Positive decision on Coricancha gold-silver-lead-zinc-copper mine in Peru is based upon the final results of the trial stope and BSP
Canada-based Great Panther Mining has announced positive production decision for its Coricancha gold-silver-lead-zinc-copper mine in Peru.
The positive decision is based upon the final results of the firm’s trial stope and bulk sampling programme (BSP).
The BSP validated key mine and processing plant operating assumptions for Coricancha contained in the 2018 preliminary economic assessment (PEA).
Great Panther Mining president and CEO James Bannantine said: “The actual restart date is expected in the first half of 2020 and will be aligned with our other mining operations to ensure the project has the necessary planning and resources in place to optimise operations and profitability.
“Coricancha is expected to produce approximately 40,000 gold equivalent ounces annually and will be an important addition to Great Panther’s production portfolio going forward.”
Great Panther processed approximately 5,089t of mineralised material mined from the Constancia and Escondida veins through the plant.
The BSP used an overhand cut-and-fill mining method to mine an average vein width of 40cm.
Metallurgical recoveries of the programme were 90.3% Ag, 76.0% Au, 85.7% Pb and 82.9% Zn.
The firm expects the development timeline to restart Coricancha and reach full scale production to be less than one year.
Great Panther to keep Coricancha mine on care and maintenance
Great Panther is now planning to keep the Coricancha mine on care and maintenance. It also plans to complete additional engineering and operational planning prior to start-up to further optimise the project.
Located approximately 90km by road east of Lima, Peru, the Coricancha mine was previously owned by European smelting giant Nyrstar.
Great Panther said in a statement: “There is also potential to increase the life of the mine through developing a mine plan for the resources not incorporated into the PEA, which utilizes only approximately 28% of the overall resource.
“The restart of Coricancha also opens a significant exploration opportunity through additional underground drilling and development.”