Great Bear Resources

Great Panther Silver Updates Mineral Resource Estimate at the Coricancha Mine, Peru

VANCOUVER, Dec. 20, 2017 /CNW/ - GREAT PANTHER SILVER LIMITED (TSX: GPR; NYSE American: GPL) ("Great Panther"; the "Company") announces that it has completed an updated Mineral Resource Estimate in accordance with National Instrument 43-101 for the Company's 100% owned Coricancha Mine located approximately 90 kilometres east of Lima, Peru. This estimate was prepared by Ronald Turner, P.Geo., of Golder Associates S.A., the Qualified Person.

"This resource update confirms the potential in the Coricancha Mine area and allows the Company to initiate additional engineering studies required to support a positive production decision", stated James Bannantine, President & CEO. "We are all very excited about the prospects for the Coricancha Mine and look forward to taking the next step in Great Panther's growth strategy by adding a base of operations in Peru."

The Measured and Indicated tonnes and grades in this Mineral Resource Estimate compare well with those from the Historical Resource Estimate of 2012, providing a high degree of confidence in the results (see below). The tonnes in the Inferred category are now lower due to the different search parameters used but it may be possible to replace these tonnages with additional drilling.

Great Panther is completing optimization studies and is evaluating alternative mining methods to reduce costs and project risk. The Company plans to release additional technical studies for the project in the second quarter of 2018.

Updated 2017 Mineral Resource Estimate for the Coricancha Mine, Peru

Measured

Mine

Tonnes

Au (g/t)

Ag (g/t)

Pb (%)

Zn (%)

Cu (%)

Ag eq gpt

Aq eq oz (M)

Constancia

270,336

6.2

219

2.36

3.44

0.43

1,064

9.24

Wellington

92,328

6.1

184

1.69

3.95

0.51

1,028

3.05

Escondida

15,362

0.9

279

0.28

1.35

3.20

832

0.41

Constancia East

16,315

6.0

143

1.97

2.16

0.11

836

0.44

San Jose

6,922

5.8

212

4.49

2.94

0.30

1,078

0.24

Colquipallana

2,944

3.4

220

3.67

5.26

0.21

995

0.09

Total Measured

404,205

5.9

210

2.16

3.43

0.54

1,037

13.49

Indicated

Mine

Tonnes

Au (g/t)

Ag (g/t)

Pb (%)

Zn (%)

Cu (%)

Ag eq gpt

Aq eq oz (M)

Constancia

218,545

6.0

188

2.09

3.08

0.34

968

6.80

Wellington

77,080

6.0

186

1.68

3.66

0.52

1,004

2.49

Escondida

21,406

1.0

238

0.24

1.08

2.84

733

0.50

Constancia East

18,636

5.8

137

1.93

1.95

0.11

798

0.48

San Jose

7,673

5.7

217

4.76

2.93

0.30

1,084

0.27

Colquipallana

5,215

3.4

207

3.31

5.14

0.19

953

0.16

Total Indicated

348,554

5.6

189

1.95

3.05

0.52

955

10.71

Measured & Indicated

Mine

Tonnes

Au (g/t)

Ag (g/t)

Pb (%)

Zn (%)

Cu (%)

Ag eq gpt

Aq eq oz (M)

Constancia

488,881

6.1

205

2.24

3.28

0.39

1,021

16.05

Wellington

169,408

6.0

185

1.69

3.82

0.51

1,017

5.54

Escondida

36,767

1.0

255

0.26

1.19

2.99

775

0.92

Constancia East

34,950

5.9

139

1.95

2.05

0.11

816

0.92

San Jose

14,594

5.7

215

4.63

2.93

0.30

1,081

0.51

Colquipallana

8,159

3.4

212

3.44

5.18

0.20

968

0.25

Total M & I

752,759

5.8

200

2.06

3.26

0.53

999

24.20

Inferred

Mine

Tonnes

Au (g/t)

Ag (g/t)

Pb (%)

Zn (%)

Cu (%)

Ag eq gpt

Aq eq oz (M)

