Strong drill results helped Great Panther Resources (GPR-T) partake in the commodities rally on the TSX on Wednesday.
The much maligned sector was seen as the key to the Index’s 200 point uptick after days of a downward spiral.
As for Great Panther, the Vancouver-based company that is developing the Topia Mine in Durango Mexico announced underground drill results highlighted by 1,867 grams silver per tonne, 1 gram gold per tonne, 2.67% lead, and 4.58% zinc over a width of 0.31 metres.
Those results come from underground drilling along a 95 metre strike length of the Cantarranas Vein at the 1,800 metre level.
The new results have the company confident that it has extended mineralization along a 350 metre strike length and 150 metre dip at the Cantarranas Vein.
More good news came just 90 metres east of there where an old stope comes to surface.
A chip channel sample from the eastern most extent of the stope assayed 1,005 grams silver per tonne, 0.19 grams gold, 1.81% lead and 4.37% zinc over a width of 0.15 metres.
The company says it expects good grade mill feed for the mine from the eastern extension of the Cantarranas Vein. It plans to add production stopes there early in 2009 as part of the ongoing expansion at the site.
Great Panther is currently working with the mine contractors to develop a mining plan for the project.
The company says it is focused on developing four vein structures: Don Benito, Argentina, Animas Veins and the Descubridora area of the Cantarranas Vein.
News of the result helped bolster Great Panther’s shares by 25% or 6.5¢ to 33.5¢ on roughly 360,000 shares traded.
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