Cueq, Cotabambas Project, Peru
Panoro Minerals intersects 316.9 m @ 1.16%
Cueq, Cotabambas Project, Peru
VANCOUVER, BC
,
July 17, 2023
/CNW/ -
Panoro Minerals Ltd.
(TSXV: PML) (Lima: PML)
(Frankfurt: PZM) (OTCQB: POROF) ("Panoro", the "Company") is pleased to announce results of
nine additional drillholes that will provide additional information for the new mineral resource
estimation at the Cotabambas Cu/Au/Ag Project in southern
Peru
.
The drillhole intersection highlight are as follows:
Drillhole CB-224
intersected
371m
of the porphyry stock hosting
316.9m
of copper and gold
mineralization averaging 0.72% Cu, 0.50g/t Au and 4.01g/t Ag (1.16% Cueq.). The intersection
includes a supergene profile of copper oxides and sulfides enrichment intersected
3m
from
surface and underlain by
168.1m
of primary sulfides grading 1.0% Cu, 0.73g/t Au, 5.91g/t Ag
(1.64% Cueq), including
94.7m
averaging 1.27% Cu, 1.04g/t Au, 7.15g/t Ag (2.17% Cueq).
Drillhole CB-212a
intersect
200m
of the porphyry stock in contact with the diorite host rock,
hosting
198.6m
of copper and gold mineralization grading 0.83% Cu, 0.74g/t Au, 3.80g/t Ag
(1.46%Cu eq). The intersection includes a supergene profile with copper oxides and mix zone
intersected from surface and underlain by
163.5m
of primary copper sulfide averaging 0.76%
Cu, 0.82g/t Au, 4.06g/t Ag (1.46%Cu eq), including
64.0m
of primary copper sulfide grading
1.10% Cu, 1.32g/t Au, 4.94g/t Ag (2.21% Cueq).
Luquman Shaheen, President & CEO commented, "This group of nine drillholes completes the 2022-
2023 campaign of infill and step out drilling in both North and South Pits, for a total of approximately
13,000m
of drilling. The results indicate the potential for an increase in the high-grade component of
the Cotabambas Projects resource and an important increase in the total project resource. The high-
grade zone has been better delineated indicating that it is structurally controlled in North-Northeast
direction, where the high grade zone remains open both along strike, to the northeast of the North
Pit, and to the southwest of the South Pit. The high-grade zone is also open at depth. The drilling
has also indicated better continuity of the high-grade zone where the potential for additional near
surface high-grade resource can increase the mining grade in the early part of the mine life. Our
team will now turn its focus to, together with the independent consultants and Qualified Persons,
updating the resource estimate and completing the NI 43-101 technical report which is targeted for
completion in September. In addition to the update of the resource estimate, our team has been
completing trade-off studies aimed to improve the metallurgical recoveries, reduce operating and
capital costs and reduce the footprint of the project. Results from these studies are identifying
important opportunities to further strengthen the Cotabamabas Projects economics."
DISCUSSION OF RESULTS
Drillholes CB-210, 212a, 217, 218, 219, 220, 221, 222 and 224 were drilled targeting an upgrade of
the exiting inferred resource to indicated category and expand the high-grade component of the
mineral resource at the North Pit. The high-grade continuity remains open at depth and along strike
to the northeast. See the drillhole locations on
Figure 1
. The principal mineralization intersections
are listed in the table below.
Drillhole
From
To
Length
%Cu
Au g/t
Ag g/t
%Cueq.
