Panoro Minerals drills 1.98% CuEq over 117.7 metres at Cotabambas, Peru

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Panoro Minerals Ltd. [PML-TSXV; POROF-OTCQB; PZM-FSE] reported results of seven additional drill holes from its infill and step-out drill program at the 100%-owned Cotabambas Cu/Au/Ag Project in southern Peru.

The principal intersections from the results are summarized as follows.

North Pit: Drillhole CB-209 intersected 133 metres of a porphyry stock located to below both the Preliminary Economic Assessment (PEA) and Mineral Resources (MR) pit shells. This hole intersected five mineralized intervals varying from 21.2 metres to 136.9 metres with grades grading from 0.20 to 0.67% CuEq (copper equivalent). Mineralization was intersected to more than 250 m below the PEA pit shell.

Drillhole CB-212 intersected 74.0 metres averaging 1.07% CuEq, including 35.1 metres of mixed copper mineralization grading 1.14% Cu, 0.33 g/t Au, 2.58 g/t Ag (1.43% CuEq) underlain by 38.9 metres of hypogene copper mineralization averaging 0.46% Cu, 0.33 g/t Au, 3.0 g/t Ag (0.75% CuEq). The hole was terminated due water flows, the target zone will be re-drilled from an adjacent location.

Drillhole CB-213 intersected two intervals of primary copper sulfides of 155.4 metres and 107.1 metres length averaging 0.62% Cu, 0.34 g/t Au, 4.43 g/t Ag (0.93% CuEq) and 0.87% Cu, 0.77 g/t Au, 4.24 g/t Ag (1.53% CuEq) respectively. The hole is located to the north side of the North Pit and intersected high grade mineralization from near surface.

Drillhole CB-214 intersected 408.7 metres of primary copper sulfide averaging 0.74% CuEq, including an interval of 117.7 metres grading 1.21% Cu, 0.82 g/t Au, 11.36 g/t Ag (1.98% CuEq), located to the southern part of the North Pit. The mineralized porphyry stock was confirmed with over 240 metres length and mineralization intersected to over 100 metres below the PEA pit shell.

Drillhole CB-216 intersected 184.2 metres of mineralization from near surface grading 0.43% Cu, 0.17 g/t Au, 2.68 g/t Au (0.59% CuEq) from near surface, including supergene mineralization grading 0.80% Cu, 0.13 g/t Au, 2.48 g/t Ag (0.93% CuEq) and oxide mineralization grading 0.39 g/t Au, 4.77 g/t Ag.

South Pit: Drillhole CB-215 intersected 325.3 metres of primary copper mineralization averaging 0.48% CuEq, including 114.0 metres grading 0.44% Cu, 0.60 g/t Au, 2.62 g/t Ag (0.95% CuEq) including 55.7 metres grading 0.53% Cu, 0.83 gt Au, 3.08 g/t Ag (1.23% CuEq). Mineralization was intersected to over 250 m below the PEA pit shell and over 150 metyres east of CB-202.

Luquman Shaheen, President & CEO, commented, “The drilling results from the ongoing exploration program are very encouraging. The program continues to intersect high grade mineralization at the South Pit where the potential to increase the total resource and increase the high-grade component of the resource looks very positive. Intersections of over 100 m near or above 1 per cent CuEq have the potential to have important impacts to the proposed mine plan where the potential to include higher grades early in the mine plan looks likely. Results from the North Pit drilling continue to delineate continuity of the high-grade zone within the PEA pit shell with the potential to extend to below the PEA pit shell as well as along strike to the north-east. Additional drilling will target further growth areas of the high-grade zone particularly to the south and east side of the South Pit and the North side of the North pit.”

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.

A PEA has been completed for the Cotabambas Project.

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