Great Panther Silver (TSX:GPR) completed its first surface diamond drill program at the Guadalupe de los Reyes project in Mexico. The program focused on infilling and expanding higher-grade areas within the Guadalupe, Noche Buena, San Miguel and Zapote zones at the project.
As quoted in the press release:
Surface drilling was concluded in early December 2015. In total, 5,514 metres were drilled in 41 holes, including five that targeted the Guadalupe West zone, four at Guadalupe Central, six at San Miguel Far West, eleven at San Miguel, four at Noche Buena, four at Zapote North, and seven at Zapote South (including one that was lost due to a drilling problem).
The objectives of the drill program were to test the continuity of the mineralized structures and associated gold-silver mineralization with fill-in holes, and to expand the mineralized zones with select step-outs. The results are presently being interpreted and 3D-modelled by SRK Consulting (Canada) Inc., in conjunction with the historic drilling results, in order to generate an updated Mineral Resource Estimate. The new resource estimate will then be used in a ‘high-level’ economic evaluation in order to determine the next steps on the project. This evaluation will not constitute a Preliminary Economic Assessment as defined by NI 43-101 and will not be publicly disclosed.
Great Panther president and CEO, Robert Archer, said:
The successful completion of our recent drill program at the GDLR project has confirmed the high grade nature of certain zones of gold-silver mineralization. We are now using this information to generate an updated Mineral Resource Estimate and an ‘in-house’ preliminary economic model for a combined underground-open pit mining scenario.
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