1
Mineralization
CB-210
192.0
230.0
38.0
0.12
0.04
0.98
0.16
Hypogene
CB-212a
0.0
198.6
198.6
0.83
0.74
3.80
1.46
All
Including
0.0
15.1
15.1
1.20
0.41
2.64
1.55
Cu Oxide
" "
15.1
35.1
20.0
1.10
0.27
2.53
1.34
Mixed
" "
35.1
198.6
163.5
0.76
0.82
4.06
1.46
Hypogene
" "
84.0
192.2
108.2
0.93
1.08
4.60
1.84
Hypogene
" "
90.0
154.0
64.0
1.10
1.32
4.94
2.21
Hypogene
243.2
343.3
100.1
0.25
0.10
1.80
0.35
Hypogene
CB-217
21.6
430.5
408.9
0.32
0.15
1.60
0.46
All
Including
21.6
55.6
34.0
0.86
0.10
1.19
0.95
Mixed
" "
55.6
167.2
111.6
0.29
0.10
0.82
0.38
Hypogene
" "
55.6
83.6
28.0
0.37
0.06
0.60
0.42
Hypogene
" "
188.0
306.9
118.9
0.32
0.27
1.86
0.55
Hypogene
" "
194.0
265.3
71.3
0.38
0.36
2.05
0.69
Hypogene
" "
321.6
430.5
108.9
0.26
0.10
2.66
0.37
Hypogene
" "
321.6
396.2
74.6
0.28
0.12
2.84
0.40
Hypogene
CB-218
7.8
350.7
343.0
0.18
0.07
0.94
0.25
All
" "
195.2
285.2
90.0
0.25
0.10
1.13
0.34
Hypogene
CB-219
188.9
219.0
30.1
0.16
0.05
4.75
0.24
Hypogene
CB-220
0.6
34.0
33.4
0.50
0.12
1.52
0.61
Cu Oxide
77.5
90.3
12.8
0.22
0.24
5.54
0.46
Cu Oxide
105.2
131.2
26.0
0.24
0.05
1.98
0.30
Hypogene
186.2
232.2
46.0
0.21
0.05
1.40
0.26
Hypogene
CB-221
4.8
130.6
125.8
0.39
0.08
1.34
0.47
All
Including
4.8
39.1
34.3
0.67
0.09
1.73
0.76
Cu Oxide
" "
39.1
130.6
91.5
0.29
0.07
1.20
0.36
Hypogene
" "
51.1
63.2
12.1
0.80
0.09
2.05
0.89
Hypogene
CB-222
21.2
116.9
95.7
0.19
0.04
0.82
0.23
Cu Oxide
Including
106.5
114.4
7.9
0.72
0.03
0.78
0.75
Cu Oxide
181.1
228.4
47.3
0.11
0.04
1.30
0.15
Hypogene
CB-224
3.0
319.9
316.9
0.72
0.50
4.01
1.16
All
Including
3.0
16.7
13.7
1.12
0.21
2.06
1.31
Au Oxide
" "
16.7
29.8
13.1
1.04
0.61
2.76
1.56
Enrichment
" "
29.8
197.9
168.1
1.00
0.73
5.91
1.64
Hypogene
" "
33.8
128.5
94.7
1.27
1.04
7.15
2.17
Hypogene
" "
228.1
319.9
91.8
0.34
0.27
2.23
0.58
Hypogene
" "
228.1
253.9
25.9
0.71
0.70
4.36
1.31
Hypogene
1. Cu equivalent grade estimated at long term commodity prices of Au= USD 1771/oz, Ag= USD 20.13/oz and Cu= USD 3.52/lb
Drillhole CB-210
is an exploratory step out drillhole executed to review the southwest continuity of
the mineralization in the North Pit. This hole intersected a copper anomaly of
38.0 m
length grading
0.12% Cu, 0.04g/t Au and 0.98g/t Ag (0.16% Cueq) into the diorite host rock. This hole confirms, as
indicated from other drill holes in the area, that faulting in the Northwest to East-West direction has
displaced the mineralization vertically in this area of the North Pit as well as farther to the southwest
towards the South Pit. (
Figure 2
).
Drillhole CB-212
is an infill drillhole indicating the continuity from surface to approximately
350 m
depth of the high-grade zone in the north side of the North Pit. The hole intersected
198.6m
of
copper mineralization averaging 0.83% Cu, 0.74g/t Au, and 3.80 g/t Ag (1.46% Cueq) including a
supergene profile with copper oxides and mixed zone, overlaying
163.5m
of primary copper sulfide
averaging 0.76% Cu, 0.82g/t Au, 4.06g/t Ag (1.46% Cueq), including
64.0m
of primary copper
sulfide mineralization averaging 1.10% Cu, 1.32g/t Au, 4.94g/t Ag (2.21% Cueq). The mineralization
is contained within approximately
200m
of the porphyry stock intruding the diorite intrusive host rock
with extended potassic alteration with secondary biotite, orthoclase, magnetite veinlets surrounded
by SCC type alteration (
Figure 3
).
