Panoro drills 0.61% CuEq over 148.6 metres at Cotabambas, Peru

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Panoro Minerals Ltd. [PML-TSXV; POROF-OTC; PZM-FSE] reported results from an additional drill hole from its 16,970-metre drill program at the 100%-owned Cotabambas copper-gold-silver (Cu/Au/Ag) project in southern Peru, the aim of which is to expand the current resource and upgrade inferred resource to indicated.

The step-out Hole CB-196 was successful in expanding the footprint of the high-grade mineralization and provides further evidence to the company’s theory that the newly identified high-grade zone is open to the northeast of the South Pit. This second hole included intersections of two intervals of primary copper sulfides of 57.9 metres grading 0.43% copper, 0.43 g/t gold, 2.58 g/t silver (0.74% CuEq – copper equivalent) and 23.2 metres averaging 0.60% copper, 0.49 g/t gold, 3.41 g/t silver (0.96% CuEq) within 148.6 metres averaging 0.36% copper, 0.34 g/t gold and 2.51 g/t silver (0.61% CuEq). Assay results from CB-196 included intersections of up to 2.30% copper, 1.29 g/t gold and 8.60 g/t silver where the high grades of copper and gold/silver are positively correlated occurring in the same mineralized zones.

Luquman Shaheen, President and CEO, stated: “The results from CB-196, together with the recently announced results from CB-195 indicate that the potential to delineate a corridor of high grade mineralization within, and potentially to the outside of, the currently defined South Pit is promising. CB-195 and CB-196 are approximately 275 metres apart along the NE-SW strike of local faulting. The location of high grade intersects at the South Pit, similar to the high grade intersects at the North Pit, appear to be controlled by the local faulting which strikes in the NE-SW direction. The results from CB-195 also indicate that the high-grade zone is continuous from near surface to over 300 metres depth. The primary mineralization intersected in CB-196 is contained within the diorite host rock, indicating close proximity of a porphyry stock. Additional drillholes near CB-195 and CB-196 are planned to further delineate the continuity of the high grade zone at depth and along strike and to identify the nearby porphyry stock. These results indicate the potential to increase the high grade near surface component of the project resource which could add materially to the early life of mine production and the value of the project,”

The drilling program, started April 2022, and is underway in collaboration with Energold Drilling and ALS Chemex Laboratory.

The results of hole CB-196 indicate the potential for the extension of the high-grade zone beyond the northeast limits of the current resource model at the South Pit. Additional drilling will test the extension of the high grade zone to upgrade the confidence to indicated category with infill holes at platforms 10 and 11.

The principal quartz monzonite porphyry hosting the most Cu-Au high grades in hole CB-195 was not intercepted by Hole CB-196 but the results indicate its close proximity. The next step-out hole will be at platform S-2 (CB-197), located 150 metres east of CB-196 and proposed to explore the same structural control intercepted by holes CB-195 and CB-196.

Approximately 622.6 metres (holes CB-195, CB-196) have been completed in the 2022 drilling program to date, also an additional 472.5 metres (CB-197), with sampling and assays in process, and drilling is in progress at hole CB-198.

The company’s objective is to complete a Prefeasibility study in 2023 with work programs commencing in Q1 2022.

At the Cotabambas Project, Panoro 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.

Indicated resources stand at 117.1 million tonnes grading 0.42% copper, 0.23 g/t gold, 2.74 g/t silver and 0.001% molybdenum. Inferred resources are 605.3 million tonnes of 0.31% copper, 0.17 g/t gold, 2.33 g/t silver and 0.002% molybdenum.

A positive PEA has been completed for the Cotabambas Project.


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