Great Panther Mining Ltd (TSE:GPR) (NYSEAMERICAN:GPL) reported encouraging results from its ongoing 55,000 metre (m) drill program at the Tucano gold mine in Brazil in a region, which has been largely unexplored.
"The focus to date has been on converting inferred resources to measured and indicated (M&I) and we are encouraged by the number of significant zones that have exceeded expectations either in grade, width, or both," said the precious metals miner in a statement.
"We are working to capitalize on Tucano's significant exploration potential, both in the existing pits and on regional targets in this largely unexplored area."
Tuesday's statement also revealed that experienced executive Nick Winer has been appointed as vice president of exploration at the group.
He was involved with the initial resource/reserve definition program at Tucano from 1996 to 2000, initially as exploration manager for BHP Minerals and later as the exploration manager for AngloGold Ashanti (JSE:ANG). Before Great Panther, Winer was vice-president of exploration for AngloGold in Colombia and later for all of South America.
"The region offers significant upside potential as it has been largely unexplored. Great Panther is demonstrating that they mean to change this," he said in the statement.
So far, 12,000 metres of drilling have been completed of the $6.6 million program, including 6,000 metres of near-mine diamond and reverse circulation (RC) drilling at the Tapereba (TAP) AB1 and AB3 open pits.
Highlight assays from the near-mine drill program include 29.4 metres grading 15.99 grams per tonne (g/t) gold in one hole and 16.7 metres grading 10.96 g/t of the precious metal in another.
Another hole returned 8.06 g/t gold from 12 metre interval from 47 metre depth, which included 64.89 g/t gold in an interval of 1 metre from 51 metre depth.
The ongoing drilling results will be included in an updated resource and reserve statement due in the fourth quarter of 2020. Drilling rates are expected to advance as Tucano enters the dry season in July, the firm added.
Shares in Great Panther added 5.74% to US$0.46 each in New York
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