property in Durango, Mexico has outlined the presence of multiple zones of gold-silver-copper-zinc mineralization across a width of more than 250 metres.

The drilling, comprising 856 metres in four holes, was designed to complete a cross section under a zone of mineralization exposed on surface that returned 1.11 g/t gold, 23 g/t silver and 1.32% zinc across 250 metres from continuous channel sampling. As reported on April 26, 2005 this zone included two higher grade intervals averaging 4.71 g/t gold, 41 g/t silver and 5.78% zinc across 25 metres near the southeast end of the cross-section and a gold-silver zone returning 3.13 g/t gold and 46 g/t silver across 20 metres near the northwest end.

Holes 05-VIR01 and 02 were drilled from the same location under the 'southeast zone', with holes 05-VIR03 and 04 being drilled behind them in order to complete a line across the entire mineralized area. Hole 05-VIR04 was drilled under the 'northwest zone'. The distribution of grade and extent of the mineralization along strike has not yet been tested. More than a dozen discrete zones have been outlined, many of which contain copper mineralization not observed on surface. Although gold and zinc grades were lower in the drilling than on surface, the drilling displayed a marked zonation to the mineralization from higher copper in the northwest to higher gold and zinc in the southeast and this zonation likely also holds true in a vertical sense. Silver values are more consistent throughout but the best correlation is seen with copper, whereas the weakest correlation is observed between copper and zinc, as seen in the table below.

As such, copper-silver mineralization may be stronger at depth whereas gold and zinc appear to be enriched at higher levels. As the surface mineralization was sampled in a creek exposure in a valley, the mineralization strikes into the hill on both sides, thereby preserving the upper levels of the system and, hopefully the gold-zinc enriched portion. This hypothesis will be tested in subsequent programs and an induced polarization (IP) geophysical program will be conducted in the near future in order to trace the mineralized zone under areas covered by overburden.

Mineralization consists of a closely spaced stockwork of massive quartz-pyrite+/-sphalerite+/-arsenopyrite and chalcopyrite+/-tetrahedrite veinlets and veins with disseminated pyrite in between. These veins carry higher grades, such as 11.1 g/t Au, 458 g/t Ag, 9.47% Cu and 0.45% Zn over 0.3m in Hole 05-VIR01 and 8.71 g/t Au, 544 g/t Ag, 6.95% Cu and 3.28% Zn over 0.3m in Hole 05-VIR02 but elsewhere, mineralization is much more consistent giving wide zones of lower grade material that may be amenable to bulk tonnage mining methods. Intense iron oxide and sericite alteration of the host dacite volcanics is exposed for more than 350 metres on surface before the zone disappears under cover.

Highlights of Diamond Drilling:

HOLE                 FROM     To  LENGTH     Au     Zn     Cu     Ag
NO.                    (m)    (m)     (m)   g/t      %      %    g/t
05-VIR01             29.9   44.8    14.9   1.20   1.49   0.32   29.0
05-VIR02             48.0   64.2    16.2   0.50   0.48   0.25   16.6
                    100.2  113.7    13.5   0.69   1.06   0.03    9.3
05-VIR03             39.5   50.0    10.5   0.83   1.48   0.05   22.9
                     53.0   69.5    16.5   0.61   0.35   0.29   20.0
                    150.5  161.0    10.5   0.61   0.46   0.44   19.6
05-VIR04              8.0   23.0    15.0   0.35   1.64   0.04    7.6
                     23.0   45.5    22.5   0.22   0.14   0.68   18.7
                     56.0   87.5    31.5   0.28   0.15   0.31   12.6
                    102.5  140.0    37.5   0.10   0.03   0.50   10.9
                    149.0  206.0    57.0   0.07   0.09   0.28    7.6

Samples were assayed at ALS Chemex Labs in Vancouver and diamond drilling was contracted to BDW Drilling Mexico, of Guadalajara. Geological services were provided by Resource Geosciences de Mexico, of Hermosillo. Robert F. Brown, P.Eng. is the Qualified Person for the Virimoa Project, under the meaning of NI43-101, and has reviewed these results.

Great Panther recently optioned the Virimoa Property and can earn a 100% interest, subject to a 2% NSR (1% of which can be bought out) by making staged cash and share payments over a three year period.

Geologically, the Virimoa Property is well-situated in the heart of the Sierra Madre Mineral Belt close to several significant gold deposits, including La Cienega, a gold-zinc mine currently operated by Penoles. In addition, Virimoa has good road access and is only 17 kilometres from the Topia Silver-Lead-Zinc Mine that Great Panther is currently placing back into production.


Robert A. Archer, P.Geo., President & CEO

TSX-V Trading Symbol: GPR

SEC 20-F Statement Filed; Standard & Poor's Listed


Great Panther Resources Limited
Brad Aelicks

(604) 685-6465
(604) 685-9744 (FAX)

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Copyright © QuoteMedia. Data delayed 15 minutes unless otherwise indicated. View delay times for all exchanges. Market Data powered by QuoteMedia. See the QuoteMedia Terms of Use.