Great Panther Silver Ltd (TSE:GPR) (NYSEAMERICAN:GPL) has lifted the mineral resource at its Topia mine in Mexico, supporting its plans to lift metals production by around 25% in 2019.
The higher confidence measured and indicated resource category was increased by 28% since the last estimate in 2014 to 475,900 tonnes at a grade of 461 g/t (grams per ton) silver, 1.35 g/t gold, 3.87% lead and 4.06% zinc.
That contains 14.77 million silver equivalent ounces.
The inferred resources decreased by 3% over the same period, to 400,400 tonnes grading 434 g/t silver, 1.34 g/t gold, 2.86% lead, and 2.97% zinc, containing 10.72 million silver equivalent ounces.
James Bannantine, Great Panther's President and CEO, told investors: "The company was able to increase the resources even after mine depletion over the past four years.
"This update provides for a long mine life at Topia and supports the planned increase in processing capacity which is expected to increase 2019 production by approximately 25%. In addition, the conversion of inferred resources and further exploration potential provide a good opportunity to further extend mine life."
Output from the mine in Durango state since the previous resource estimate in 2014 has totalled 221,600 with average grades of 357 g/t silver, 0.67 g/t gold, 2.27% lead, and 3.03% zinc. That contains 4.84 million silver equivalent ounces.
Vancouver-based firm Great Panther has two wholly-owned operating mines in Mexico. They are the Guanajuato Mine Complex and the Topia mine.
It also expects to make a decision on whether or not to restart the Coricancha project in Peru by the end of March this year and anticipates closing the acquisition of gold producer Beadell Resources Ltd shortly after respective shareholder votes during the week of February 11, 2019.
Shares advanced 3.23% in Toronto to stand at $0.96 each.
Contact Giles at [email protected]
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