Great Panther Mining Limited (NYSE:GPL) (TSE:GPR) reported increased production figures during the fiscal third quarter thanks to an optimized Tucano gold mine and record levels from its Topia silver operation.
Overall production of gold equivalent ounces from Tucano in Brazil and two Mexican mining operations, including Topia, increased by 270% since 3Q 2018.
The Vancouver-based company produced over 47,000 gold equivalent ounces during the quarter compared to 12,800 over the same period a year prior.
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At Tucano, Great Panther produced just over 36,000 gold ounces, a 21% increase over the previous quarter. The increases are primarily due to increased mining rates in the sulfide ore as well as higher gold grades and recoveries, the company told investors.
The Topia silver mine saw record quarterly production of nearly 501,500 ounces during the third quarter, a 21% increase from 2Q 2019.
Over at the Guanajuato Mine Complex, total metal production was around 383,000 silver equivalent ounces, a 1% decrease compared to the previous quarter due to decreased ore processed and lower gold grades and recoveries.
Great Panther is in the midst of an exploration program at Guanajuato to grow higher margin resources in order to bring the Guanajuato Mine back into production in 2020.
CEO James Bannantine told investors that the company is hoping to update Guanajuato’s resource estimate by early next year.
"Great Panther's Tucano Gold Mine continues to see steady improvement in performance and increased gold production by 21% over the second quarter, achieving its third quarter guidance with production of over 36,000 ounces of gold," said James Bannantine, CEO of Great Panther.
"We are also pleased to report record metal production during the quarter from our Topia Mine and continuation of our exploration initiatives at the Guanajuato Mine Complex with an updated NI 43-101 resource estimate expected in early 2020."
Great Panther told shareholders that its focus throughout 2019 is continuing to optimize Tucano. Exploration at the Brazilian operation is ongoing, with a 7,450 metre program expected to be completed by the end of the year.
Fourth-quarter production levels at Tucano are expected to be between 55,000 and 59,600 gold ounces.
At Topia, exploration continued during the third quarter with three underground and one surface drill rigs turning.
Great Panther said that its Mexico gold equivalent ounce production for 2019 may be short of guidance and is reviewing option to achieve its full-year guidance at its Mexican operations.
Exploration is continuing at the Guanajuato Mine Complex to advance both the Guanajuato and San Ignacio mines.
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