Great Panther Mining Limited reported drill results for an additional 29 holes at the Urucum North ("URN") underground project at the company's wholly owned Tucano Gold Mine ("Tucano") in Brazil. URN is the most northern of a series of open pits distributed along the 7-kilometre-long belt that hosts Tucano. Surface diamond drilling focused on a zone of multiple plunging high-grade lodes beneath the URN open pit where underground mine development studies are advancing.

The resource conversion drill program, which commenced in 2021, was completed in April 2022 and totalled 18,948 metres ("m") in 48 drill holes. Drill results from the first 19 holes were announced in a news release dated July 22, 2021. Highlights (all intervals are estimated true mineralization widths): 21URNDD028 - 2.5 m @ 5.80 g/t Au from 342 m; 21URNDD028 - 3.8 m @ 4.71 g/t Au from 409 m; 21URNDD049 - 3.9 m @ 7.65 g/t Au from 114 m; 21URNDD051 - 3.0 m @ 4.65 g/t Au from 139 m; and 21URNDD053 - 3.7 m @ 6.20 g/t Au from 432.2 m. Diamond drilling was primarily focused on the URN high-grade zone (HGZ1), which lies less than 100 m below the planned URN final pit shell.

In addition to the HGZ1 lode, drilling also identified an additional four high-grade lodes, which are being incorporated into the mine plan for Tucano. These lodes are expected to allow access to ore during early stages of ramp development prior to reaching the HGZ1 zone. The URN gold resource comprises five parallel, tabular bodies with grades ranging from 2 to 121 g/t gold and true thicknesses that range from a minimum true mining width of 2 m to 7 m (Figure 1).

The gold mineralization is associated with pyrrhotite and hosted in banded iron formation and calc-silicate units. High-grade ore shoots plunge 20-30 degrees to the north. Drill samples are analyzed for gold by fire assay at Great Panther's onsite laboratory, with all samples to be included in the resource model re-analyzed at the certified SGS Laboratory in Belo Horizonte, where multi-element ICP analyses are also undertaken.

The data is being modelled with updated mineralization and lithology wireframes being prepared for an updated resource model to support underground mine development planning.