Panoro Minerals Intersects 195.2 m of Copper Mineralization at Maria Jose Target at Cotabambas Project, Peru
Panoro Minerals Intersects 195.2 m of Copper Mineralization at
Maria Jose Target at Cotabambas Project, Peru
VANCOUVER, British Columbia, Aug. 01, 2017 (GLOBE NEWSWIRE) -- Panoro Minerals Ltd. (TSXV:PM)
(Lima:PML) (Frankfurt:PZM) ("Panoro", the "Company") is pleased to provide an update of its exploration
drill program at its 100% owned Cotabambas Cu/Au/Ag Project in Peru. Highlights are as follows:
Drillhole CB-157, the first hole completed at the Maria Jose zone, intersected 195.2 m of
primary copper mineralization grading 0.34 % Cu, 0.06 g/t Au and 1.6 g/t Ag.
Drillhole CB-158 at the Breccia zone, intersected 4.3 m of iron oxides grading 0.9 g/t Au, 1.1
g/t Ag and 0.01 % Cu.
The drill program commenced with the mobilization of the first drill rig at the end of May 2017 at the Breccia
zone and a second rig to Maria Jose zone. The drill core was logged and sampled on site and samples
were prepared and analyzed at ALS Chemex Laboratories in Lima.
Maria Jose Zone
The Maria Jose target is located between 1.0 and 2.5 km to the north of the proposed North Pit as defined
by the September 22, 2015 Preliminary Economic Assessment. Hole CB-157 tested the MJ-2 target, one of
two prospects associated with a strong chargeability anomaly within the Maria Jose zone and was
completed to a total depth of 502.5 m. The following table details the more significant intersections. A
location plan can be found at the company ’s website, www.panoro.com.
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The hole commenced within an andesite volcanic package from surface to 200.0 m with supergene,
propilitic alteration and variable primary copper mineralization, including 109.7 m of mix mineralization with
grades of 0.15% Cu, 0.02 g/t Au and 0.8 g/t Ag.
From 200.9 m to 272.8 m the hole intersected potassically altered quartz monzonite with primary
chalcopyrite mineralization grading 0.17 % Cu, 0.01 g/t Au and 1.0 g/t Ag, before re -entering the andesitic
volcanics. A more strongly mineralized, silicified and potassically altered interval with disseminations and
veinlets of chalcopyrite which straddles this contact graded 0.34 % Cu, 0.06 g/t Au and 1.6 g/t Ag over
195.2 metres from 272.0 m to 467.9 m.
Drilling has shown that the extensive chargeability anomaly associated with the Maria Jose zone is
associated with varying levels of disseminated pyrite and significant levels of chalcopyrite. Additional
Drillhole From (m) To (m) Metres Cu (%) Au g/t Ag g/t Mo% Zone
CB-157 18.8 128.5 109.7 0.15 0.02 0.8 0.0023 Mixed
" " 200.9 272.8 71.9 0.17 0.01 1.0 0.0032 Primary
" " 272.8 467.9 195.2 0.34 0.06 1.6 0.0014 Primary
Including 336.0 356.0 20.0 0.51 0.07 2.4 0.0021 Primary
Including 423.3 444.4 21.2 0.42 0.07 1.8 0.0018 Primary
drilling continues to test this anomaly.
Breccia Zone
The Breccia Target is located adjacent to the north side of the proposed North Pit and is defined by a
number of rock samples with anomalous levels of gold distributed over an area of 1.0 km x 1.4 km along
with argillic alteration. Approximately 2,000 m of exploration drilling is planned for the zone, of which four
shallow drill holes have been completed to date for a total of 558.1 m. The following table details the more
significant intersections.
All four holes intersected shallow intervals of supergene iron oxide mineralization and silica veinlets within
the dacitic porphyry intruding the dioritic host rocks, below which no primary copper mineralization was
found. Each contained a number of narrow gold -mineralized intervals with low to moderate grades,
demonstrating the extension of oxide gold mineralization north from the known zone at the north margin of
the Ccalla zone. Additional drilling will continue to test the Breccia zone.
Exploration Program
A second drillhole, CB -161, has been completed in the Maria Jose zone. It is collared approximately 140 m
to the southwest of CB -157 and has intersected primary and secondary mineralization beginning from
shallow depths. Assay results are pending and will be announced when batches are received and
summarized. Currently, two drill rigs are operating at the MJ -2 target and will step out toward the MJ1
target.
Luquman Shaheen, President & CEO, of Panoro Minerals states, “We are pleased with the first results from
the stepout and exploration drill program. The intersection of significant intervals of mineralization at the
Maria Jose zone is great news and an important milestone for the Cotabambas Project. This discovery
validates our exploration thesis of the potential for a cluster of porphyry deposits around the current Ccalla
and Azulccaca deposits. Also, the intersection of relatively shallow mineralization containing high grades of
gold and silver at the Breccia target looks promising. We look forward to advancing the ongoing
exploration and step out drill program with further definition of the targeted growth areas. ”
About Panoro
Panoro Minerals is a uniquely positioned Peru focused copper exploration and development company. The
Drillhole From (m) To(m) Metres Au g/t Ag g/t Cu (%) Zone
CB-154 2.1 4.5 2.4 0.26 2.6 0.04 Iron Oxides
" " 6.1 8.1 2.0 0.75 3.4 0.02 Iron Oxides
" " 24.1 33.8 9.7 0.12 0.7 0.01 Iron Oxides
" " 39.0 44.6 5.6 0.15 2.0 0.02 Iron Oxides
" " 60.0 64.0 4.0 0.13 1.1 0.01 Iron Oxides
" " 70.3 82.4 12.2 0.18 2.0 0.02 Iron Oxides
Including 78.6 82.4 3.8 0.34 5.1 0.05 " "
CB-155 77.6 83.0 5.5 0.18 0.6 0.01 Iron Oxides
Including 81.6 83.0 1.5 0.27 1.0 0.00 " "
" " 102.1 104.2 2.2 0.41 18.4 0.02 Iron Oxides
Including 103.3 104.2 0.9 0.85 39.6 0.03 " "
CB-156 25.0 28.3 3.3 0.14 0.9 0.03 Iron Oxides
" " 77.3 81.8 4.5 0.11 1.4 0.01 " "
CB-158 18.7 23.0 4.3 0.90 1.1 0.01 Iron Oxides
Including 19.7 22.1 2.4 1.52 0.8 0.01 " "
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
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
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.
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
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
Luquman Shaheen. PEng, PE, MBA
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.
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 ability to enforce Panoro’s legal rights under permits or licenses or
risk that Panoro’s will 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 the cost of doing business and restrict Panoro’s
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 properties are not yet in commercial production;
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
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.
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