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Great Panther Silver Purchases El Horcon Silver-Gold Project
VANCOUVER, BRITISH COLUMBIA--(Marketwire -09/05/12)- Editors Note: There is one map associated with this press release.
Great Panther Silver Limited (GPR.TO)(GPL)(GPL) ("the Company") today announced it has purchased a 100% interest in the El Horcon Silver-Gold Project ("El Horcon") in Jalisco State, Mexico from Compania Minera El Dore, S.A. de C.V., a private Mexican company, for total consideration of US$1,600,000 in cash. El Horcon covers 7,908 hectares in 17 contiguous mining concessions and is located 60 kilometres northwest of Great Panther's Guanajuato Mine Complex. As such, it is within trucking distance to the Company's Cata Processing Plant.
"The El Horcon Project has excellent potential to be a satellite mine for our Guanajuato Operations," stated Robert Archer, Great Panther's CEO. "We are very pleased with this acquisition as it is consistent with our strategy to acquire assets with near-term production potential in the districts where we already operate, while looking for a larger scale, stand-alone acquisition elsewhere in Latin America," added Mr. Archer.
El Horcon is a historic mining operation but the extent of past production is unknown. The property is located on the northwest trend of the prolific Guanajuato mining camp (see map on Great Panther's website here "link") and hosts similar silver-gold mineralized epithermal veins to those observed at Great Panther's existing operations. El Horcon hosts nine known veins, with the Diamantillo vein traceable on surface for more than four kilometres. Several underground workings exist, the most extensive of which is the Diamantillo Tunnel.
Chip channel sampling by a previous operator, Exmin Resources Inc. (2006 - 2009), returned average grades for the Diamantillo Tunnel of 1.97g/t Au and 99g/t Ag (217g/t Silver Equivalent (Ag Eq) using a 60:1 ratio) over a strike length of 80 metres. For the San Guillermo vein at the La Luz workings (300 metres to the northwest of the Tunnel) sampling returned 3.70g/t Au and 56g/t Ag (278g/t Ag Eq) over a strike length of 55 metres. The Diamantillo vein at the El Horcon workings (45 metres to the northwest of the Tunnel) returned average grades of 1.50g/t Au and 20g/t Ag (110g/t Ag Eq).
Approximately 6,500 metres of diamond drilling were completed by Exmin and then-partner Hochschild Mining plc. The most representative diamond drill hole to the Diamantillo Tunnel, HOR-07-01, intercepted 3.60 metres at 2.88g/t Au and 61g/t Ag (234g/t Ag Eq), 45 metres directly below the tunnel.
Great Panther's sampling to date is consistent with these historic results. Preliminary metallurgical testing at the Company's facilities in Guanajuato shows the El Horcon mineralization to be compatible with the existing mill feed. While further testing is required, it is anticipated that recoveries from El Horcon should be approximately 92% for gold and 80% for silver.
From the Company's initial geological appraisal, a shallow zone of silver-gold mineralization on the Diamantillo vein will be the focus of a six month phase one exploration program. Mapping and sampling of the property will commence immediately, to be followed by diamond drilling as soon as permits are acquired, with the aim of delineating a new mineral resource for the project.