Panoro Minerals Intercepts New High-Grade Skarn, Cotabambas Project, Peru
Panoro Minerals Intercepts New High-Grade
Skarn, Cotabambas Project, Peru
VANCOUVER, BC
,
Sept. 7, 2023
/CNW/ -
Panoro Minerals Ltd.
(TSXV: PML) (Lima: PML)
(Frankfurt: PZM) (OTCQB: POROF) ("Panoro", the "Company") is pleased to announce the results
of four exploratory drill holes which intercept a new high grade Skarn type mineralization located less
than 1 km to the west of the North Pit limit, at the Company's Cotabambas Cu/Au/Ag Project in
southern
Peru
. The new target is named the "North West Pit" Target (the "NW Target")
The highlights are:
Drillhole CB-225A
is an exploratory hole intersecting
27.9 m
of primary sulfide copper
mineralization averaging 1.50% Cu, 5.79 g/t Ag, 0.01 g/t Au (1.56% Cueq), including an interval
of
12.1m
grading 2.07% Cu, 7.2 g/t Ag, 0.02 g/t Au (2.15% Cueq), and a second interval of
9.3m
averaging 1.68% Cu, 6.17 g/t Ag, 0.02 g/t Au (1.75% Cueq). The mineralogy is composed
of a semi-massive magnetite containing semi-massive and patch of chalcopyrite and minor
pyrite, interlayering with massive andradite garnets, epidote, pyroxenes and intervals of
marmolized limestone.
Drillhole CB-227
is an exploratory hole intersecting
71.4m
of hypogene copper mineralization
grading 0.47% Cu, 2.46 g/t Ag, 0.02 g/t Au (0.51% Cueq), including an interval of
37.0 m
averaging 0.75% Cu, 3.61 g/t Ag, 0.03 g/t Au (0.80% Cueq) and
14.9 m
grading 1.26% Cu,
5.49 g/t Ag, 0.03 g/t Ag (1.33% Cueq). The skarn mineralization appears the same as
intersected by the hole CB-225A, confirming the lateral and vertical continuity of the skarn
bodies identified at surface.
The NW Pit target is located approximately
500m
to the west of the PEA North pit limit. In the
2017 exploration campaign the mapping and sampling identified 5 skarn bodies at surface over
an area of
1200m
by
800m
. The 2023 drilling campaign has identified the continuity at depths to
over
350m
below the surface.
Luquman Shaheen, President & CEO commented, "Drillholes 225A and 227 have identified the
growing potential of the mineralization at the Cotabambas Project. The recently completed drill
program has opened up a number of growth opportunities for the resource including, to the south of
the south pit, the gap area between the north and south pits, to the north of the north pit and now
also to the northwest of the north pit. These targets, in addition to the targets at Chaupec and
Jean
Louis
areas, continue to demonstrate the unfolding resource potential along the entire extent of
Panoro's mineral concessions covering an area of 120 square kilometers. We are targeting an
update to the already significant resource at the Cotabambas Project for completion this month and
look forward to quantifying the results of the 2022-2023 drilling program with the new resource
estimate. Moreover, the current results reinforce management's confidence in additional exploration
upside."
PREVIOUS WORK IN THE NW PIT AREA
The exploration work dates from Cordillera de Las Minas time (2003), where four drillholes (
1,135m
)
explored a quartz-monzonite stock outcropping 300 to
500m
in the "South Area". In 2012 Panoro
drilled one additional hole in different direction. No significant results were obtained
(
Map in Figure 1
)
.
In 2017 Panoro started the exploration in the NW Pit target, identifying small outcroppings of quartz-
monzonite porphyry dikes located
300m
to the East of the "North Area". This target was named the
Petra-David target, where a swarm of porphyry dikes intrude the diorite host rock showing copper
oxide mineralization near surface and along a corridor of
750m
length by
150m
width in North-East
direction. In Petra
863m
was drilled and in David
372m
, distributed in very shallow drill holes, results
were announced previously in press releases of
October 11
and
December 11, 2017
. The most
significant results in the copper oxide blanket are listed below.
(
locations Figure 1
)
Petra: Hole CB-171:
11m
@0.44%Cu, 0.12 Au g/t, 2.8 Ag g/t (0.56%Cueq)
Petra: Hole CB-172:
78m
@ 0.32%Cu, 0.08 Au g/t, 2.2 Ag g/t (0.40%Cueq)
Petra: Hole CB-173:
61m
@0.38%Cu, 0.10 Au g/t, 4.9 Ag g/t (0.51%Cueq)
David: Hole CB-175:
88m
@ 0.20%Cu, 0.07 Au g/t, 1.8 Ag g/t (0.27%Cueq)
In 2018 Panoro expanded the exploration to the west, identifying five bodies with copper oxide and
sulphide mineralization, covered by topsoil and vegetation. The bodies strike 20-40 degrees
Northeast, dip 50 to 45 degrees to the Southeast, and cover an overall area of 1.2 km by 0.80 km at
surface. The area was named the Guaclle North target, now the "NW Pit Target" which is located
500m
to the west side of the PEA North Pit limit
(
Figure 2
)
.
