Panoro Minerals Intersects 195.8 m of 0.92% Cueq Mineralization at South Pit Target of Cotabambas Project, Peru
Panoro Minerals Intersects 195.8 m of 0.92%
Cueq Mineralization at South Pit Target of
Cotabambas Project, Peru
VANCOUVER, BC
,
June 7, 2022
/CNW/ -
Panoro Minerals Ltd.
(TSXV: PML) (Lima: PML)
(Frankfurt: PZM) (OTCQB: POROF) ("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
.
Drillhole CB-195, the first hole completed of the 2022 program, intersected
195.8m
averaging 0.55%
Cu, 0.52 Au g/t, 2.88 Ag g/t (0.92% Cueq), including a profile of copper oxides, mixed and hypogene
zones. The primary copper sulfides in the hypogene zone include
45.7m
grading 0.95% Cu, 0.78 g/t
Au and 4.35 g/t Au (1.51% Cueq) into a porphyry stock of quartz monzonite composition.
The drill program commenced with the mobilization of the first drill rig during the last week of
April
2022
at the South Pit area. The drill core was logged and sampled on site and samples were
prepared and analyzed at ALS Chemex Laboratories in
Lima
.
The South Pit Area
The South Pit target is located between
400m
to
1200m
to the south of the proposed North Pit as
defined by the
September 22, 2015
Preliminary Economic Assessment. The Hole CB-195 tested the
mineralized area located between previous Drillholes CB-23 and CB-34,
see link1
, and was
completed to a total depth of
240.2m
. The following table details the more significant intersections.
Drillhole
From (m)
To (m)
Metres
Cu (%)
Au g/t
Ag g/t
Cueq
1
(%)
Zone
CB-195
35.0
230.8
195.8
0.55
0.52
2.88
0.92
" "
35.0
75.5
40.5
0.40
0.37
2.77
0.67
Oxide
" "
75.5
95.0
19.5
1.01
1.15
5.18
1.83
Mixed
" "
95.0
230.8
135.8
0.53
0.48
2.59
0.88
Primary
Include
95.0
140.7
45.7
0.95
0.78
4.35
1.51
Primary
1.
Cu equivalent grade estimated at spot prices of Au=USD 1842/oz, Ag=USD 22.10/oz and Cu=USD 4.37/lb
Luquman Shaheen, President & CEO, of Panoro Minerals states, "
The results of drillhole CB-195
validate Panoro's thesis that there exists potential to grow the high-grade component of the
Cotabambas Project resource. The high grades have been intersected near surface with the
potential to provide additional high grade to the mine plan early in the proposed mine-life.
Furthermore, the intersection of the high grades in CB-195 at the South Pit also indicate the
potential to extend the high grade intersects along strike from the South Pit to the North Pit and to
the north of the North Pit, see
link 2
. Step out and infill drilling is planned in these areas as part of
the on-going exploration program. The exploration program will continue to the end of the year
with an estimated
16,000 m
of exploration drilling to be completed. We look forward to
announcing results from drill hole assays as they are received and analyzed.
"
See link 3
for cross section at drill hole location. The hole commenced within a barren lithocap leach
capping of volcanic andesite package and diorite intrusive from surface to
35 m
, including supergene
argillic alteration and traces of copper and manganese oxides.
From
35.0m
to
75.5m
the hole intersected phyllic and potassically altered quartz monzonite with
copper oxide grading 0.40% Cu, 0.37 g/t Au, 2.77 g/t Ag (0.67% Cueq). The copper oxides species
are chrysocolla, malachite, tenorite, neotocite and iron oxides.
From
75.5m
to
95.0 m
the drill hole intersected potassic interleaved with sericite, chlorite, clay
(SCC) alterations in the quartz monzonite porphyry hosting a copper mixed zone of
19.5m
width
averaging 1.01% Cu, 1.15 g/t Au, 5.18 g/t Ag (1.83% Cueq). The mineralogic species are a mix of
chrysocolla, tenorite, neotocite, chalcopyrite and pyrite into a framework of quartz veinlets.
Finally, from
95.0m
to
230.8m
over the quartz monzonite porphyry with potassic/SCC alteration with
primary chalcopyrite mineralization of
135.8m
width grading 0.53% Cu, 0.48 g/t Au and 2.59 g/t Ag
(0.88% Cueq), before re-entering the diorite intrusive host rock. A more strongly mineralized,
silicified and potassically altered interval with disseminations and veinlets of chalcopyrite graded 0.95
% Cu, 0.78 g/t Au and 4.35 g/t Ag (1.51% Cueq) over 45.7 meters from
95.0 m
to
140.7m
.
Drilling has shown that the extensive chalcopyrite mineralization and potassic alteration in the
porphyry "center" is surrounded by "proximal" SCC alteration with pyrite>chalcopyrite sulfides and
"distal" propylic alteration with disseminated pyrite mineralization into the diorite host rock. The gold
and silver values occur overall this lateral zoning and randomly emplaced with the SCC and potassic
alteration event.
Most of the high grade intersected by this hole will represent new resources to be added in the
block model of the 2015 PEA pit.
Additional drilling continues to test this mineralization to the northeast with the step out hole CB-196,
which assays results are in progress and published in a next press release.
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
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
2
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
2.
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
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
FOLLOW Panoro Minerals
|
|
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., Scott Logan, Account Manager, Phone: 416.644.2020 /
212.812.7680, Email:
[email protected], Web: www.renmarkfinancial.com
CO: Panoro Minerals Ltd.
CNW 09:20e 07-JUN-22