Great Panther Reveals Updated Mineral Estimates for Tucano Gold Mine

(Great Panther, 26.Apr.2022) — Great Panther Mining Limited (TSX: GPR) (NYSE-A: GPL), a growth-oriented precious metals producer focused on the Americas, reports Mineral Resource and Mineral Reserve Estimates (the “2021 MRMR”) for the Tucano Gold Mine in Brazil. The estimates were prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

The 2021 MRMR has an effective date of 31 July 2021. The 2021 MRMR reflects results of an additional 58,837 metres of drilling up to the end of July 2021, an increased gold price of $1,650/oz for reserves and $1,900/oz for resources, and an exchange rate of BRL 5: USD 1. The 2021 MRMR is focused on the open pit ore zones and reflects changes to the open pit reserves and resources, while the underground will be updated in a future Mineral Resource and Mineral Reserve estimate on completion of engineering studies currently underway. The company will file a technical report in respect of Tucano, prepared in accordance with NI 43-101, on SEDAR within 45 days of this news release.


  • Total Proven and Probable (“P&P”) Mineral Reserves are now estimated to be 681,873 gold ounces, of which 371,541 gold ounces are open pit reserves, a 24% increase in P&P open pit reserves since the previously reported MRMR estimate for Tucano with an effective date of 30 September 2020 (the “2020 MRMR”).
  • Total Measured and Indicated (“M&I”) Mineral Resources, which are inclusive of Mineral Reserves, now total 1.3 million gold ounces, of which 928,000 gold ounces are open pit M&I Mineral Resources, a 65% increase since the 2020 MRMR.
  • The Company completed a 19,000-metre drilling campaign on the Urucum North underground project. Engineering studies are currently underway. Historical reserves will be updated pending these studies.

Great Panther Chair and Interim CEO, Alan Hair commented: “We have successfully replaced 2021 mining depletion and added another 1.5 years to the open pit mine life at Tucano. The 2021 MRMR provides us with a higher level of confidence for future mine and operational planning and we are confident that, in parallel, we can unlock the larger potential of the region.

“Going forward, a major objective is to progress the Urucum North underground project, with development scheduled for Q4 2022, while aggressively advancing opportunities for additional resource growth and mine life extension on multiple fronts. In the second half of the year, we will be actively drilling to increase resources within the mine sequence and on near mine (20-kilometre radius) priority targets in the extensive and under-explored regional land package.”