VANCOUVER, BC, Aug. 31,
2022 /CNW/ - Panoro Minerals Ltd. (TSXV: PML)
(Lima: PML) (Frankfurt: PZM) (OTCQB: POROF) ("Panoro", the
"Company") is pleased to announce results of four additional drill
holes from its 16,970 m drill program, the aim of which is to
expand the high-grade resource and upgrade inferred to indicated
resources at the Company's Cotabambas Cu/Au/Ag Project in southern
Peru.
Hole CB-198 confirms the high-grade continuity between the
previous holes CB-23 and CB-195, intersecting a 260 m length of primary copper sulfide
mineralization averaging 0.43% Cu, 0.61 g/t Au and 2.72 g/t, Ag
(0.90% Cueq), related to a porphyry stock of quartz monzonite
composition intruding the diorite host rock, Figure 1.
The intersection includes 130.4 m
averaging 0.58% Cu, 0.95 g/t Au and 3.41 g/t, Ag (1.31 % Cueq)
"Drillhole CB-198 delineates the high-grade core contained
within the South Pit to approximately 350
m depth, to the bottom of the pit shell defined in the PEA
mine plan and indicates continuity to a depth of over 500m to the pit shell constraining the global
resource. The high-grade continuity indicates the potential
to replace lower grade resource within the mine plan with higher
grades including in the early part of the mine plan. This
will result in important upsides to the prefeasibility study.",
stated Luquman Shaheen, President & CEO.
Discussion of Results
The purpose of Holes CB-197 and CB-199 was to confirm the east
and west continuity of the Copper-Gold high-grades near the
surface, respectively and the purpose of holes CB-198 and CB-200
was to confirm the lateral and vertical continuity. See the
locations of the holes on the map Figure 2. The most
significant results are listed in the table below.
Drillhole
|
From
(m)
|
To
(m)
|
Metres
|
Cu
(%)
|
Au
g/t
|
Ag
g/t
|
Cueq
%1
|
Zone
|
|
CB-197
|
202.1
|
291.6
|
89.5
|
0.13
|
0.09
|
0.82
|
0.20
|
Primary
|
|
" "
|
307.8
|
341.6
|
33.8
|
0.12
|
0.07
|
0.72
|
0.18
|
Primary
|
|
" "
|
360.7
|
384.0
|
23.3
|
0.14
|
0.06
|
0.93
|
0.19
|
Primary
|
|
" "
|
405.9
|
435.9
|
20.0
|
0.13
|
0.10
|
1.30
|
0.21
|
Primary
|
|
" "
|
452.7
|
470.7
|
18.0
|
0.13
|
0.07
|
0.69
|
0.19
|
Primary
|
|
CB-198
|
123.0
|
382.9
|
260.0
|
0.43
|
0.61
|
2.72
|
0.90
|
Primary
|
|
including
|
142.7
|
273.1
|
130.4
|
0.58
|
0.95
|
3.41
|
1.31
|
Primary
|
|
including
|
289.1
|
343.0
|
53.9
|
0.4
|
0.37
|
2.83
|
0.70
|
Primary
|
|
CB-199
|
135.7
|
179.6
|
44.0
|
0.11
|
0.07
|
0.78
|
0.17
|
Primary
|
|
" "
|
209.0
|
264.2
|
55.2
|
0.15
|
0.05
|
0.66
|
0.19
|
Primary
|
|
CB-200
|
122.8
|
320.6
|
197.8
|
0.16
|
0.11
|
1.17
|
0.25
|
Primary
|
|
including
|
132.8
|
182.4
|
49.6
|
0.31
|
0.27
|
2.14
|
0.53
|
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
|
Drill hole CB-197 explored the easter continuity of the
new high grade intersected by the previously announced hole CB-196,
located 150m to the west. The
hypogene mineralization was intersected in five splits with copper
and gold anomalies. The mineralization is contained within the
diorite host rock printed with an overlapping of potassic, SCC and
phyllic alterations. The intersections show intensive faulting
suggesting the high-grade mineral block was moved to depth and
northwest, in direction to the North pit.
