By Deborah Bacal
Proactive Investors (USA and Canada)
Great Panther Silver (TSE:GPR)(NYSE MKT:GPL) has hiked the measured and indicated resource at one of its two producing silver mines in Mexico by 46%, according to an updated resource estimate released Thursday.
The company told investors that measured and indicated resources at its Topia silver-gold-lead-zinc mine rose to 8.19 million silver equivalent ounces from 5.60 million previously, as it succeeded in converting inferred resources to the higher category through in-vein development and improved smelter contract terms as well as the conversion of the estimate from a 2D to 3D system.
As a result, inferred resources declined by 10% to 8.56 silver equivalent ounces from 9.54 million silver equivalent ounces in the prior report from 2012. Aside from the conversion of ounces to the measured and indicated category, inferred resources also declined due to a reduction in step out drilling because of budgetary constraints last year, Great Panther said.