Drillhole CB-217
is an infill drillhole targeting mineralization intersected previously in drillholes CB-55
and CB-213. The drillhole intersected from near surface,
408.9m
of hypogene mineralization
averaging 0.32% Cu, 0.15g/t Au, 1.60g/t Ag (0.46%Cueq) intruded by a porphyry dike of
50m
width
expanding into the diorite host rock. The intersection includes
34m
of mixed copper mineralization
near the surface grading 0.86% Cu, 0.10g/t Au, 1.19g/t Ag (0.95% Cueq), and three intervals of
hypogene copper mineralization of
111.6m
grading 0.29% Cu, 0.10g/t Au, 0.82g/t Ag (0.38% Cueq),
71.3m
averaging 0.38% Cu, 0.36g/t Au, 2.05g/t Ag (0.69%Cueq), and
74.6m
grading 0.28% Cu,
0.12g/t Au, 2.84g/t Ag (0.40% Cueq). The potassic, SCC and minor phyllic alterations are the typical
for hydrothermal alterations (
Figure 4
).
Drillhole CB-218
is an infill hole targeting the constraint of the high-grade zone generated by
drillhole CB-128 previously executed and intersecting high grade mineralization
100m
below CB-218.
The drillhole intersected
343.0m
of hypogene copper mineralization grading 0.18% Cu, 0.07g/t Au,
0.94g/t Ag (0.25% Cueq), including
90.0m
averaging 0.34% Cueq. The mineralization is related to a
group of five porphyry dikes intruding the diorite host rock. The intersections of CB-218 represent
the upper zone of a porphyry stock cupula of almost
600m
width that hosts several intervals of
copper and gold high grades with potassic and SCC alterations (
Figure 5
).
Drillhole CB-219
is an infill hole located in the north extreme of the North Pit targeting the copper
mineralization supergene profile, intersected previously by drillholes CB-27 and CB-134. This hole
intersected
30.1m
averaging 0.16%Cu, 0.05g/t Au, 4.75g/t Ag (0.24% Cueq) (
Figure 6
).
Drillhole CB-220
was located near the west side of the North Pit, intersecting two intervals of
copper oxide mineralization with
33.4m
in length averaging 0.50% Cu, 0.12g/t Au, 1.52g/t Ag (0.61%
Cueq) and
12.8m
grading 0.22% Cu, 0.24g/t Au and 5.54g/t Ag (0.46% Cueq). The bottom of the
hole intersected two intervals of hypogene copper sulfides of
26.0m
and
46.0m
lengths averaging
grades of 0.30% Cueq and 0.26% Cueq, respectively. This hole limits the margin of the
mineralization in this sector of the North Pit (
Figure 7
).
Drillhole CB-221
this hole is a step out located in the north side of the North Pit, intersecting
125.8m
of copper mineralization averaging 0.39% Cu, 0.08g/t Au, 1.34g/t Ag (0.47% Cueq). This
intersection includes
34.3m
of copper oxide mineralization grading 0.67% Cu, 0.09g/t Au, 1.73g/t Ag
(0.76% Cueq) underlain by
91.5m
of hypogene copper mineralization averaging 0.29% Cu, 0.07g/t
Au and 1.20g/t Ag (0.36% Cueq), including
12.10m
averaging 0.89% Cueq. This hole is aligned in
the same cross section with the drillholes CB-222 and CB-219, into an area where the porphyry
stock is displaced between
200m
to
400m
to the northeast by an almost east-west striking fault.
Nevertheless, this hole intersected copper mineralization across this structural control and near the
surface (
Figure 6
).
Drillhole CB-222
this is a step out drillhole located
100m
to the northwest of the CB-221. CB-222
intersected
95.7m
of copper oxide mineralization averaging 0.19% Cu, 0.04g/t Au, 0.82g/t Ag
(0.23% Cueq) underlain by
47.3m
of hypogene copper mineralization averaging 0.15% Cueq (
Figure 6
).
