Panoro Minerals Intersects 117.7 m Grading 1.98% CuEq Cotabambas Project, Peru
Panoro Minerals Intersects 117.7 m Grading
1.98% CuEq Cotabambas Project, Peru
VANCOUVER, BC
,
March 20, 2023
/CNW/ -
Panoro Minerals Ltd.
(TSXV: PML) (Lima: PML)
(Frankfurt: PZM) (OTCQB: POROF) ("Panoro", the "Company") is pleased to announce results of
seven additional drill holes from its infill and step-out drill program at the Company's Cotabambas
Cu/Au/Ag Project in southern
Peru
.
The principal intersections from the results are summarized as follows, see
Figures 1
and
2
for
drillhole locations:
North Pit
Drillhole CB-209
intersected
133 m
of a porphyry stock located to below both the Preliminary
Economic Assessment (PEA) and Mineral Resources (MR) pit shells. This hole intersected five
mineralized intervals varying from
21.2 m
to
136.9 m
with grades grading from 0.20 to 0.67%
Cueq. Mineralization was intersected to more than
250 m
below the PEA pit shell.
Drillhole CB-212
intersected
74.0 m
averaging 1.07% Cueq, including
35.1 m
of mixed copper
mineralization grading 1.14% Cu, 0.33 g/t Au, 2.58 g/t Ag (1.43% Cueq) underlain by
38.9 m
of
hypogene copper mineralization averaging 0.46% Cu, 0.33 g/t Au, 3.0 g/t Ag (0.75% Cueq).
The hole was terminated due water flows, the target zone will be re-drilled from an adjacent
location.
Drillhole CB-213
intersected two intervals of primary copper sulfides of
155.4 m
and
107.1 m
length averaging 0.62% Cu, 0.34 g/t Au, 4.43 g/t Ag (0.93% Cueq) and 0.87% Cu, 0.77 g/t Au,
4.24 g/t Ag (1.53% Cueq) respectively. The hole is located to the north side of the North Pit
and intersected high grade mineralization from near surface.
Drillhole CB-214
intersected
408.7m
of primary copper sulfide averaging 0.74% Cueq,
including an interval of
117.7 m
grading 1.21% Cu, 0.82 g/t Au, 11.36 g/t Ag (1.98% Cueq),
located to the southern part of the North Pit. The mineralized porphyry stock was confirmed with
over
240 m
length and mineralization intersected to over
100 m
below the PEA pit shell.
Drillhole CB-216
intersected
184.2 m
of mineralization from near surface grading 0.43% Cu,
0.17 g/t Au, 2.68 g/t Au (0.59 %Cueq) from near surface, including supergene mineralization
grading 0.80% Cu, 0.13 g/t Au, 2.48 g/t Ag (0.93% Cu eq) and oxide mineralization grading
0.39 g/t Au, 4.77 g/t Ag.
South Pit
Drillhole CB-215
intersected
325.3 m
of primary copper mineralization averaging 0.48% Cueq,
including
114.0 m
grading 0.44% Cu, 0.60 g/t Au, 2.62 g/t Ag (0.95% Cueq) including
55.7 m
grading 0.53% Cu, 0.83 gt Au, 3.08 g/t Ag (1.23% Cueq). Mineralization was intersected to
over
250 m
below the PEA pit shell and over 150 m to the east of CB-202.
Luquman Shaheen, President & CEO commented, "The drilling results from the ongoing exploration
program are very encouraging. The program continues to intersect high grade mineralization at the
South Pit where the potential to increase the total resource and increase the high-grade component
of the resource looks very positive. Intersections of over
100 m
near or above 1% Cueq have the
potential to have important impacts to the proposed mine plan where the potential to include higher
grades early in the mine plan looks likely. Results from the North Pit drilling continue to delineate
continuity of the high-grade zone within the PEA pit shell with the potential to extend to below the
PEA pit shell as well as along strike to the north-east. Additional drilling will target further growth
areas of the high-grade zone particularly to the south and east side of the South Pit and the North
side of the North pit."
DISCUSSION OF RESULTS
Drillholes CB-209, 211, 212, 213, 214 and 216 are targeting an upgrade of the inferred resources to
indicated category of the high-grade zones located in the north and southern extremes of the North
Pit where continuity remains open at depth and along strike to the northeast
(Figure 1)
. The goal of
the CB-215 is to step-out the high-grade Cu-Au mineralization to the south and to depth at the South
Pit
(Figure 2)
. Highlighted intersection results are listed in the table below.
