Great Panther Mining (TSX: GPR) announced its inaugural mineral resource and mineral reserve estimate for the Tucano gold mine in Brazil, which the Canadian company acquired last year.
“The MRMR reflects operating experience since acquiring the mine in 2019 and a better understanding of the mine’s geology, and is therefore expected to improve mine forecasting reliability,” the miner said in a media statement. “Internationally recognized mining consultants Roscoe Postle & Associates acted as independent technical qualified persons for the MRMR.”
Based on a preliminary analysis of the updated reserve estimate, Great Panther believes that its current open-pit mineral reserves will continue to be mined to the fourth quarter of 2021
After adjustments for mining depletion since June 30, 2017, the study revealed that mineral reserves at Tucano can be estimated at approximately 646,000 ounces, a decline of approximately 489,000 gold ounces relative to the June 30, 2017 estimate. Mineral resources, excluding mineral reserves, declined by approximately 500,000 gold ounces.
“The completion of the MRMR is an important milestone following our acquisition of Tucano as it provides us with a more solid foundation for understanding the geology of Tucano,” Jeffrey Mason, Great Panther’s interim president and CEO, said in the brief. “While our inaugural update has resulted in a lower reserve and resource estimate, it provides us with a higher level of confidence for future mine and operational planning and the increase in average grades provides additional operational flexibility.”
The Tucano gold mine is located in the Amapá state of northern Brazil. The mine is approximately 200 kilometres from Macapá, the state capital, and is currently the second-largest gold producer in Brazil, with an output of about 145,000 ounces per year from several open-pit mines.
Formerly a heap leaching operation, it ran from late 2005 until January 2009, producing approximately 292,000 troy ounces of gold from 8.8 Mt of ore.