VANCOUVER –A few weeks before a ceremony to celebrate the reopening of the Guanajuato mine in central Mexico, Great Panther Resources (GPR-T, GPRLF-O) released another set of high-grade drill results from the area, boosting the high-grade potential of the past-producer.
Guanajuato is really three mines: Valenciana, Cata, and Rayas. The latest deep drilling results expanded Cata Clavo — the deep portion of the Cata mine — and revealed a new silver-copper-lead-zinc zone in the lower portion of the orebody.
Drilling at Cata Clavo had been focused on the Veta Madre or Mother Lode structure, which continues to provide high-grade intercepts. Hole 15 returned 16 metres grading 1,305 grams silver per tonne and 4.6 grams gold; four of the 23 samples assayed along the intercept returned more than 7,000 grams silver and 28 grams gold. A second intersect from hole 15 assayed 254 grams silver and 0.72 gram gold over 5.2 metres.
Hole 14 also targeted Veta Madre. Itcut 4.5 metres averaging 166 grams silver and 0.48 gram gold, followed by 2.3 metres of 347 grams silver and 1.46 grams gold.
Hole 16, designed to test the Veta Madre zone at depth, discovered a new zone of base metal mineralization. The new zone, in the footwall of Veta Madre, returned 71 grams silver, 0.93% copper, 0.29% lead and 0.35% zinc over 3.1 metres, marking the first time drilling has encountered appreciable levels of base metals in the Cata Clavo.
The drill program is confirming historical data that indicates silver-gold mineralization extends at least 170 metres below the existing workings and over a strike length of some 300 metres. Great Panther has identified seven subparallel zones of economic-grade mineralization within a system of intense silicification, brecciation, and quartz vein flooding up to 60 metres in thickness.
Early in April, Great Panther announced its highest ever metal production: the company churned out 285,139 oz. silver, 1,589 oz. gold, 478,400 lbs. lead, and 523,400 lbs. zinc. Production in 2008 represented a 24% increase over production in the previous year.
The news lifted Great Panther only 1 to close at $1.12.
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