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Re: News Release - Thursday, May 10, 2007
Great Panther Releases Additional Drilling Results For Mapimi
Silver-Lead-Zinc Project
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GREAT PANTHER RESOURCES LIMITED (TSX-V: GPR) is pleased to announce
additional assay results for the ongoing diamond drill program at the
Mapimi Project in eastern Durango State, Mexico. Highlights of the
second batch of drill holes (SK07-012 to 019, representing 1,454
metres) include 168 g/t silver equivalent* (Ag Eq) over 78.65 metres in
hole SK07-012; 212 g/t Ag Eq over 21.95 metres in hole SK07-015; and
372 g/t Ag Eq over 32.93 metres in hole SK07-018. All eight holes were
drilled in the La Gloria Zone.
Additional details of intersections from these eight holes, including
individual assays for silver, gold, lead and zinc are presented in the
table of results below. A plan map showing the new La Gloria
drill-hole locations is posted on the Great Panther website at
www.greatpanther.com.
Twenty three core holes, representing 4,889 metres, have been completed
to date with assays pending on the last four holes. Results for holes
SK07-001 to 011 were announced on April 16, 2007. Aside from the first
three holes of the program, which were drilled into the smaller Las
Palmitas Zone, drilling by Great Panther has focused on the La Gloria
Zone in an effort to expand and better delineate mineralization
intersected by Coeur d'Alene Mines Corp., 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 oz 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*).
Consistent with previous drilling, multiple mineralized intervals have
been intersected within the latest holes at La Gloria. The
mineralization consists of sphalerite, galena, pyrite and minor
pyrrhotite in the matrix of hydrothermal breccias and as fracture
fillings and disseminations in porphyritic rhyolite. Silver grades
show an excellent correlation with lead, while neither zinc nor gold
correlate with any of the other metals and, so far, no systematic metal
zonation has been observed. As relative grades of the four metals can
be quite variable, silver equivalents are calculated primarily for
comparative purposes.
The rhyolite intrudes sandstones, calcareous siltstones, and limestones
of the Cretaceous Caracol Formation, a common host to many of the world
class silver-lead-zinc deposits throughout the Mexican Silver Belt.
Pre-mineral faulting and fracturing is intense within and adjacent to
the mineralized zones, providing excellent porosity for mineralizing
fluids. Post-mineral faulting is also common and offsets mineralized
zones in places. While the La Gloria Zone appears to be fault-bounded
to the northeast, it is still open to the southwest and Great Panther
is currently testing the strike extent of the zone in that direction.
As results come in from the Induced Polarization (IP) geophysical
survey, new outlying targets will also be tested. The goal of the
program is to substantially increase the aforementioned NI 43-101
resource and determine the potential for an open pit mine.
Highlights of recent drilling include:
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HOLE FROM TO LENGTH Au Ag Pb Zn Ag Eq(i)
NUMBER (m) (m) (m) (g/t) (g/t) (%) (%) (g/t)
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SK07-012 42.50 121.15 78.65 0.21 20.3 0.20 2.04 168
SK07-013 90.30 96.80 6.50 0.39 40.3 0.25 0.53 88
and 115.20 141.40 26.20 0.04 9.9 0.13 0.54 50
SK07-014 30.15 52.65 22.50 0.03 6.4 0.04 1.85 134
and 90.30 96.80 6.50 0.34 44.4 0.43 1.01 127
and 115.20 141.40 26.20 0.07 16.2 0.14 1.70 135
SK07-015 53.00 58.50 5.50 0.02 114.0 1.18 0.71 169
and 87.65 92.40 4.75 0.04 24.8 0.42 1.17 111
and 117.70 139.65 21.95 0.05 10.5 0.14 2.89 212
SK07-016 79.15 84.06 4.91 0.21 51.0 0.68 2.15 212
and 132.00 135.68 3.68 0.12 61.1 0.92 1.13 154
and 149.10 156.90 7.80 0.22 42.0 0.21 0.90 107
SK07-017 8.98 58.20 49.22 0.18 69.1 0.74 0.07 84
and 92.60 121.96 29.36 0.17 14.7 0.26 1.76 145
SK07-018 18.30 36.54 18.24 0.07 19.9 0.31 1.41 123
and 83.30 107.23 23.93 0.06 17.5 0.21 5.12 372
SK07-019 17.88 57.58 39.70 0.10 62.7 1.00 0.31 100
and 105.75 108.60 2.85 0.27 25.6 0.30 1.95 171
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*Silver equivalent grades (Ag Eq) 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.
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.
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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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