Drillhole CB-198 explored the high-grade continuity in
section 5W, intersecting copper primary mineralization along
260.0 m averaging 0.43%Cu, 0.61 g/t Au and 2.72 g/t Ag (0.90%
Cueq) including 130.4 m grading 0.58%
Cu, 0.95 g/t Au and 3.41 g/t Ag (1.31 % Cueq) underlain by
53.9 m averaging 0.40% Cu, 0.37 g/t
Ag and 2.83 g/t Ag (0.70 % Cueq). The quartz monzonite porphyry
with potassic and SCC alterations is hosting a wide stockwork of
quartz veinlets with chalcopyrite, pyrite and magnetite. The three
holes completed in this section confirm a vertical continuity of
the high grade of 350 m, with grades
varying between 0.67% and 0.92% Cueq. and widths between 180 and
260m.
Drillhole CB-199 is located 150
m to the east of the high grade intersected by drillholes
CB-195 and CB198, and 100 m above the
mineralization intersected by drillhole CB-20, Figure 2.
The hole intersected a fault system constraining the lateral
mineral continuity, intersecting two copper anomalies hosted in the
diorite with moderated potassic alteration.
Drillhole CB-200 located 100
m above CB-196, where the high-grade was intersected.
CB-200 intersected almost 50 m
of primary copper mineralization averaging 0.31% Cu, 0.27 g/t Au,
2.14 g/t Ag (0.53 Cueq %). The interval is part of an
extensive hypogene mineralization developed in the hanging wall of
a quartz monzonite porphyry not intersected by drillhole CB-196,
suggesting blocks have been moved by local faulting.
Exploration Model at the South Pit
Six holes have been completed in the South pit in for a total of
16 holes (6,166m). A porphyry
of quartz monzonite composition (QMP2) is emplaced along a
structural control in an almost North-South direction into the
diorite host rock, and subsequent intrusions of narrow dikes of
QMP3, quarciferous/dacite, monzonite and latite compositions.
A second faulting system in North 60-80 East direction
intersects the porphyry at its north extreme, where other porphyry
stages intrude (the QMP1) and enrich the metal concentration.
Finally, a lithocap of andesite volcanic hides the previous
lithologies and mineralization under the surface, following an
overthrust faulting in a west direction.
The alteration model is centered by the potassic assemblage in
the QMP1, expanding to the QMP2 and the diorite host rocks,
following mainly the North 60-80 East structural direction.
The SCC alteration assemblage is proximal to the potassic,
with the phyllic and propylitic alterations appearing outwards of
the porphyry center. See a typical section in Figure
1.
The drilling results confirm the existence of a high-grade ore
body (HGOB) centered by the QMP1, extending along the N60-80E
structural control, and dipping to the south-southeast. The
hypogene sulfide in this body is intimately associated with
multiphase stockworks and unidirectional arrays of millimetric and
centimetric veinlets of A, B, and M types, in potassically altered
rock of the QMP1 and adjacent diorite. The copper-gold
mineralization in the HGOB is dominantly contained in a steeply
inclined, tabular zone of intense quartz veining, typically
carrying >30 veinlets per meter. The HGOB widths vary from
50 m to 260
m and averaging grades from 0.51 to 1.21 % Cueq. The
ore body outcrops at surface along 150
m strike length and shows a vertical continuity to over
450m depth, where its lateral
footprint is increased to 450m along
strike. Good potential exists to grow the lateral continuity to
750 m along strike, as suggested by
the drillhole, CB-05, located close to the North pit limit.
See Figure 3, Figure 4, Figure
5 and Figure 6.
