The Tucano Gold Mine is located in Amapá State in northern Brazil. The mine is approximately 200 kilometres from Macapá, the state capital, and is accessible by the Brazilian federal highway BR-210, or by chartered aircraft.  It is currently the second largest gold producer in Brazil, producing around 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. The process plant was upgraded in 2018 with the addition of a SAG mill and CIL infrastructure and is now capable of treating sulphide ore. Great Panther acquired the Tucano Gold Mine in March 2019, and holds a 100% interest in the project.

Tucano Mine Operating Results

2015 2016 2017 2018 2019
Tonnes Waste Moved (t) 17,381,302 16,655,670 18,235,696 18,173,428 20,357,867
Gold Ore Mined (t) 3,363,254 2,935,037 3,017,666 2,440,542 2,266,881
Gold Ore Milled (t) 3,714,942 3,597,163 3,720,125 3,504,129 3,074,014
Head Grade (g/t) 1.14 1.45 1.21 1.25 1.37
Plant Recovery (%) 89.3% 86.9% 89.9% 87.3% 91.7%
Total Gold Recovered (oz) 122,292 145,870 129,764 123,296 123,867
Total Gold Sold (oz) 121,469 146,316 128,342 122,472
Cash Costs (US$/oz) $827 $728 $1,100 $880
All-in Sustaining Costs (US$/oz) $1,006 $866 $1,180 $1,073


The Tucano Gold Mine is located in the Guyana Shield, which was once connected to West Africa and contains many world-class deposits.  Tucano belongs to the sub-category of greenstone-hosted gold deposits known as Iron Formation Hosted Gold Deposits, which includes notable names such as the historic Homestake Mine, South Dakota (44 million gold ounces produced) and the Musselwhite Mine, northern Ontario (>7 million gold ounces in past production and reserves).

Tucano’s exploration package is currently comprised of 46 tenements covering an area of approximately 2,350 square kilometres. These tenements are at various stages of advancement from application for exploration license, to exploration license and through to mining concession.. There is a pipeline of high potential in-mine and near-mine prospects, anchored by several high-grade gold drill intervals over several metres, which represent a near-term opportunity to improve the head grade and prolong the mine life.

2020 drill results from Tucano

Resource Estimates

Mineralization at Tucano is controlled by a major north-south shear zone. The texture and mineralogy along the shear zone indicate high-temperature hydrothermal alteration. This zone exhibits intense hydrothermal alteration, particularly silicification and sulfidation, bearing auriferous pyrrhotite, and pyrite. The alteration is most intense in the proximity of reactive meta-sediments such as banded iron formations and carbonate and, to a lesser extent in calcsilicates, schists, and amphibolites. Late cross cutting intrusions are typically barren.

The mineralization at Tucano occurs in a series of deposits over a 7 km strike length associated with a north-south trending shear zone occurring coincident with a north-south line of topographic ridges. From south to north, these deposits have been named Tap A, B, C, and Urucum. Tap D is a separate structure in the west. Higher grades are associated with the more intensely hydrothermally altered rocks.

Tucano uses an effective date of December 31, 2019 and gold price of US$1,250/oz. Reno Pressacco, P. Geo., Goran Andric, P. Eng., and Jason Cox, P. Eng.  were the Qualified Persons under NI 43-101.

NI 43-101 Technical Report on the Tucano Gold Mine

Amapa, Brazil   |   December 31, 2019

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