[Most Recent Quotes from www.kitco.com]

Posts Tagged ‘San Ignacio’

Great Panther Intersects Multiple Zones Of High Grade Silver-Gold In Step-Out Drilling At San Ignacio Property, Guanajuato

Great Panther continues to bring wonderful drilling results from its Guanajuato Project. The San Ignacio Property is located just 5 kilometres from the main Guanajuato Mine, this is a huge benefit and will prove to be so even more in the future when ore from this property can be processed at the main mine complex. We bought shares of Great Panther in September 2009 @ CA$0.72 using today’s closing of CA$2.47 this means a 243% gain!
Great Panther News Release:

GREAT PANTHER SILVER LIMITED (TSX: GPR; the “Company”) is pleased to announce that the second section of diamond drill holes at the San Ignacio Mine Property, Guanajuato has intersected numerous zones of silver-gold mineralization, some of which appear to correlate well with the first two holes and others that appear to be new zones. Two holes, ESI10-03 and 04, were drilled easterly at angles of -40° and -60° from a drill setup approximately 45 metres north of holes ESI10-01 and 02 (see news releases dated October 28th & November 15th 2010).

Hole ESI10-03 intersected 15 silver-gold mineralized zones, including the Melladito zone, which returned 212g/t silver and 1.99g/t gold over 4.3 metres, the Nombre de Dios zone with 850g/t silver and 3.75g/t gold over 3.1 metres, and a footwall stockwork zone with 680g/t silver and 1.94g/t gold over 3.85 metres. The fourth hole, ESI10-04, was drilled under ESI10-03 and intersected five silver-gold mineralized zones, including the Melladito zone with 240g/t silver and 0.8g/t gold over 5.8 metres, the Nombre de Dios zone with 2,020g/t silver and 7.80g/t gold over 0.9 metres, and a footwall stockwork zone with 660g/t silver and 1.73g/t gold over 3.25 metres, including 0.80 metres assaying 2,380g/t silver and 6.57g/t gold.

Both ESI10-03 and 04 were longer holes, and as such drilled deeper and further east, than ESI10-01 and 02. New and more easterly footwall stockwork zones were intersected in ESI10-03 and 04, the interpretation of which is still tentative, but the Company is pleased that previously unknown silver-gold mineralized zones are being intersected as the drilling is extended eastward. Highlights of holes ESI10-03 and 04 are presented in the tables below, while a plan map showing the location of Great Panther’s San Ignacio drill-holes, and an interpretative cross section, are posted on the Company web-site under the Guanajuato Mine Complex section.

The deepest stockwork intersection in ESI10-04 (3.25 metres of 660g/t silver and 1.73g/t gold) is at a vertical depth below surface of approximately 420 metres. This may correlate with the zone of similar grades and width at the bottom of hole ESI10-03 (3.85 metres of 680g/t silver and 1.94g/t gold) and represents a significant vertical interval of high grade silver-gold mineralization, down to 1,980 metres above sea level (“masl”). Typically in the La Luz vein camp, the bottoms of the mineralized zones are at 2,100 — 2,150 masl. Interpretation of the various structures is ongoing and as down-dip infill drilling commences a better understanding will emerge.

In light of the success of the 2010 drilling at San Ignacio, Great Panther’s Board of Directors has approved a new 2011 budget of $2.8 million for the exploration and development of the San Ignacio property. As soon as the appropriate permits are in place, an expanded drilling program will commence. Potential sites to establish a portal for an underground ramp are also being evaluated. Due to the proximity of the San Ignacio Property to the Company’s main Guanajuato operation, any mineralization intersected in the course of underground exploration and development can be trucked to the plant for processing. In this way, cash flow provided by the additional tonnage can be used to offset the cost of the exploration and development program.

The San Ignacio Mine property covers approximately 4 kilometres of strike length on the La Luz vein system, which is parallel to, and 5 kilometres west of, the principal Veta Madre structure that hosts the main Guanajuato mines (see map on website at http://www.greatpanther.com/i/pdf/GTO-SanIgnacio-LocationMap.pdf). The La Luz district marks the site of the first discovery of silver in the area, in the year 1548, which led to the discovery of the Veta Madre silver-gold deposits in 1550. It comprises a swarm of generally north-northwest striking, vertical to west dipping quartz veins and breccias with associated low sulphidation silver-gold mineralization, along an approximate 8 kilometre long trend.