Drillhole CB-224
is an infill drillhole targeted to upgrade inferred to indicated resources
100m
to the
southeast of the previously completed drillhole CB-212. CB-224 intersected
316.9m
of copper and
gold mineralization averaging 0.72% Cu, 0.50g/t Au and 4.01g/t Ag (1.16% Cueq.). This includes a
supergene profile of
13.7m
of copper oxides plus
13.1m
of enriched sulfides averaging 1.31% Cueq
and 1.56%Cueq, respectively. Underlying the supergene zone is
168.1m
of primary sulfides grading
1.00% Cu, 0.73g/t Au, 5.91g/t Ag (1.64% Cueq), including
94.7m
averaging 1.27% Cu, 1.04g/t Au,
7.15g/t Ag (2.17% Cueq), and a second interval of
91.8m
grading 0.34% Cu, 0.27g/t Au, 2.23g/t Ag
(0.58% Cueq) including
25.9m
averaging 0.71% Cu, 0.70 g/t Au, 4.36g/t Ag (1.31% Cueq).The
mineralization intersected in CB-224 is hosted within a
371m
wide porphyry stock where the high
grade zone is structurally controlled to the east and follows a high grade corridor of approximately
800m
along strike and is open at depth and along strike in northeast direction (
see Figure 8
)
Panoro has commenced an update on the mineral resource estimate, contracting AGP Mining
Consultants Inc., an independent engineering firm based on
Toronto, Canada
. The study is led by
the Paul Daigle, P.Geo. (Principal Resources Geologist) and
Gordon Zurowski
(Mining Lead/Mine
Costing) who will complete the NI 43-101 technical report. Work on the study commenced the first
week of
July 2023
and results are expected in approximately 2 months. The report will include the
potential generated in the Maria Jose, Petra-David and Chaupec Skarn exploration targets identified
during the 2017-2018 drilling campaign and also the potential in the Guaclle skarn target during the
2022-2023 drilling Campaign.
About Panoro
Panoro is a uniquely positioned
Peru
-focused copper development company. The Company is
advancing its flagship Cotabambas Copper-Gold-Silver Project located in the strategically important
area of southern
Peru
.
The Company's objective is to complete a Prefeasibility study in 2023 with work programs
commencing in Q1 2022.
At the Cotabambas Project, the Company will first focus on delineating resource growth potential
and optimizing metallurgical recoveries. These objectives are expected to further enhance the project
economics as part of the Prefeasibility studies during 2022 and 2023. Exploration and step-out
drilling from 2017, 2018 and 2019 have already identified the potential for both oxide and sulphide
resource growth.
Summary of Cotabambas Project Resources
1
Project
Resource
Classification
Million
Tonnes
Cu (%)
Au (g/t)
Ag (g/t)
Mo (%)
CuEq
%
Cotabambas
1
Cu/Au/Ag
Indicated
117.1
0.42
0.23
2.74
0.001
0.59
Inferred
605.3
0.31
0.17
2.33
0.002
0.44
@ 0.20% CuEq cutoff, effective October 2013, Tetratech
1. Cotabambas Project, Apurimac, Peru, NI 43-101 Technical Report on Updated Preliminary Economic Assessment, amec foster
wheeler and Moose Mountain Technical Services, 22 September 2015
A PEA has been completed for the Cotabambas Project; the key results are summarized below:
Summary of Cotabambas Project PEA Results
Key Project Parameters
Cotabambas Cu/Au/Ag Project
1
Process Feed, life of mine
million tonnes
483.1
Process Feed, daily
tonnes
80,000
Strip Ratio, life of mine
1.25 : 1
Before Tax
1
NPV
7.5%
million US$
1,053
IRR
%
20.4
Payback
years
3.2
After
Tax
1
NPV
7.5%
million US$
684
IRR
%
16.7
Payback
years
3.6
Annual Average
Payable
Metals
Cu
thousand tonnes
70.5
Au
thousand ounces
95.1
Ag
thousand ounces
1,018.4
Mo
thousand tonnes
-
Initial Capital Cost
million US$
1,530
1. Project economics estimated at commodity prices of; Cu = US$ 3.00/lb, Au = US$ 1,250/oz, Ag = US$ 18.50/oz, Mo = US$ 12/lb
PEAs are considered preliminary in nature and include Inferred Mineral Resources that are
considered too speculative to have the economic considerations applied that would enable
classification as Mineral Reserves. There is no certainty that the conclusions within the PEAs will be
realized. Mineral Resources are not Mineral Reserves and do not have demonstrated economic
viability.
