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Great Panther Confirms Grades, Completes Airborne Geophysical
Survey On Mapimi Silver-Lead-Zinc Property
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GREAT PANTHER RESOURCES LIMITED (TSX: GPR) is pleased to announce assay
results for the first 11 core holes (2,395 metres) drilled by the
Company on the Mapimi Project (formerly Km 66) in eastern Durango
State, Mexico. Nineteen core holes, representing 3,849 metres, have
been completed to date with assays pending on the last eight holes.
Drilling has so far focused on the La Gloria and Las Palmitas Zones in
an effort to confirm, and better delineate, previous reverse
circulation and core drilling of Coeur d'Alene Mines Corp., completed
in 1997-98. Data from Coeur d'Alene's drilling was used by Wardrop
Engineering to calculate the current NI 43-101 Inferred Mineral
Resource on these two zones (Great Panther news release September 11,
2006), of 22.3 million ounces of silver equivalent (Ag Eq), contained
in 4,969,800 tonnes at a grade of 59 g/t Ag, 0.13 g/t Au, 0.81% Pb and
1.31% Zn (139 g/t Ag Eq).
Highlights of Great Panther's 2007 drilling program include 155 g/t Ag
Eq over 46.75 metres (including 262 g/t Ag Eq over 16.00 metres and 208
g/t Ag Eq over 3.30 metres) in hole SK07-04 in the La Gloria Zone and
173 g/t Ag Eq over 62.40 metres in hole SK07-09, also in La Gloria.
Drilling on the Las Palmitas Zone was highlighted by 147 g/t Ag Eq over
16.95 metres in hole SK07-01. Additional details of the intersections,
including individual assays for silver, gold, lead and zinc are
presented in the table of results below. A plan map of the Las Palmitas
and La Gloria Zones with drill hole locations is posted on the Great
Panther website at www.greatpanther.com.
Multiple mineralized intervals have been detected within each of La
Gloria and Las Palmitas. They appear to be steeply dipping and
elongated northeast-southwest so holes are typically drilled at angles
of 45-60 degrees. While the mineralization starts at surface, it has
been intersected to vertical depths approaching 200 metres. To date,
the holes have been drilled between grid sections 350N and 550N at a
horizontal spacing of approximately 50 metres with respect to other
Great Panther and Coeur d'Alene drill holes. They are also designed to
intersect the mineralized zones at a similar vertical spacing. The 2007
Great Panther results are confirming previous results of Coeur d'Alene
and will be used in the up-grading of the NI 43-101 resource later in
the year. The goal of the program is to delineate a large resource
mineable by open pit methods.
The mineralization at Mapimi is associated with hydrothermal breccias
and stockworks related to a cluster of rhyolite domes intruding
sandstones, calcareous siltstones, and limestones of the Cretaceous
Caracol Formation. While the upper 40-60 metres is typically oxidized,
deeper sulphide mineralization consists of pyrite, silver sulfosalts,
sphalerite and galena. An alteration halo exhibiting strong
silicification and disseminated pyrite extends outward for hundreds of
metres around the silver-lead-zinc zones, providing a larger target
that should be detectable by induced polarization (I.P.) geophysics.
As the topography of the area is very subdued and 95% of the property
is overburden covered, there is a strong possibility that similar
mineralized breccias may lie under cover and have been overlooked in
the past. The current geophysical program is designed to detect such
buried zones and provide additional targets for drill testing.
Highlights of recent drilling include:
CORE HOLE ZONE FROM TO LENGTH Au Ag Pb Zn Ag Eq
(m) (m) (m) (g/t) (g/t) (%) (%) (g/t)
SK07-001 Palmitas 55.05 72.00 16.95 0.17 119.30 1.59 0.10 147
and 139.50 157.50 18.00 0.14 42.27 0.43 0.24 65
SK07-002 Palmitas 220.98 247.67 26.69 0.15 21.01 0.37 0.23 47
SK07-004 La Gloria 77.65 124.40 46.75 0.08 27.07 0.41 1.75 155
including 95.00 111.00 16.00 0.13 59.38 0.94 2.72 262
and 121.10 124.40 3.30 0.37 76.12 1.16 1.54 208
SK07-005 La Gloria 55.95 102.00 46.05 0.15 14.67 0.16 1.35 114
SK07-006 La Gloria 109.50 154.30 44.80 0.12 25.48 0.29 1.38 126
SK07-008 La Gloria 127.26 148.80 21.54 0.06 16.71 0.32 0.37 49
SK07-009 La Gloria 69.60 74.75 5.15 0.06 28.29 0.35 0.53 70
and 82.60 145.00 62.40 0.12 32.51 0.33 1.96 173
and 195.20 211.12 15.92 0.25 29.30 0.17 1.15 115
SK07-010 La Gloria 150.20 159.15 8.95 0.13 23.41 0.29 0.71 79
and 191.90 200.80 8.90 0.36 50.70 0.61 0.82 124
SK07-011 La Gloria 20.95 33.25 12.30 0.02 9.67 0.12 0.49 45
*Silver equivalent ounces (Ag Eq Oz) for the intercepts above were
calculated using prices of US$600/oz for gold, US$12.00/oz for silver,
US$0.60/lb for lead, and US$1.50/lb for zinc and recoveries of 70%,
76%, 80% and 80%, respectively. Wardrop Engineering used the same
recoveries but different pricing in their 2006 resource estimation.
During February 2007, Great Panther contracted Aeroquest Limited to fly
a 550 line kilometre airborne electromagnetic (EM) and magnetic
geophysical survey over the Mapimi project. Numerous EM and magnetic
targets were detected and field work to validate the various features
is on-going. The interpretation of this survey, in conjunction with
surface mapping, is providing a geological framework for a detailed
I.P. survey scheduled to begin within a week.
While some of the geophysical anomalies outlined by the airborne survey
are directly related to regional geological features, others appear to
be related to known mineralization or are spatially associated with
zones of strong alteration. Once the I.P. survey has been completed
over these areas, it should be possible to determine the type of
response generated by the mineralization. This model can then be
applied to other areas of the property that are covered by overburden.
The cluster of rhyolite domes associated with the silver-lead-zinc
mineralization in the La Gloria-Las Palmitas area has a magnetic
response that is replicated in at least two other areas on the
extensive 3,508-hectare property. Each of these anomalies is
approximately one kilometer in diameter and will be covered by the I.P.
survey.
Work to date on the Mapimi Property has been highly encouraging as
drilling confirms and extends known silver-lead-zinc mineralization
while geophysical surveys indicate the potential for several other
similar zones lying under cover of shallow overburden. Great Panther is
earning a 100% interest in the Mapimi Property, subject to a 3% NSR (2%
of which can be bought back).
The drilling program is being conducted by BDW Drilling of Guadalajara,
Mexico and all core samples sent to SGS Labs in Durango for analyses.
Robert F. Brown, P.Eng. and Vice-President of Exploration for Great
Panther and its wholly owned subsidiary, Minera Mexicana El Rosario,
S.A. de C.V., is designated as the Qualified Person for the Mapimi
Project under the meaning of NI 43-101 and has reviewed this news
release.
For further information please contact Brad Aelicks or Don Mosher at
telephone 604 685 6465, fax 604 685 9744 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, 2005 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.
Click on the link below to view a map:
http://www.greatpanther.com/i/misc/gpr_04_16_07.gif
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Copyright (c) 2007 GREAT PANTHER RESOURCES LIMITED (GPR) All rights
reserved. For more information visit our website at
http://www.greatpanther.com/ or send mailto:info@greatpanther.com
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