Highlights of Drill Hole ESI10-03:

SAN IGNACIO, ESI10-03, -40, N49E, 416.9m
ZONE From (m) To (m) Width (m) Au (g/t) Ag (g/t)
Melladito hanging wall 57.70 58.00 0.30 0.57 282
Melladito hanging wall 96.95 97.65 0.70 0.66 162
Melladito hanging wall 118.45 118.90 0.45 1.03 336
Melladito hanging wall 131.30 131.50 0.20 3.75 590
Melladito hanging wall 146.95 147.15 0.20 1.18 220
Melladito zone 148.30 149.90 1.60 1.03 33
149.90 151.35 1.45 1.83 128
151.35 152.60 1.25 3.39 539
composite 148.30 152.60 4.30 1.99 212
Intermediate 220.10 220.25 0.15 1.01 331
Intermediate 233.10 233.45 0.35 0.56 140
Intermediate 254.10 254.40 0.30 1.27 23
Nombre de Dios zone 268.45 269.35 0.90 3.77 823
269.35 270.60 1.25 4.76 1130
270.60 271.00 0.40 2.38 283
271.00 271.55 0.55 2.39 668
composite 268.45 271.55 3.10 3.75 850
Footwall vein 299.60 299.80 0.20 3.47 20
Footwall vein 306.45 306.85 0.40 3.20 251
Footwall vein 342.90 343.05 0.15 20.40 342
Footwall stockwork 412.35 413.45 1.10 0.99 357
413.45 414.60 1.15 1.74 216
414.60 415.40 0.80 1.42 341
415.40 416.20 0.80 4.04 2128
composite 412.35 416.20 3.85 1.94 680

Highlights of Drill Hole ESI10-04:

SAN IGNACIO, ESI10-04, -60, N55E, 570.0m
ZONE
From (m)
To (m)
Width (m)
Au (g/t)
Ag (g/t)
Melladito zone
218.10
219.00
0.90
0.53
303
219.00
220.75
1.75
0.2
76
220.75
221.90
1.15
0.61
77
221.90
223.10
1.20
1.81
345
223.10
223.90
0.80
1.21
606

composite

218.10
223.90
5.80
0.80
240
Melladito footwall
232.50
233.15
0.65
0.76
159
Nombre de Dios zone
399.00
399.90
0.90
7.8
2020
Footwall vein
474.10
474.40
0.30
4.67
2020
Footwall stockwork
484.35
485.70
1.35
0.18
178
485.70
486.80
1.10
0.1
1
486.80
487.60
0.80
6.57
2380

composite

484.35
487.60
3.25
1.73
660

Robert F. Brown, P. Eng. and Vice President of Exploration for the Company is the Qualified Person for the Guanajuato Mine, under the meaning of NI 43-101. A full QA/QC program is being followed including the regular insertion of splits, blanks, and standards into the core sampling sequence. Analysis of the drill core samples is being conducted at the Guanajuato Mine on-site laboratory, independently operated by SGS.

For further information, please visit the Company’s website at www.greatpanther.com, contact B&D Capital at telephone 604 685 6465, fax 604 899 4303 or e-mail info@greatpanther.com.

ON BEHALF OF THE BOARD

“Robert A. Archer”

Robert A. Archer, President & CEO

This news release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of the Securities Act (Ontario) (together, “forward-looking statements”). Such forward-looking statements may include but are not limited to the Company’s plans for production at its Guanajuato and Topia Mines in Mexico, exploring its other properties in Mexico, the overall economic potential of its properties, the availability of adequate financing and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements expressed or implied by such forward-looking statements to be materially different. Such factors include, among others, risks and uncertainties relating to potential political risks involving the Company’s operations in a foreign jurisdiction, uncertainty of production and cost estimates and the potential for unexpected costs and expenses, physical risks inherent in mining operations, currency fluctuations, fluctuations in the price of silver, gold and base metals, completion of economic evaluations, changes in project parameters as plans continue to be refined, the inability or failure to obtain adequate financing on a timely basis, and other risks and uncertainties, including those described in the Company’s Annual Report on Form 20-F for the year ended December 31, 2009 and reports on Form 6-K filed with the Securities and Exchange Commission and available at www.sec.gov and Material Change Reports filed with the Canadian Securities Administrators and available at www.sedar.com.

Source: Company website

Great Panther Drills 7.70 Metres of 704g/t Silver and 4.49g/t Gold in Second Hole at San Ignacio Mine Property, Guanajuato

Again great news from Great Panther, just look at the results of this drill. We bought Great Panther in September 2009 @ CAD$0,84 ; This press release came after-hours, GPR closed @ CAD$1,68 today meaning a 100% gain. GPR went down sharply the last two weeks, after setting a 52-week high of CAD$2,10 ; we expect it to bull back sharply when the gold price picks up again. Prices went down today after again lots of volatility. The slow downward correction can not continue much longer, and prices will keep running up en down like they have never before. Why is it that the price always  goes down at the end of American trading hours? If you don’t know GATA yet, please hurry yourself to their website, and be prepared for some shocking information!

Great Panther Press Release:

GREAT PANTHER SILVER LIMITED (TSX: GPR; the “Company”) is pleased to announce that the second surface diamond drill hole at the San Ignacio Mine property, Guanajuato has intersected five zones of silver-gold mineralization below those of the previously reported veins in hole ESI10-01 (see news release of October 28, 2010).

