Panoro Minerals Ltd. Announces Initiation of Drill Targetting Geophysics Survey at the Chaupec Target of the Cotabambas Copp...
October 15 2018 - 9:20AM
Panoro Minerals Ltd. (TSXV: PML, Lima: PML, Frankfurt: PZM)
(“Panoro”, the “Company”) is pleased to announce the
commencement of detailed 3D Geophysical survey at Zone 1 of the
Chaupec Target. The objective of the survey is to finalize
drill targets for the proposed exploration program. The
Chaupec Target contains Skarn and Porphyry type mineralization
located within Cluster 2 at the 100% owned Cotabambas Copper
Project.
The survey will be completed at the northern
area of Zone 1, where Sills of quartz monzonite composition intrude
wide altered bodies of limestones and skarn composed by piroxenes,
garnets, magnetite, chlorite and epidot. The associated
mineralization is composed of copper oxides, chalcopyrite,
chalcocite, and bornite sulphides outcropping at surface. The
package of sills/skarn is exposed along an area of approximately
450 m by 600 m along the contact of the Diorite over thrusting the
limestones of the Ferrobamba formation. Details of the
Chaupec Target can been found on Panoro press release of August
28th, 2018.
The survey grid is shown on the
attached map together with the surficial geology.
The Geophysics field work will include IP, Magnetometry and
gravity, as summarized below:
- 3D Ground Magnetometry including 20 lines of 1 km length each,
at 25 m spacing.
- Previous Ground Magnetometry was completed in the area at
spacing of between 100 m and 200 m with readings each 10 m to 20
m. These surveys served to infer limits of the main packages
of limestones, diorite and sills/skarn. The current survey will
include continuous readings along the lines and will be concentered
on the sill/skarn package.
- IP-3D including 10 lines of 1 km length, spacing of 50 m
between lines and with stations of 25, 50, 75 & 100 meters
multi-dipole.
- Previous IP surveys in the area were completed with 100 m
spacing and readings each 50 m. The survey will permit
identification of charged and resistive bodies with a resolution of
25 m and to approximately 300 m depth.
- Gravity survey, including 110 points distributed over the same
grid as for the Magetometry and IP.
The goal of the survey is to identify structural
controls, directions and thicknesses of the Skarn bodies which
reported high copper, silver and gold anomalies on the surface rock
sampling. The survey will be complemented with additional detailed
mapping to finalize the location, orientation and depth of proposed
drill holes of the exploration program.
About Panoro
Panoro Minerals is a uniquely positioned Peru
focused copper exploration and development company. The Company is
advancing its two advanced stage copper projects;
- Cotabambas Copper-Gold-Silver Project; and
- Antilla Copper-Molybdenum Project.
The Company also has two early stage projects
being funded and/or advanced with partners;
- Kusiorcco Copper Project, funded by Hudbay Minerals; and
- Humamantata Copper Project, funded by JOGMEC.
Panoro’s Projects are located in the
strategically important area of southern Peru. The region
boasts the recent investment of over US$15 billion into the
construction or expansion of four large open pit copper mines (Las
Bambas, Constancia, Antapaccay and Cerro Verde) and another $US 3
billion being invested currently into two additional open pit
copper mines (Mina Justa and Quelleveco).
Since 2007, the Company has completed over
80,000 meters 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.
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Summary of Cotabambas and Antilla Project
Resources |
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Project |
ResourceClassification |
MillionTonnes |
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 |
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Preliminary Economic Assessments (PEA) have been
completed for both the Cotabambas and Antilla Projects, the key
results are summarized below.
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Summary of Cotabambas and Antilla Project
PEA Results |
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Key Project
Parameters |
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Cotabambas
Cu/Au/AgProject1 |
Antilla
CuProject2 |
Process Feed, life of mine |
million tonnes |
483.1 |
118.7 |
Process Feed, daily |
Tonnes |
80,000 |
20,000 |
Strip Ratio, life of mine |
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1.25 : 1 |
1.38: 1 |
BeforeTax1 |
NPV7.5% |
million USD |
1,053 |
520 |
IRR |
% |
20.4 |
34.7 |
Payback |
years |
3.2 |
2.6 |
AfterTax1 |
NPV7.5% |
million USD |
684 |
305 |
IRR |
% |
16.7 |
25.9 |
Payback |
years |
3.6 |
3.0 |
AnnualAveragePayable Metals |
Cu |
thousand tonnes |
70.5 |
21.0 |
Au |
thousand ounces |
95.1 |
- |
Ag |
thousand ounces |
1,018.4 |
- |
Mo |
thousand tonnes |
- |
- |
Initial Capital Cost |
million USD |
1,530 |
250 |
- 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.
- Project economics estimated at long term commodity price of Cu
= US$3.05/lb and Short term commodity price of Cu = US$3.20,
US$3.15 and US$3.10 for Years 1,2 and 3 of operations,
respectively.
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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
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FOR FURTHER INFORMATION,
CONTACT: |
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Panoro Minerals Ltd.Luquman
Shaheen, President & CEOPhone: 604.684.4246 Fax:
604.684.4200Email: info@panoro.comWeb: www.panoro.com |
Renmark Financial Communications
Inc.Laura WelshTel.: (416) 644-2020 or (416)
939-3989welsh@renmarkfinancial.comwww.renmarkfinancial.com |
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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.
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