Great Panther’s 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.  Formerly a heap leaching operation, it ran from late 2005 until January 2009, producing approximately 292,000 ounces of gold from 8.8 Mt of ore. In 2012, a new processing plant was installed. The new flowsheet is comprised of a primary crusher, SAG mill and six CIL tanks which were able to process up to 30% of sulphide ore. In 2018, the processing plant capacity was expanded with the addition of a new ball mill, a thickener, an additional CIL tank and a new gas oxygen plant. In 2019, a new liquid oxygen plant was installed. The plant modifications in 2018 and 2019 allow Tucano to process up to 90% of sulfide ore with gold recoveries above 90%.

Tucano is 100% owned by Great Panther.

Operating Results

  20151 20161 20171 20181 20192,3
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) 121,469 146,316 128,342 122,472 106,000
Cash costs (US$/oz) 1000 $728 $1,100 $880 $1,118
All-in sustaining costs (US$/oz) $1,006 $866 $1,180 $1,073 $1,406
  1. Tucano operating and financial results from 2015 through to 2018 were reported by the previous owner, Beadell Resources Limited
  2. Tucano operating results for 2019 are a composition of Beadell operating data for the period January 1 to March 4, and Great Panther operating data for the period March 5 to December 31.
  3. Tucano cost data for 2019 is reflective of the Great Panther results for the period March 5 to December 31.


Tucano is hosted by the Proterozoic aged Vila Nova Greenstone Belt, with many similarities to the greenstones in West Africa that contain many world-class deposits, and to which the Guyana Shield was once connected. Tucano belongs to the sub-category of Iron Formation Hosted Gold Deposits, which includes notable names such as the historic Homestake Mine in South Dakota and the Musselwhite Mine in northern Ontario.

Tucano’s exploration package comprises 39 tenements covering an area of 1,896 square kilometres. These tenements are at various stages of advancement from application for exploration license, to exploration license, applications for mining licenses, through to mining concessions. 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 will be fast-tracked as  near-term opportunities to increase resources and prolong the mine life. In addition, Great Panther recently undertook a detailed evaluation of the available regional geophysical and geochemical data and has defined a focused exploration strategy that will see efficient exploration programs over high potential corridors and targets within the exploration package.

Highlights of resource conversion in the first half of 2020 drilling at Tapereba on the southern part of the mine sequence were reported on June 23, 2020, Highlight intercepts are presented below. These results demonstrate the presence of higher-grade mineralization within the mine sequence and the need to understand the controls on, and the grade and continuity variations, in these zones. This will be a focus of near-mine exploration in the second half of 2020.

Highlights from near-mine drilling at the TAP AB1 and AB3 open pits

Drill hole Interval (m) From (m) To (m) Est. true width (m) Grade (g/t Au)
DD020 10.25 231.95 242.20 7.3 6.55
including 1.05 234.60 235.65 0.7 29.29
DD020 1.95 247.05 249.00 1.4 26.95
DD018 29.40 161.60 191.00 13.5 15.99
including 6.40 161.60 168.00 2.9 38.33
including 2.40 172.60 175.00  1.1 16.20
including 4.00 177.00 181.00 1.8 27.99
DD016 20.20 167.00 187.20 11.9 1.89
DD012 6.25 4.20 10.45 4.5 6.21
including 1.59 5.41 7.00 1.1 17.37
DD009 16.70 188.00 204.70 10 10.96
DD007 20.00 201.00 221.00 14.3 1.71
DD003 3.00 22.00 25.00 1.4 31.70
RC003 12.00 47.00 59.00 5.7 8.06
including 1.00 51.00 52.00 0,5 64.89
RC004 22.00 84.00 106.00 7.3 4.78
  • DD = diamond drilling; RC = reverse circulation
  • Highlight drill results are +25 gram*metre intervals intersected in drilling this year.

2020 drill results from Tucano

Reserve & 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 seven km strike length associated with the 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 AB, Tap C, and Urucum.  Duckhead is a high grade open pit to the southeast of the Tap deposits. Higher grades are associated with the more intensely hydrothermally altered rocks.

More detailed information on the geology, resources and reserves can be found in Tucano’s NI:43-101 Technical Report published in March 2020. It has an effective date of December 31, 2019, using a gold price of US$1,500/oz for Mineral Resources and US$1,250/oz for Mineral Reserves. The following resource and reserve estimates are taken from this report.