Drillhole
From
(m)
To
(m)
Length
(m)
Cu
%
Au
g/t
Ag
g/t
Cueq
1
%
Mineralization
Type
CB-209
49.7
177.3
127.6
0.15
0.05
1.42
0.20
Primary
206.6
278.0
71.4
0.21
0.07
1.79
0.28
Primary
347.0
412.4
65.4
0.20
0.11
1.88
0.31
Primary
432.9
454.0
21.2
0.19
0.11
2.26
0.30
Primary
507.4
644.3
136.9
0.29
0.25
2.73
0.52
Primary
Including
539.2
597.8
58.6
0.36
0.34
3.75
0.67
Primary
CB-211
184.80
222.80
38.00
0.11
0.03
0.82
0.14
Primary
CB-212
0.00
74.00
74.00
0.78
0.33
2.80
1.07
Overall
Including
0.0
35.1
35.1
1.14
0.33
2.58
1.43
Mixed
Including
35.1
74.0
38.9
0.46
0.33
3.00
0.75
Primary
CB-213
8.2
163.6
155.4
0.62
0.34
4.43
0.93
Primary
Including
41.4
161.6
120.2
0.76
0.33
4.60
1.07
Primary
Including
41.4
119.0
77.6
0.87
0.35
5.27
1.20
Primary
Including
135.0
161.6
26.6
0.69
0.35
4.18
1.01
Primary
202.3
309.4
107.1
0.87
0.77
4.24
1.53
Primary
Include
204.3
275.2
70.9
1.23
1.13
5.65
2.19
Primary
CB-214
14.0
422.7
408.7
0.47
0.29
4.46
0.74
Primary
Including
91.4
209.1
117.7
1.21
0.82
11.36
1.98
Primary
Including
231.6
245.6
14.0
0.48
0.96
20.20
1.44
Primary
Including
260.6
315.3
54.7
0.28
0.15
3.07
0.43
Primary
Including
330.9
401.4
70.5
0.19
0.05
1.67
0.25
Primary
CB-216
3.5
187.7
184.2
0.43
0.17
2.68
0.59
Overall
Including
3.50
49.50
46.00
0.05
0.39
4.77
0.41
Gold Oxide
Including
49.5
125.4
75.9
0.80
0.13
2.48
0.93
Secondary Sulfide
Including
125.4
187.7
62.3
0.24
0.07
1.38
0.31
Primary
CB-215
268.2
593.5
325.3
0.24
0.28
1.86
0.48
Primary
Including
397.5
511.5
114.0
0.44
0.60
2.62
0.95
Primary
Including
409.5
465.1
55.7
0.53
0.83
3.08
1.23
Primary
1.
Cu equivalent grade estimated at spot prices of Au=USD 1771/oz, Ag=USD 20.13/oz and Cu=USD 3.52/lb
SOUTH PIT
Drillhole CB-215
delineated the porphyry stock across two intervals of
72 m
and
104 m
, intruding
the diorite host rock and generating a new high-grade zone extension to the south end of the South
Pit. This hole intersected high grade mineralization to over
100 m
below the previously published CB-
202 and intersected
325.3 m
of primary copper mineralization averaging 0.24% Cu, 0.28 g/t Au,
1.86 g/t Ag (0.48% Cueq), including
114.0 m
grading 0.44% Cu, 0.60 g/t Au, 2.62 g/t Ag (0.95%
Cueq). This hole intersected the high grade zone outside the limits of the PEA pit and extending
below the MR pit shell, representing a potential increase of mineral resources in the southern
extreme of the South pit
(Figure 3)
. The section shows the high grades extending at depth where
the potential to perform another step-out drillhole to the east of CB-215 has the potential to further
delineate mineralization and potentially further expand the MR. The porphyry stock is following a
structural control to the southwest and hidden below the andesite package.
NORTH PEA PIT
Drillhole CB-214
is an infill drill hole intersecting
240 m
of the porphyry stock intruded into the diorite
host rock, and emplacing
408.7 m
of primary copper sulfide averaging 0.47% Cu, 0.29 g/t Au, 4.46
g/t Ag (0.74% Cueq). The mineralization includes four intervals of the porphyry, of which including
117.7 m
intersection averaging 1.21% Cu, 0.82 g/t Au, 11.36 g/t Ag (1.98%Cu eq) located in the
southern portion of the North pit
(Figure 4)
. The high grade is related to the quartz stockwork
occurring almost exclusively into the porphyry stock, accompanied by a mineralogy of chalcopyrite,
minor pyrite and an alteration assembly composed by orthoclase, magnetite, chlorite and sericite.