Luis Vela
, a Qualified Person under National Instrument 43-101, has reviewed and approved the
scientific and technical information in this press release.
On behalf of the Board of
Panoro Minerals Ltd.
Luquman Shaheen. M.B.A., P. Eng, P.E.
President & CEO
CAUTION REGARDING FORWARD LOOKING STATEMENTS
: Information and statements
contained in this news release that are not historical facts are "forward-looking information" within
the meaning of applicable Canadian securities legislation and involve risks and uncertainties.
Examples of forward-looking information and statements contained in this news release include
information and statements with respect to:
Panoro delineating growth potential at the Cotabambas Project, while optimizing project
economics.
mineral resource estimates and assumptions; and
the PEAs, including, but not limited to, base case parameters and assumptions, forecasts of net
present value, internal rate of return and payback.
Various assumptions or factors are typically applied in drawing conclusions or making the forecasts
or projections set out in forward-looking information. In some instances, material assumptions and
factors are presented or discussed in this news release in connection with the statements or
disclosure containing the forward-looking information and statements. You are cautioned that the
following list of material factors and assumptions is not exhaustive. The factors and assumptions
include, but are not limited to, assumptions concerning: metal prices and by-product credits; cut-off
grades; short and long term power prices; processing recovery rates; mine plans and production
scheduling; process and infrastructure design and implementation; accuracy of the estimation of
operating and capital costs; applicable tax and royalty rates; open-pit design; accuracy of mineral
reserve and resource estimates and reserve and resource modeling; reliability of sampling and
assay data; representativeness of mineralization; accuracy of metallurgical test work; and
amenability of upgrading and blending mineralization.
Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and
other factors which could cause actual events or results to differ materially from those expressed or
implied by the forward-looking statements, including, without limitation:
risks relating to metal price fluctuations
risks relating to estimates of mineral resources, production, capital and operating costs,
decommissioning, or reclamation expenses, proving to be inaccurate
the inherent operational risks associated with mining and mineral exploration, development, mine
construction and operating activities, many of which are beyond Panoro's control
risks relating to Panoro's or its partners' ability to enforce legal rights under permits or licenses
or risk that Panoro or its partners will become subject to litigation or arbitration that has an
adverse outcome
risks relating to Panoro's or its partners' projects being in
Peru
, including political, economic,
and regulatory instability
risks relating to the uncertainty of applications to obtain, extend or renew licenses and permits
risks relating to potential challenges to Panoro's or its partners' right to explore or develop
projects
risks relating to mineral resource estimates being based on interpretations and assumptions
which may result in less mineral production under actual circumstances
risks relating to Panoro's or its partners' operations being subject to environmental and
remediation requirements, which may increase the cost of doing business and restrict
operations
risks relating to being adversely affected by environmental, safety and regulatory risks, including
increased regulatory burdens or delays and changes of law
risks relating to inadequate insurance or inability to obtain insurance
risks relating to the fact that Panoro's and its partners' properties are not yet in commercial
production;
•
risks relating to fluctuations in foreign currency exchange rates, interest rates and
tax rates
risks relating to Panoro's ability to raise funding to continue its exploration, development, and
mining activities; and
counterparty risk under Panoro's agreements.
This list is not exhaustive of the factors that may affect the forward-looking information and
statements contained in this news release. Should one or more of these risks and uncertainties
materialize, or should underlying assumptions prove incorrect, actual results may vary materially
from those described in the forward-looking information. The forward-looking information contained
in this news release is based on beliefs, expectations, and opinions as of the date of this news
release. For the reasons set forth above, readers are cautioned not to place undue reliance on
forward-looking information. Panoro does not undertake to update any forward-looking information
and statements included herein, except in accordance with applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Cotabambas Project, Peru Logo (CNW Group/Panoro Minerals Ltd.)
SOURCE
Panoro Minerals Ltd.
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For further information:
Panoro Minerals Ltd., Luquman Shaheen, President & CEO, Phone:
604.684.4246, Email: [email protected], Web: www.panoro.com; Renmark Financial
Communications Inc., James McFarland, Account Manager, Phone: 416.644.2020 / 212.812.7680,
Email: [email protected], Web: www.renmarkfinancial.com
CO: Panoro Minerals Ltd.
CNW 06:15e 17-JUL-23