Tucano Mineral Reserve Estimates

Category Tonnage (000 t) Grade (g/t Au) Contained Metal (000 oz Au)
Open Pit 1,212 1.79 70
Underground 189 3.78 23
Surface Stockpiles 2,446 0.71 56
Category Tonnage (000 t) Grade (g/t Au) Contained Metal (000 oz Au)
Open Pit 3,297 2.20 233
Underground 1,976 4.17 265
Surface Stockpiles - - -
Category Tonnage (000 t) Grade (g/t Au) Contained Metal (000 oz Au)
Open Pit 4,509 2.09 302
Underground 2,164 4.13 288
Surface Stockpiles 2,446 0.71 56
Total Proven & Probable 9,119 2.20 646


  1. CIM (2014) definitions were followed for Mineral Reserves.
  2. Open pit Mineral Reserves are estimated within designed pits above marginal cut-off grades that vary from 0.51 g/t Au to 0.62 g/t Au for oxide ore and 0.65 g/t Au to 0.72 g/t Au for sulphide ore. The cut-off grades are derived based on a gold price of US$1,250/oz Au and operating costs sourced from the current operations and mining contracts at an US$/R$ exchange rate of 3.8:1.
  3. Mineral Reserves incorporate estimates of dilution and mineral losses.
  4. Underground Mineral Reserves were estimated using an incremental cut-off grade of 2.4 g/t Au.
  5. A minimum mining width of 20 m was used for open pit Mineral Reserves and 3 m was used for underground Mineral Reserves.
  6. The Mineral Reserve estimate includes stockpile inventory.
  7. Average metallurgical process recovery: 93%.
  8. Bulk density is 2.19 t/m3.
  9. Numbers may not add due to rounding

Tucano Mineral Resource Estimates

Category Tonnage (000) Grade (g/t Au) Contained Metal (000 oz Au)
Open Pit 1,775 1.76 100
Underground - - -
Surface Stockpile 3,786 0.61 74
Total Measured 5,562 0.97 174
Category Tonnage (000) Grade (g/t Au) Contained Metal (000 oz Au)
Open Pit 4,521 2.32 338
Underground 3,399 4.1 448
Surface Stockpile - 0 -
Total Indicated 7,920 3.09 786
Category Tonnage (000) Grade (g/t Au) Contained Metal (000 oz Au)
Open Pit 6,296 2.16 438
Underground 3,399 4.1 448
Surface Stockpile 3,786 0.61 74
Total Measured & Indicated 13,482 2.22 960
Category Tonnage (000) Grade (g/t Au) Contained Metal (000 oz Au)
Open Pit 18 3.21 2
Underground 11,646 2.16 810
Surface Stockpile - 0 -
Total Tucano 11,664 2.16 812


  1. CIM (2014) definitions were followed for Mineral Resources.
  2. Mineral Resources are estimated at various cut-off grades depending on mining method and mineralization style.
  3. Mineral Resources are estimated using a long-term gold price of US$1,500/oz Au, and a US$/Brazilian real (R$) exchange rate of 3.8.
  4. A minimum mining width of 3 m was used for preparation of mineralization wireframes for the Urucum open pit and Taperebá AB (Tap AB) open pit and underground Mineral Resources.
  5. Mineral Resources are inclusive of Mineral Reserves.
  6. Mineral Resource statements are prepared using constraining surfaces and volumes for open pit and underground Mineral Resources, respectively.
  7. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
  8. Numbers may not add due to rounding.

The Tucano Mineral Reserve and Resource estimates were completed by Reno Pressacco, P. Geo., Goran Andric, P. Eng., and Jason Cox, P. Eng., all of Roscoe Postle Associates Inc. (now part of SLR Consulting Ltd.), and all of whom are independent Qualified Persons as defined by National Instrument 43-101 and have reviewed, approved and verified the technical content of these tables.

All Tucano scientific and technical data has been reviewed, approved and verified by Mr. Neil Hepworth, C. Eng. and Fernando A. Cornejo, P. Eng. of Great Panther, who are Qualified Persons within NI 43-101. Mr. Hepworth serves as Chief Operating Officer and Mr. Cornejo serves as Vice-President Operations, Brazil.

NI 43-101 Technical Report on the Tucano Gold Mine

Amapa, Brazil   |   December 31, 2019

Download PDF