CB-214 replaced the previous drillhole CB-205 which was stopped due to water flow from the
borehole.
Drillhole CB-213
is an infill drill hole targeting mineralization
100 m
below CB-73. The results
delineated two intervals of primary copper sulfide of
155.4 m
length averaging 0.62% Cu, 0.34 g/t
Au, 4.43 g/t Ag (0.93% Cueq) hosted in the diorite intrusive and
107.1 m
length grading 0.87% Cu,
0.77 g/t Au, 4.24 g/t Ag (1.53% Cueq) hosted in the porphyry stock. The intervals are separated by
an interval of
43 m
length of barren latite dike. This hole is in the north extreme of the North pit and
leaves open the potential for mineralization to the Northeast direction. The figure
(Figure 5)
shows
the potential for CB-213 to increase the volume of the high grade in this part of the North pit.
Drillhole CB-216
targeted mineralization located
100 m
below CB-43 in the north extreme of the
North pit where the hole intersected
184.2 m
of copper mineralization grading 0.43% Cu, 0.17 g/t
Au, 2.68 g/t Ag (0.59 % Cueq), including supergene mineralization of
46.0 m
of gold oxide
mineralization averaging 0.39 g/t Au, 4.77 g/t Ag and 0.05% Cu and, underlain by
75.9 m
of a
secondary copper sulfides grading 0.80% Cu, 0.13 g/t Au, 2.48 g/t Ag (0.93% Cueq), and overlaying
an interval of
62.3 m
of hypogene copper mineralization averaging 0.24% Cu, 0.07 g/t Ag, and 1.38
g/t Ag (0.31% Cueq). The mineralization is in the porphyry and the diorite of the footwall
(Figure 6)
.
Drillhole CB-212
is an infill hole also located to the north side of the North Pit and was terminated at
74m
due to water flows from the borehole. The drillhole intersected
74.0 m
averaging 0.78% Cu,
0.33 g/t Au, 2.80 g/t Ag (1.07% Cueq), including
35.1 m
of mixed copper mineralization grading
1.14% Cu, 0.33 g/t Au, 2.58 g/t Ag (1.43% Cueq) underlain by
38.9 m
of hypogene copper
mineralization averaging 0.46% Cu, 0.33 g/t Au, 3.00 g/t Ag (0.75% Cueq). This hole targeted the
continuity of the high-grade zone of the porphyry stock intersected at depth by previous holes CB-75
and CB-11. The target zone will be redrilled from an adjacent location at a suitable angle
(Figure 7)
.
Drillhole CB-209
is located near the southern extreme of the North pit and started as an infill inside
the PEA pit but also explored the high grades intersected previously at depth by the hole CB-140.
CB-209 crossed a total of
644 m
averaging 0.25% Cueq identifying
133 m
of a porphyry stock at
depth, near and below the west side limit of the MR pit shell. Prior to intersecting the porphyry this
hole intersected five intervals of hypogene copper mineralization, varying from
21.2 m
to
136.9 m
in
length with grades from 0.20% Cueq to 0.67% Cueq. The potassic alteration conformed by
orthoclase, magnetite, secondary biotite is centered by the porphyry stock and overprinted by the
SCC alteration (sericite, chlorite, clay) related to grades above 0.2% Cu and 0.10 g/t Au in the top
of the hole. The new high grade intersected at depth may represent a potential for resources
increase in the incoming estimation
(Figure 8)
.
Drillhole CB-211,
located near the surface in the southwest extreme of the North pit, between
100
m
to
150 m
above the drillhole CB-209. This hole intersected a copper anomaly of primary sulfides
along
38.0 m
length and averaging 0.14% Cueq. This hole permit to constrain the copper
mineralization to the south-east side of the North pit
(Figure 8)
.
The Company's priority is continuing with the step out drilling program in the South Pit, to incorporate
new high grade mineral resources and upgrading to indicated categories. In parallel, the re-logging
of drillholes and geologic modelling updates are progressing in our core shack in Cusco. The drilling
campaign started in April 28/2022 and to date has accumulated approximately
10,000 m
of the plan
of
16,970 m
.
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: 514.939.3989, Email:
[email protected], Web: www.renmarkfinancial.com
CO: Panoro Minerals Ltd.
CNW 09:20e 20-MAR-23