The average copper:gold ratio, in term of contained metal
value, in the South pit is 1:1 and reflects the higher gold content
than in the North pit where this ratio is averaging 2.7:1. The
silver:gold ratio in the South Pit is 6:1 while in the North pit
this increases up to 14:1. The South pit is interpreted as an
early and different mineral pulse of Cu-Ag mineralization rich in
gold, as suggested by geochronology studies. The secondary
biotite of the potassic alteration in the South pit porphyry
reports an Ar-Ar age of 35.3+0.7 Ma, while in its pair of the North
pit reports an Ar-Ar age of 35.9+0.4 Ma (R. Rivera 2011). Another
study confirmed with K-Ar methods an age of 35.7+0.9 Ma for the
North pit porphyry and 43.2+1.1 Ma for the diorite host rock (K-Ar
age by Perello et.al. 2003).
The geophysics signatures also build up an exploration model
that may guide future drilling of the potential at depth. The
HGOB is open and deepening to join the west side of an isolated
high resistivity signature, wrapped and surrounded by a high
magnetic anomaly. The chargeability is split into two blocks
and interpreted as an external pyrite halo following a structural
over-thrusting, through which the HGOB is deepening, as shown in
Figure 7.
Finally, the bottom of the PEA South pit is located between 230
and 300 m below the surface and shows
the high potential to incorporate new mineral resources at depth,
along strike and at depth following the structurally controlled
porphyry.
The Company continues drilling in the South pit adding new
mineral resources and upgrading inferred to the indicated category.
In parallel, the re-logging and updates of the geologic modelling
are progressing in parallel. Some of the future drillholes will be
located below the CB-23 (section 5W), CB-63 (section 4W) and CB-196
(section 3W).
Granting of Options
Panoro announces the granting of 500,000 options exercisable at
a price of $0.12 to Guillermo Torres Torres, VP Project Development,
pursuant to the Company's stock option plan and subject to the TSX
Venture Exchange rules and regulations.
About Panoro
Panoro is a uniquely positioned Peru-focused copper development company. The
Company is advancing its flagship Cotabambas Copper-Gold-Silver
Project located in the strategically important area of southern
Peru.
The Company's objective is to complete a Prefeasibility study in
2023 with work programs commencing in Q1 2022.
At the Cotabambas Project, the Company will first focus on
delineating resource growth potential and optimizing metallurgical
recoveries. These objectives are expected to further enhance
the project economics as part of the Prefeasibility studies during
2022 and 2023. Exploration and step-out drilling from 2017,
2018 and 2019 have already identified the potential for both oxide
and sulphide resource growth.
Summary of Cotabambas Project Resources
Project
|
Resource
Classification
|
Million
Tonnes
|
Cu
(%)
|
Au
(g/t)
|
Ag
(g/t)
|
Mo
(%)
|
CuEq
%
|
Cotabambas1
Cu/Au/Ag
|
Indicated
|
117.1
|
0.42
|
0.23
|
2.74
|
0.001
|
0.59
|
Inferred
|
605.3
|
0.31
|
0.17
|
2.33
|
0.002
|
0.44
|
@ 0.20% CuEq cutoff,
effective October 2013, Tetratech
|
|
1. Cotabambas
Project, Apurimac, Peru, NI 43-101 Technical Report on Updated
Preliminary Economic Assessment, amec foster
wheeler and Moose Mountain Technical Services, 22 September
2015
|
A PEA has been completed for the Cotabambas Project. The key
results are summarized below:
Summary of Cotabambas Project PEA Results
Key Project
Parameters
|
|
Cotabambas Cu/Au/Ag
Project1
|
Process Feed, life of
mine
|
million
tonnes
|
483.1
|
Process Feed,
daily
|
tonnes
|
80,000
|
Strip Ratio, life of
mine
|
|
1.25: 1
|
Before
Tax1
|
NPV7.5%
|
million US$
|
1,053
|
IRR
|
%
|
20.4
|
Payback
|
years
|
3.2
|
After
Tax1
|
NPV7.5%
|
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.