Panoro drills 1.13% CuEq over 221.5 metres at Cotabambas, Peru

Panoro Minerals Ltd. [PML-TSXV, Lima; POROF-OTCQB; PZM-FSE] reported results of five additional drill holes from its 100%-owned Cotabambas exploration program in southern Peru. The principal objective of the program is to expand the high-grade component of the resource and upgrade inferred resources to indicated category at the company’s Cotabambas copper/gold/silver project.

The principal conclusions from the drill results are summarized as follows: Drill hole CB-204 intersected 317.5 metres of hypogene copper mineralization grading 0.56% CuEq (copper equivalent) below the current limits of the South Pit, including 113 metres of a porphyry stock, with 95 metres grading 0.44% Cu, 0.45 g/t Au and 3.13 g/t Ag (0.83% CuEq) and 44 metres averaging 0.38% Cu, 0.38 g/t Au, 2.71 g/t Ag (0.71% CuEq).

Drill hole CB-205 at the North pit was terminated at a shallow depth of 122.9 metres due to water flow from the drill hole; the drill hole intersected 79.2 metres averaging 0.65% Cu, 0.44 g/t Au and 5.19 g/t Ag (1.05%t CuEq) of hypogene copper mineralization. The hole will be recollared and drilled to the east.

Drill hole CB-206 delineated the extension of the high-grade zone to near surface at the west side of the North pit, intersecting 341.7 metres of primary copper sulphides averaging 0.56% Cu, 0.4 g/t Au and 2.75 g/t Ag, (0.91% CuEq) related to multiple porphyry dikes, including 115.6 metres averaging 2.02% CuEq and 68.6 metres with 2.93% CuEq.

Drill hole CB-207 results delineate 290.2 metres of hypogene copper mineralization in the North pit averaging 0.55% CuEq, including intervals of 153.6 metres grading 0.69% CuEq, 89.7 metres averaging 1.01% CuEq and 35.7 metres grading 1.50% CuEq, centred on a porphyry stock exposed in this section with 87 metres width.

Drill hole CB-208 intersected 404.0 metres of hypogene copper mineralization below the existing limits of the South pit averaging 0.48% CuEq, including intervals of 66.5 metres grading 0.44% Cu, 0.54 g/t Au and 3.68 g/t Ag (0.91% CuEq), and 122.8 metres averaging 0.37% Cu, 0.27 g/t Au and 2.42 g/t Ag (0.61% CuEq), hosted in a porphyry stock of 321 metres width of quartz monzonite composition, that still open at depth.

Luquman Shaheen, CEO, stated: “The drill results continue to fortify the potential for increasing the size of the high-grade zone at both the North and South pit. The drilling indicates continuity at depth to below the limits of the pit shells while local structure controls and correlation to geophysics results are serving as a good tool to trace the mineralization along strike. Mineralization intercepts from 100 metres to over 300 metres with grades ranging from 0.91% CuEq to 2.02% CuEq reflect well on the high-grade potential. The high-grade zone at the south pit is now traced to over 550 depth, well below the PEA pit shell, and the porphyry is increasing significantly in thickness with depth. We look forward to announcing additional results as they are received and analyzed.”

The purpose of holes CB-205, CB-206 and CB-207 was to infill the area of high-grade inferred resources targeting and upgrade to indicated category in the high-grade zone located in the south area of the North pit. The continuity of this high-grade zone remains open at depth and along strike to the south .

The goal of the CB-204 and CB-208 was to stepout the high-grade Cu-Au mineralization to the south, south-east and at depth at the South pit. Each hole was stepped out approximately 100 m from previous drill holes targeting the addition of indicated resources .

The company continues with the infill drilling program in the North Pit and the step out drilling program in the South Pit, to incorporate new high grade mineral resources and upgrade inferred resources to indicated category. In parallel, the re-logging of drill holes and updates of the geologic modelling are progressing towards a more robust revision of the exploration model. The drilling campaign started in April 2022 and to date has accumulated over 10,000 metres of a plan of the planned 16,970 metres, distributed in 4,731 metres in the North Pit and 5,300 metres in the South Pit.

Finally, Panoro is preparing a group of platforms for start the exploration drilling in a Cu-Au Skarn target located near to North Pit.

The company’s objective is to complete a Prefeasibility study in 2023. A PEA has been completed for the Cotabambas Project.