VANCOUVER, BC, Sept. 12,
2022 /CNW/ - Panoro Minerals Ltd. (TSXV: PML)
(Lima: PML) (Frankfurt: PZM) (OTCQB: POROF) ("Panoro" or the
"Company") is pleased to inform that it has reached an access
agreement with the Cochapata Agrarian Community, the Convenio, to
allow for continued surficial exploration and drilling at the
Cotabambas Project in Peru. The
agreement covers the period of 16 months from September 2022 to December
2023 and allows the company to expand the drilling program
into the proposed North Pit Area where both infill and step-out
drilling is planned.
This is the third Convenio completed with the Cochapata
Community in the 10 years since the Company began exploration at
the Cotabambas Project and the seventh Convenio overall, in
addition to agreements with more than 30 private landowners.
The completion of the Convenio demonstrates the commitment of the
Cochapata Community with the development of the Cotabambas project,
where the proposed North Pit is located principally within the
surface rights boundary of the community. In addition, other
prospective satellite targets such as Maria
Jose and Petra y David are also located within the surface
rights boundary of the community.
Panoro Minerals is currently drilling within the proposed area
of the South Pit. To date a single drill has completed 7
drillholes for an estimated total of 3,170
m of drilling at the area of the South Pit. An
additional 4 drill holes are planned for this area, with potential
to be increased.
Drilling at the North Pit areas includes a planned 34 drillholes
for an estimated 9,570 metres. Of this drilling approximately
78% is allotted for infill objectives and 22% for step-out
objectives. The step-out drilling is focused primarily to the
north side of the proposed North Pit along the previously
identified corridor of high-grade mineralization. The company
is planning to mobilize an additional 2 drill rigs in September for
the drilling in the North Pit area.
Luquman Shaheen, President & CEO, states, "This is an
important social agreement for both partners; Panoro Minerals and
the Cochapata Community, demonstrating once again the
continued joint vision for the future development of the project.
The Convenio with the Community of Cochapata includes local
employment and an expansion of the land package near the city of
Cusco, previously purchased and transferred to the Community.
We are working together to reach our next project milestones;
completing the drilling program, updating the project resource
estimate and completing a prefeasibility study."
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.