Panoro Minerals drills 1.16% CuEq over 316.9 metres at Cotabambas, Peru

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Panoro Minerals Ltd. [PML-TSXV, Lima; PZM- FSE; POROF-OTCQB] reported results of nine additional drill holes that will provide additional information for the new mineral resource estimation at the Cotabambas copper-gold-silver project in southern Peru.

Highlights: Drillhole CB-224 intersected 371 metres of the porphyry stock hosting 316.9 metres of copper and gold mineralization averaging 0.72% Cu, 0.50 g/t Au and 4.01g/t Ag (1.16% CuEq – copper equivalent). The intersection includes a supergene profile of copper oxides and sulfides enrichment intersected 3 metres from surface and underlain by 168.1 metres of primary sulfides grading 1.0% Cu, 0.73 g/t Au, 5.91 g/t Ag (1.64% CuEq), including 94.7 metres averaging 1.27% Cu, 1.04 g/t Au, 7.15 g/t Ag (2.17% CuEq).

Drillhole CB-212a intersected 200 metres of the porphyry stock in contact with the diorite host rock, hosting 198.6 metres of copper and gold mineralization grading 0.83% Cu, 0.74 g/t Au, 3.80 g/t Ag (1.46% CuEq). The intersection includes a supergene profile with copper oxides and mix zone intersected from surface and underlain by 163.5 metres of primary copper sulfide averaging 0.76% Cu, 0.82 g/t Au, 4.06 g/t Ag (1.46% CuEq), including 64.0 metres of primary copper sulfide grading 1.10% Cu, 1.32 g/t Au, 4.94 g/t Ag (2.21% CuEq).

Luquman Shaheen, President and CEO commented, “This group of nine drillholes completes the 2022-2023 campaign of infill and step-out drilling in both North and South Pits, for a total of approximately 13,000 metres of drilling. The results indicate the potential for an increase in the high-grade component of the Cotabambas Projects resource and an important increase in the total project resource. The high-grade zone has been better delineated indicating that it is structurally controlled in a north-northeast direction, where the high-grade zone remains open both along strike, to the northeast of the North Pit, and to the southwest of the South Pit. The high-grade zone is also open at depth.

“The drilling has also indicated better continuity of the high-grade zone where the potential for additional near surface high-grade resource can increase the mining grade in the early part of the mine life. Our team will now turn its focus to, together with the independent consultants and Qualified Persons, updating the resource estimate and completing the NI 43-101 technical report which is targeted for completion in September. In addition to the update of the resource estimate, our team has been completing trade-off studies aimed to improve the metallurgical recoveries, reduce operating and capital costs and reduce the footprint of the project. Results from these studies are identifying important opportunities to further strengthen the Cotabamabas Projects economics.”

Panoro’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.

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