Gold and silver producer Great Panther Mining has updated reserves resources for its wholly owned Tucano open pit mine in Brazil. According to Rob Henderson, Great Panther’s president and CEO, the update has successfully replaced this year’s mining depletion at the site and added another year of mine life.
The latest proven and probable reserves total 9.8 million tonnes grading 2 g/t gold, for 629,000 oz. This includes an open-pittable subset of 5.6 million tonnes at 1.67 g/t gold, for a total of 299,000 oz. and an underground inventory of 2.2 million tonnes at 4.13 g/t gold host to 288,000 oz. The headline reserve numbers also include 2 million tonnes grading 0.64 g/t gold in stockpiles.
Total measured and indicated resources, inclusive of reserves, now total 16.2 million tonnes at 1.83 g/t gold and contain 953,000 oz. of gold. The open pit measured and indicated portion stands at 11.1 million tonnes grading 1.57 g/t gold, for a total of 561,000 oz.
Inferred resources now stand at 6 million tonnes at 2.77 g/t gold, totalling 534,000 oz.
The reserves and resources are estimated based on cut-off grades between 0.3 g/t gold and 2.1 g/t gold and include the results of drilling up to the end of July – this drilling focused on the TAP AB pits, which cover approximately 2 km of a 7-km trend.
“Going forward, we will be aggressively advancing opportunities for resource growth and mine life extension on multiple fronts,” Henderson said. “We are actively drilling, both near the mine and in the extensive and largely underexplored regional land package.”
Three diamond drills and one reverse-circulation rig are working on near-mine resource definition and conversion. Rotary air blast drilling is also focused on two (out of seven) regional targets.
This year, Great Panther started a 55,000-metre, US$7-million drill program at Tucano, with 23,000 metres completed to date. The focus of the drilling is threefold, and includes near-mine exploration, underground exploration and regional work.
Great Panther’s exploration package covers approximately 2,000 sq. km, and extends over 90 km of the Vila Nova greenstone belt.
In the third quarter, Tucano generated 31,803 gold oz., at all-in sustaining costs of US$1,061 per oz. sold.