Constancia

532,422

5.3

215

1.71

3.29

0.40

950

16.25

Wellington

238,811

5.4

219

1.06

3.95

0.78

1,014

7.78

Escondida

96,926

2.2

208

0.26

2.24

1.90

751

2.34

Constancia East

49,234

5.7

125

1.66

1.57

0.21

760

1.20

San Jose

14,174

5.7

213

4.34

2.78

0.28

1,049

0.48

Colquipallana

11,592

3.7

117

2.98

3.15

0.15

743

0.28

Total Inferred

943,160

5.0

209

1.45

3.25

0.64

934

28.36

Notes for Mineral Resource Estimates

1. Cut-offs are based on an estimated $140 Net Smelter Return (NSR)/tonne.
2. Metal prices used to calculate NSR: $1,300 per ounce (oz) Au, $17/oz Ag, $1.15 per pound (lb) Pb, $1.50/lb Zn, $3.00/lb Cu
3. Block model grades converted to United States Dollar (US$) value using plant recoveries of 92.1% Ag, 80.2% Au, 77.3% Pb, 82.6% Zn, 52.7% Cu.
4. Rock Density for Constancia: 3.3 tonnes per cubic meter (t/m³), Wellington, Constancia East, Escondida, San Jose: 3.2 t/m³, Colquipallana: 2.9 t/m³.
5. Totals may not agree due to rounding.
6. Grades in metric units.
7. All currencies US dollars.
8. Ag equivalent ounces (eq oz) million (M) is calculated from gpt data
9. AgEq g/t = Ag g/t + (Pb grade x ((Pb price per lb/Ag price per oz) x 0.0685714 lbs per Troy Ounce x 10000 g per %)) +(Zn grade x ((Zn price per lb/Ag price per oz) x 0.0685714 lbs per Troy Ounce x 10000 g per %)) + (Cu grade x ((Cu price per lb/Ag price per oz) x 0.0685714 lbs per Troy Ounce x 10000 g per %)) + (Au grade x (Au price per oz/Ag price per oz)).

The last published Resource Estimate for the Coricancha Mine has an effective date of December 31, 2012 (see Nyrstar news release February 7, 2013 and table below). Great Panther considers this estimate historical in nature and is referenced for historical purposes only and should not be relied upon.

Coricancha Mine Historical Mineral Resources (December 31, 2012) *

Category

Tonnes

Au g/t

Ag g/t

Pb %

Zn %

Cu %

Ag eq gpt

Ag eq oz (M)

Measured

630,000

5.18

169.85

2.10

2.97

0.38

1070

15.56

Indicated

260,000

4.72

186.07

1.66

3.45

0.54

1090

6.43

Total M&I

890,000

5.04

174.62

1.97

3.11

0.42

1075

21.96

                 

Inferred

4,880,000

4.91

224.54

1.57

2.98

0.48

1078

124.6

* see Nyrstar news release February 7, 2013

The above updated resource estimates included in this news release were classified per the CIM Definition Standards on Mineral Resources and Mineral Reserves and, as such, are consistent with the requirements of NI 43-101.  The Mineral Resource Estimate was constructed under supervision of Ronald Turner, P.Geo. of Golder Associates S.A., the Qualified Person.  The Mineral Resource Estimate was completed using MicroMine 3D geological software, and the inverse distance cubed estimation technique was utilized in the estimation of grade to each of the blocks in the block models.  A Company-proprietary Net Smelter Return ("NSR") calculator, considering mill recoveries, smelter terms, and designated metal prices converted block grades into NSR (US$) values.  

The Company's QA/QC program includes the regular insertion of blanks, duplicates, and standards into the sample shipments; diligent monitoring of assay results; and necessary remedial actions.  Sample assaying was completed at the independent SGS-Lima lab in Lima, Peru.  The gold was analyzed by fusion with 30 g fire assay and atomic absorption spectroscopy (AAS) finish, with the resulting values reported in parts per million (code FAA313).  The remaining 52 elements were analyzed by mass spectrometry of inductively coupled plasma (ICPMS) and the resulting values were reported in parts per million (code IMC12B).  Any gold results that exceeded the limit of detection were re-analyzed by fire assay with a gravimetric finish (code FAG303).  Any silver results that exceeded the limit of detection (>10g/t) were re-analyzed by fire assay with a gravimetric finish (code FAG313).  Any other metals that exceeded the limit of detection were re-analyzed by ICP-AAS (code AAS11B).

The technical information contained in this news release has been reviewed and approved by Matthew Wunder, P. Geo., Vice-President Exploration for the Company and the Qualified Person (QP) for the Coricancha Mine Complex under the meaning of NI 43-101.  Aspects relating to mining and metallurgy are overseen by Ali Soltani, Chief Operating Officer for Great Panther.

ABOUT GREAT PANTHER

Great Panther Silver Limited is a primary silver mining and exploration company listed on the Toronto Stock Exchange trading under the symbol GPR, and on the NYSE American under the symbol GPL.  Great Panther's current activities are focused on the mining of precious metals from its two wholly-owned operating mines in Mexico: the Guanajuato Mine Complex and the Topia Mine in Durango.  The Company is also evaluating the restart of the Coricancha Mine in Peru, which it acquired earlier this year, and continues to pursue the acquisition of additional mining operations or projects in the Americas.

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