Great Panther Silver Ltd (TSX:GPR, NYSE:GPL) updated on its proposed acquisition of Beadell Resources Ltd, saying it had filed an NI 43 101 resource and reserve upgrade for the latter's Tucano gold mine in Brazil.
The technical report includes recommendations on upgrading the existing mineral resources, locating near-mine mineralization and advancing the underground mine study.
The firm noted there were corrections to Beadell's previously disclosed reserves and resources.
It said proven and probable mineral reserves for the Urucum underground mine reported in September incorrectly stated the tonnage and grade, resulting in an overstatement of approximately 67,000 ounces of contained gold.
The Tucano gold mine is currently an open-pit operation and does not include the proven and probable mineral reserves for Urucum underground in its current mine plan.
Great Panther also said the previously reported inferred mineral resources associated with Tartaruga (6,451,000 tonnes of 1.63 grams per tonne gold for 337,000 ounces contained gold) are historical in nature, have not been prepared in accordance with NI 43-101 and are not being relied upon by the company.
Beadell has advised the firm that the reserves and resources for Tucano will be updated in the future and are likely to change during that process.