Drill hole ESI10-02 was collared at the same site as ESI10-01 but at a steeper angle of -60° in order to test the down-dip continuity of the veins intersected in the first hole. In hole ESI10-02, the Melladito vein returned 10.45 metres grading 1.13g/t gold and 98g/t silver, including 7.70 metres grading 1.36g/t gold and 117g/t silver. This correlates well with the 11.45 metres of 1.18g/t gold and 131g/t silver intersected in hole ESI10-01. Similarly, the Nombre de Dios vein returned 7.70 metres grading 4.49g/t gold and 704g/t silver in hole ESI10-02, compared to 3.15 metres of 2.15g/t gold and 157g/t silver in the first hole. The Nombre de Dios intersection in the second hole is at a vertical depth of approximately 330 metres below surface and 145 metres below the intercept in hole ESI10-01, and demonstrates good continuity while also indicating the potential for grades to increase with depth. It is currently unclear as to how the surface sample of 2.3 metres of 3.27g/t gold and 77g/t silver, previously interpreted as the Nombre de Dios vein, correlates with the drill hole intercepts or if it represents a separate vein that has yet to be intersected in drilling.

A deeper footwall stockwork zone in ESI10-02 assayed 1.49g/t gold and 382g/t silver over 3.40 metres. A narrower zone of mineralization in the hangingwall of the Melladito Vein and an intermediate zone between the Melladito and Nombre de Dios veins correlate well between the drill holes and could be of greater significance along strike or down-dip. The most westerly vein system, the Plateros vein, which hosted the former San Ignacio Mine operation, will be drilled later in the program. A plan map showing the location of Great Panther’s San Ignacio drill holes, and an interpretative cross section, are posted on the Company web-site at www.greatpanther.com. Based upon the second hole, the veins are now interpreted to be steeply dipping.

“These are very significant results for the San Ignacio Mine property”, stated Robert Archer, Great Panther’s President & CEO. “The excellent continuity of the veins and the higher grades at depth will make it easier to define a new resource and develop a mine plan. With this early encouragement, we intend to fast-track the delineation and development of San Ignacio.”

The initial 2,000 metre core drilling program at San Ignacio will comprise four sections across the three main structures. A substantial program of additional drilling for 2011 is already being prepared and applications for additional drill sites are being filed with the appropriate authorities. Power is being restored to the original San Ignacio Mine area and the shaft and old workings will be pumped out and rehabilitated while further exploration progresses. Underground mapping and drilling will augment the surface work and, once sufficient geological data has been assembled to facilitate a mine plan, development will commence in preparation for mine production.

Highlights of Drill Hole ESI10-02

Zone
Hole ID
FROM m
TO m
Width m
Au g/t
Ag g/t
Melladito hanging wall
ESI10-02
189.25
190.20
0.95
1.39
141
Melladito
ESI10-02
202.45
212.90
10.45
1.13
98
includes
203.60
211.30
7.70
1.36
117
Intermediate
ESI10-02
248.90
250.25
1.35
2.52
74
Nombre de Dios
ESI10-02
379.75
387.45
7.70
4.49
704
Footwall stockwork
ESI10-02
402.70
406.10
3.40
1.49
382

The San Ignacio Mine property covers approximately 4 kilometres of strike length on the La Luz vein system, which is parallel to, and 5 kilometres west of, the principal Veta Madre structure that hosts the main Guanajuato mines (see map on website at http://www.greatpanther.com/i/pdf/SanIgnacio-LocationMap-Sep10.pdf). The La Luz district marks the site of the first discovery of silver in the area, in the year 1548, which led to the discovery of the Veta Madre silver-gold deposits in 1550. It comprises a swarm of generally north-northwest striking, west dipping quartz veins and breccias with associated low sulphidation silver-gold mineralization, along an approximate 8 kilometre long trend.

Robert F. Brown, P. Eng. and Vice President of Exploration for the Company is the Qualified Person for the Guanajuato Mine, under the meaning of NI 43-101. A full QA/QC program is being followed including the regular insertion of splits, blanks, and standards into the core sampling sequence. Analysis of the drill core samples is being conducted at the Guanajuato Mine on-site laboratory, independently operated by SGS.

For further information, please visit the Company’s website at www.greatpanther.com, contact B&D Capital at telephone 604 685 6465, fax 604 899 4303 or e-mail info@greatpanther.com.

ON BEHALF OF THE BOARD

“Robert A. Archer”

Robert A. Archer, President & CEO

This news release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of the Securities Act (Ontario) (together, “forward-looking statements”). Such forward-looking statements may include but are not limited to the Company’s plans for production at its Guanajuato and Topia Mines in Mexico, exploring its other properties in Mexico, the overall economic potential of its properties, the availability of adequate financing and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements expressed or implied by such forward-looking statements to be materially different. Such factors include, among others, risks and uncertainties relating to potential political risks involving the Company’s operations in a foreign jurisdiction, uncertainty of production and cost estimates and the potential for unexpected costs and expenses, physical risks inherent in mining operations, currency fluctuations, fluctuations in the price of silver, gold and base metals, completion of economic evaluations, changes in project parameters as plans continue to be refined, the inability or failure to obtain adequate financing on a timely basis, and other risks and uncertainties, including those described in the Company’s Annual Report on Form 20-F for the year ended December 31, 2009 and reports on Form 6-K filed with the Securities and Exchange Commission and available at www.sec.gov and Material Change Reports filed with the Canadian Securities Administrators and available at www.sedar.com.

Source: Company website