The following table shows approximate dimensions, number of rock samples, average width and
grades supporting the continuity of each skarn body at surface. The results were presented in the
press release of
July 2
nd
, 2019
(
see locations in Figure 1
):
Body
Length (m)
Average
Width
(m)
#
Samples
Cu
%
Au
g/t
Ag
g/t
Pb
%
Zn
%
1
630
60
47
0.95
0.06
6.7
0.038
0.221
2
600
70
34
0.69
0.02
3.0
0.013
0.035
3
400
50
18
1.01
0.04
10.8
0.103
0.144
4
470
110
51
0.98
0.45
11.3
0.015
0.067
5
270
30
8
0.19
0.02
1.7
0.050
0.117
The mineralization follows the stratification of big blocks of limestones, over thrusted by the diorite
from east to west which host the
750m
corridor of Petra-David target as show in
Figures 1
and
2
.
The Skarn is composed of andradite type garnet, massive magnetite bodies and layers, epidote,
pyroxenes, intruded by small windows of early and intermedium-stage porphyry dikes. The copper
oxide mineralization is composed by malachite, brochantite, minor tenorite, and the hypogene copper
mineralization by chalcopyrite, chalcocite and minor bornite. Detailed mapping was completed over
90 hectares at 1:1,000 scale and 348 rock samples were collected.
2023 DRILLING CAMPAIGN AND RESULTS
For a first step, the drillholes CB-223, 225A, 226 and 227 were directed to explore at depth the
continuity of the Bodies 1 and 2, located in the foot wall of the diorite hosting the Petra-David target.
The highlighted intersection results are listed in the table below
(
locations in Figure 1
)
Drillhole
From
To
Length
%Cu
Au g/t
Ag g/t
%Mo
Pb ppm
Zn ppm
%Cueq
1
Type
CB-223
42.7
56.9
14.2
0.28
0.04
1.7
0.0003
22
167
0.33
Hypogene
" "
156.8
167.7
10.9
0.24
0.01
1.8
0.0009
60
295
0.26
Hypogene
" "
238.0
248.7
10.7
0.14
0.03
2.2
0.0008
485
1308
0.18
Hypogene
" "
322.3
322.5
0.2
2.81
1.42
13.5
0.0002
29
1530
4.08
Hypogene
CB-225A
158.2
186.1
27.9
1.50
0.01
5.8
0.0009
128
251
1.56
Hypogene
Including
158.2
167.5
9.3
1.68
0.02
6.2
0.0011
144
228
1.75
Hypogene
Including
171.6
183.7
12.1
2.07
0.02
7.2
0.0008
158
232
2.15
Hypogene
CB-226
270.1
287.1
17.0
0.25
0.02
1.4
0.0001
28
208
0.28
Hypogene
CB-227
124.8
196.2
71.4
0.47
0.02
2.5
0.0011
105
292
0.51
Hypogene
Including
144.6
159.5
14.9
1.26
0.03
5.5
0.0010
115
243
1.33
Hypogene
Including
144.6
181.6
37.0
0.75
0.03
3.6
0.0008
91
235
0.81
Hypogene
1.
Cu equivalent grade estimated at spot prices of Au=USD 1771/oz, Ag=USD 20.13/oz and Cu=USD 3.52/lb.
Drillhole CB-223
is an exploratory drill hole executed to review the north extreme of the Body 1 at
depth. The hole intersected a
235m
package of Skarn prograde and retrograde containing
interlayering of garnets, pyroxene, epidote and massive magnetite. Inside the package were
recognized until three flows of hypogene sulfides with widths varying from
10.7m
to
14.2m
,
averaging from 0.14% Cu to 0.28% Cu, 1.71 to 2.16 g/t Ag, 0.01 to 0.04 g/t Ag (0.18 to 0.33%
Cueq). This Body is open for more exploration in various directions.
See Figure 1
.
Drillhole CB-225A
is an exploratory drill hole located
450m
to the south of drillhole CB-223, directed
to review the Skarn continuity below the Bodies 1 and 2. The hole intersected near surface the
garnet and pyroxene skarn of Body 1 from
25.7 m
to
104.2 m
including some anomalies from 0.12%
Cu to 0.42% Cu and 0.5 g/t Ag to 12.20 g/t Ag.
