Panoro Minerals Continues Delineating Hypogene Copper Mineralization at Maria Jose Target of Cotabambas Project, Peru
Panoro Minerals Continues Delineating Hypogene Copper Mineralization at
Maria Jose Target of Cotabambas Project, Peru
VANCOUVER, British Columbia, Dec. 20, 2017 -- Panoro Minerals Ltd. (TSXV:PML) (Lima:PML) (Frankfurt:PZM) ("Panoro",
the "Company") is pleased to provide additional assay results from its drill program at Maria Jose Target at Cluster 1 of its
100% owned Cotabambas Cu/Au/Ag Project in Peru.
Drill hole CB-183 intersected a 127.6m interval of hypogene copper mineralization in a quartz monzonite porphyry intruding
andesite volcanics beginning at 199.6m and averaging 0.41% Cu, 0.06 g/t Au and 2.0 g/t Ag, including 37.0m grading 0.56%
Cu, 0.10 g/t Au and 2.8 g/t Ag and 52.9m averaging 0.46% Cu, 0.07g/t Au and 2.1 g/t Ag.
Drill hole CB-183 also intersected an 18.8m thick blanket of oxide copper mineralization beginning at 56.3m and averaging
0.28% Cu, 0.04g/t Au and 2.1 g/t Ag. A deeper 38.9m interval of hypogene copper mineralization beginning at 450.5m and
grading 0.27% Cu, 0.03g/t Au and 1.7g/t Ag was intersected in andesitic volcanics. Mineralization is still open at depth.
Drill hole CB-183 is located 300 m to the east of previously published drill holes CB-157 and CB-161. These results indicate
significant expansion potential for both oxide and hypogene copper mineralization to the east of the Maria Jose 2 target.
Drill hole CB-168 is located 500 m to the west of drill hole CB-183, and intersected a 46.7m interval of oxide copper
mineralization in andesitic volcanics, beginning at 2.0m and averaging 0.20% Cu, 0.02 g/t Au, 1.0 g/t Ag, including 11.0m
grading 0.31% Cu, 0.03 Au g/t, 1.5 g/t Ag.
“The 2017 drill program has been successful in delineating near surface oxide mineralization at both the Petra-David and Maria
Jose Targets,” commented Luquman Shaheen, CEO and President of Panoro. “The exploration has also identified hypogene
mineralization at the Maria Jose Target. In 2018, Panoro will continue drilling these targets where the 2017 results will help
guide drill targetting of higher grade and near surface zones of both oxides and sulphides at both the Petra-David and Maria
Jose Targets in Cluster 1. Panoro is also planning to commence drilling at the Chaupec Target at Cluster 2 in 2018.”
Except for an intersection of 2.1m grading 1.51 g/t Au, drill holes CB-166 and CB-169 did not intersect significant
mineralization, but did enhance our understanding of the Maria Jose 2 Target in guiding its continuing exploration.
A location plan can be found at the Company’s website, www.panoro.com
Drillhole From (m)
To
(m) Intersections (m)
Cu
%
Au
g/t
Ag
g/t
Mo
% Zone
CB-166 100.9 102.9 2.1 0.06 1.51 0.8 0.0063 Mixed
" " 197.3 203.2 5.9 0.24 0.01 1.2 0.0128 Hypogene
CB-168 2.0 48.7 46.7 0.20 0.02 1.0 0.0010 Oxides
Including 26.0 37.0 11.0 0.31 0.03 1.5 0.0009 Oxides
CB-169 No significant intersections
CB-183 56.3 75.1 18.8 0.28 0.04 2.1 0.0008 Oxides
Including 68.2 75.1 6.9 0.52 0.09 3.7 0.0004 Oxides
" " 199.6 327.2 127.6 0.41 0.06 2.0 0.0008 Hypogene
Including 215.4 252.4 37.0 0.56 0.10 2.8 0.0007 Hypogene
Including 216.9 222.1 5.2 0.67 0.06 2.8 0.0012 Hypogene
Including 239.3 252.4 13.1 0.74 0.15 3.7 0.0006 Hypogene
Including 270.4 323.2 52.9 0.46 0.07 2.1 0.0008 Hypogene
Including 272.4 292.9 20.5 0.55 0.10 2.3 0.0004 Hypogene
" " 450.5 489.3 38.9 0.27 0.03 1.7 0.0007 Hypogene
Including 457.7 476.6 18.9 0.36 0.03 1.9 0.0005 Hypogene
About Panoro
Panoro Minerals is a uniquely positioned Peru focused copper exploration and development company. The Company is
advancing its flagship project, Cotabambas Copper-Gold-Silver Project and its Antilla Copper-Molybdenum Projects located in
the strategically important area of southern Peru. The Company is well financed to expand, enhance and advance its projects
in the region where infrastructure such as railway, roads, ports, water supply, power generation and transmission are readily
available and expanding quickly. The region boasts the recent investment of over $US 15 billion into the construction or
expansion of four large open pit copper mines.
Since 2007, the Company has completed over 70,000 m of exploration drilling at these two key projects leading to substantial
increases in the mineral resource base for each, as summarized in the table below.
Summary of Cotabambas and Antilla Project Resources
Project
Resource
Classification
Million
Tonnes Cu (%) Au (g/t) Ag (g/t) Mo (%)
Cotabambas Cu/Au/Ag
Indicated 117.1 0.42 0.23 2.74 0.001
Inferred 605.3 0.31 0.17 2.33 0.002
@ 0.20% CuEq cutoff, effective October 2013, Tetratech
Antilla Cu/Mo
Indicated 291.8 0.34 - - 0.01
Inferred 90.5 0.26 - - 0.007
@ 0.175% CuEq cutoff, effective May 2016, Tetratech
Preliminary Economic Assessments (PEA) have been completed for both the Cotabambas and Antilla Projects, the key
results are summarized below.
Summary of Cotabambas and Antilla Project PEA Results
Key Project Parameters Cotabambas Cu/Au/Ag Project Antilla Cu/Mo Project
Mill Feed, life of mine million tonnes 483.1 350.4
Mill Feed, daily tonnes 80,000 40,000
Strip Ratio, life of mine 1.25 : 1 0.85 : 1
Before
Tax1
NPV7.5% million USD 1,053 491
IRR % 20.4 22.2
Payback years 3.2 3.3
After
Tax1
NPV7.5% million USD 684 225
IRR % 16.7 15.1
Payback years 3.6 4.1
Annual Average Payable
Metals
Cu thousand tonnes 70.5 36.8
Au thousand ounces 95.1 -
Ag thousand ounces 1,018.4 -
Mo thousand tonnes - 0.9
Initial Capital Cost million USD 1,530 603
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
The 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 updated PEA 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. PEng, PE, MBA
President & CEO
FOR FURTHER INFORMATION, CONTACT:
Panoro Minerals Ltd.
Luquman Shaheen, President & CEO
Phone: 604.684.4246 Fax: 604.684.4200
Email: [email protected]
Web: www.panoro.com
Renmark Financial Communications Inc.
Laura Welsh
Tel.: (416) 644-2020 or (416) 939-3989
www.renmarkfinancial.com
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.
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;
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become subject to litigation or arbitration that has an adverse outcome;
• risks relating to Panoro’s 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 right to explore and/or develop its 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 operations being subject to environmental and remediation requirements, which may increase
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• risks relating to fluctuations in foreign currency exchange rates, interest rates and tax rates; and
• risks relating to Panoro’s ability to raise funding to continue its exploration, development and mining activities.
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
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