The Tucano gold and silver mine, in Brazil, could resume operations before the end of the year, building up to 100 000 oz/y over the medium term. The Tucano mine was placed on care-and-maintenance in September last year, when Great Panther ran into financial trouble. Canadian mining company Tucano Gold, part of the Pilar Gold collection, has now entered into a definitive agreement to acquire Mina Tucano and Tucano Resources Mineração, each for BRL1.00, along with the submission of a proposed payment plan to creditors.
The Tucano gold and silver mine, in Brazil, could resume operations before the end of the year, building up to 100 000 oz/y over the medium term.
Canadian mining company Tucano Gold, part of the Pilar Gold collection, has now entered into a definitive agreement to acquire Mina Tucano and Tucano Resources Mineração, each for BRL1.00, along with the submission of a proposed payment plan to creditors. Great Panther published an updated 43-101 report on June 8, 2022, with proven and probable reserves of 12.9-million tonnes at 1.59 g/t for 656 000 oz. Its measured, indicated and inferred resource is 1.8-million ounces with significant scope for expansion.
With combined mill capacity of 7.3-million tonnes a year, the group is on track to achieve 300 000 oz/y of production from Tucano Gold, Laiva Gold and Pilar Gold by 2025.
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