Body 2 was intersected also, from
158.2m
to
186.1m
(
27.9m
) containing copper hypogene sulfide
averaging 1.50% Cu, 5.79 g/t Ag, 0.01 g/t Au (1.56 %Cueq.), including one interval of
12.1m
grading
2.07% Cu, 7.2 g/t Ag, 0.02 g/t Au (2.15 % Cueq), and a second interval of
9.3m
averaging 1.68%
Cu, 6.17 g/t Ag, 0.02 g/t Au (1.75 %Cueq). The main composition is a semi-massive magnetite
containing semi-massive and patch of chalcopyrite and minor pyrite, interlayering with massive
andradite garnets and minor epidote, pyroxenes and intervals of marmolized limestone. Various
intervals of primary sulfide with higher copper and silver grades into the mineralized zone were
intercepted, such as:
1.10m
of 10% Cu, 36.10 g/t Ag;
1.5m
of 5.49% Cu, 21.10 g/t Ag;
1.0m
of 5.3% Cu, 26.2 g/t Ag;
1.0m
of 3.24% Cu, 12.40 g/t Ag;
0.20m of 12.47% Cu, 9.4 g/t Ag; and
0.30m of 8.65% Cu, 24 g/t Ag; including
Au values from 0.01 g/t to 0.06 g/t, Pb from 30 to 462 ppm and Zn from 153 to >10,000 ppm.
Figure 3
At
186.10m
the Skarn mineralization is in contact with
190m
of a late-stage porphyry of quartz
monzonite composition with prograde and retrograde alteration.
Drillhole CB-226
is an exploratory drill hole targeted to explore the mineral continuity below the hole
CB-225A. The marbleized limestone was intersected just below the diorite, from
27.45 m
to
183.5m
,
containing a package of
47.8m
with a mix of garnet, pyroxene and epidote skarn alterations that
may correspond to Body 1. At depth
214m
of the early-stage quartz monzonite porphyry stock was
intersected intruded by
48m
of middle-stage quartz monzonite porphyry dikes containing a low to
moderate potassic alteration (orthoclase-secondary biotite-magnetite) overprinted by SCC
alteration, with some intervals of quartz veinlets containing magnetite, chalcopyrite, pyrite and
chlorite, reporting values from 0.10 to 0.81% Cu, 0.01 to 0.08 g/t Au, and 0.5 to 5.9 g/t Ag. This
middle-stage porphyry was not intersected by the hole CB-225A and its emplacement could have
displaced Body 2.
Figure 3
.
Drillhole CB-227
is other exploratory drill hole targeted to review the Body 2 continuity at
100m
to
the south of the hole CB-225A. CB-227 intersected
71.4m
of hypogene copper mineralization
averaging 0.47% Cu, 2.46 g/t Ag, 0.02 g/t Au (0.51%Cueq), including an interval of
37.0m
grading
0.75% Cu, 3.61 g/t Ag, 0.03 g/t Au (0.81% Cueq) and another interval of
15.0m
averaging 1.26%
Cu, 5.49 g/t Ag, 0.03 g/t Ag (1.33 % Cueq). The mineralization and skarn alterations are the same
as the intersected by drillhole CB-225A, with the massive magnetite hosting semi-massive
chalcopyrite and minor pyrite. Into the mineralized zone were recognized various intervals of primary
sulfide with higher copper and silver grades, such as:
1.50m
of 2.85% Cu, 8.9 g/t Ag;
0.5m
of 10.76% Cu, 32.3 g/t Ag;
0.75m
of 3.0% Cu, 8.9 g/t Ag; and
0.45m
of 2.25% Cu, 4.10 g/t Ag; including
Au values from 0.01 to 0.14 g/t.
Figure 4
.
GEOLOGIC POTENTIAL IN THE NW PIT TARGET
The surface mapping and rock sampling done in 2017 permit to configure the continuity of the
massive magnetite skarn on the Body 2 over
650m
length in North-East direction and dipping to the
East below the diorite in the located in the hanging wall. The drillhole CB-225A intersect the same
body 2 at
500m
below the outcropping and the CB-227 at
700m
below the outcropping. The
geologic potential is estimated to be between 40 to 50 million tonnes averaging 0.50% Cueq to
1.50% Cueq.
The limestone package hosting the skarn bodies still open for additional drilling exploration in
different directions. To the East is open below the diorite hosting the petra-david targets; to the
south in the intersection of petra target with the east-west fault controlling the mineralization in the
North pit; to the west with the other three skarn bodies and the Tamburo skarn target; and to the
north is open to the cateo-puente skarn target located at 1km.
The NW Pit represents a new high-grade target with high opportunity to be incorporated in the
middle future, in the mine plan initiated in the North and South pits.
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.
SOURCE
Panoro Minerals Ltd.
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For further information:
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., James McFarland, Account Manager, Phone: 416.644.2020 /
212.812.7680, Email: [email protected], Web: www.renmarkfinancial.com
CO: Panoro Minerals Ltd.
CNW 09:20e 07-SEP-23