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