Panoro Minerals Ltd. (TSXV: PML, Lima: PML,
Frankfurt: PZM) (“Panoro” or the “Company”) is pleased to provide
an update on the progress and results from ongoing exploration
activities at the Humamantata Project in Southern Peru.
Targets 2 and 4Mapping and
geochemistry have identified a corridor of copper anomalies along
2.5km of strike located towards the centre of Panoro’s mineral
concession block and crossing equidistant to the hydrothermal
breccias hosting high silver values, in the areas denominated
Targets 2 and 4, see Figure. The corridor extends in almost the
north-south direction and includes evidence of copper-gold skarn
and porphyry mineralization. Grades from the sampling program are
summarized in the table below.
Cu(%) |
Au(g/t) |
Ag(g/t) |
Mo (g/t) |
Mineralization |
0.49 to 1.90 |
0.13 to 0.31 |
0.3 to 0.7 |
2 to 20 |
Skarn |
0.04 to 0.93 |
0.01 to 0.12 |
0.2 to 12.8 |
1 to 470 |
Quartz Stockwork |
The skarn has been mapped interlayered with
marble layers into the limestones of the Ferrobamba formation, and
is composed of garnet andradite with chalcopyrite, minor pyrite and
copper oxides, with the referential rock sampling reporting grades
of up to 1.9% Cu, 0.31 Au g/t. The skarn is placed in the bottom of
the valley and is within 100 m to 500 m of the hydrothermal
breccias #6, #7 to the south and #8, #9 and #18 to the east and
north. The hydrothermal breccias host high silver grades associated
with argentojarosite, beidellite, high silicification and
intermedium argillization alterations (see press release dated
October 27, 2020). The Skarn evidence next to the epithermal
environment is important since it represents the nearest to the
porphyry environment level and together with the geophysics
information will guide the drill targeting.
Other copper anomalies inside the corridor are
related to quartz stockworks veinlets of local distribution, hosted
by sandstones of the Hualhuani formation and inside and near the
contacts with the tonalite intrusives, where the rock chip sampling
identified grades up to 0.93% Cu. The mineralization into the
quartz veinlets varies from iron and copper oxides, to boxworks
with relicts of pyrite and traces of chalcopyrite.
The Copper mineralization in Targets 2 and 4 are
new additions to the known areas of mineralization outlined in the
Company’s press release dated October 27, 2020, and together with
porphyry identified in Target 1 and the multiple hydrothermal
Breccias form a 3.6 km long trend in the north-south
orientation.
Panoro has also completed a geophysical survey
program including, Induced Polarization and Magnetics. The results
from these surveys are currently being analysed and combined with
the geological survey information to define the proposed first
stage of exploration drilling scheduled for early 2021. The
permitting program has advanced and all permits are expected to be
approved in early 2021.
Target 1 Porphyry
MineralizationThe completed geophysical surveys are
indicating potential continuity of the porphyry identified in
Target 1. The Porphyry mineralization coincides with low magnetics
anomaly resulting from alteration and is coincident with midrange
chargeability, with a high chargeability increase over the area of
propylic alterations. The geophysical anomalies are consistent down
to 400 m depth.
Panoro Minerals is completing the permitting
process for a proposed drilling program to test the porphyry and
breccia mineralized zones. The exploration program is planned to
commence in early 2021. The exploration work is fully funded by
JOGMEC within the Joint Venture agreement completed in 2018.
“Panoro Minerals continues its diligent work in
conjunction with our partner JOGMEC, to delineate the mineralized
zones at the Humamantata Project. The scale of the porphyry
mineralization, together with the abundant mineralized Breccia
zones and the skarn mineralization look very promising. The
geophysical anomalies together with the mapping and geochemistry
work will provide solid information to complete the exploration
drilling in 2021. The project is strategically located with
multiple operating open pit copper mines in the regions
About Panoro
Panoro is a uniquely positioned Peru focused
copper exploration and development company. The Company is
advancing its flagship project, Cotabambas Copper-Gold-Silver
Project and its Antilla Copper-Molybdenum Projects located in the
strategically important area of southern Peru.
Panoro has completed strategic partnerships at four of its
projects:
- Precious Metals Purchase Agreement
with Wheaton Precious Metals at the Cotabambas Project;
- Joint Venture with JOGMEC at the
Humamantata Project;
- Sale to Hudbay Minerals of the
Kusiorcco Project for cash and NSR royalty; and
- Sale to Mintania of the
Cochasayhuas Project for cash and NSR royalty.
These partnerships would provide, if all
received, US$ 15.5 million of funding to Panoro from 2020 to 2024,
not including the potential NSR royalties from the Kusiorcco and
Cochasayhuas Projects.
At the Cotabambas Project, the Company is
focused on delineating the growth potential while optimizing the
project economics. Exploration and step-out drilling from 2017,
2018 and 2019 has identified the potential for both oxide and
sulphide resource growth.
Summary of Cotabambas and Antilla
Project Resources
Project |
ResourceClassification |
MillionTonnes |
Cu (%) |
Au (g/t) |
Ag (g/t) |
Mo (%) |
CuEq% |
Cotabambas 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 |
|
Antilla Cu/Mo |
Indicated |
291.8 |
0.34 |
- |
- |
0.01 |
0.38 |
Inferred |
90.5 |
0.26 |
- |
- |
0.007 |
0.29 |
@ 0.175% CuEq cutoff, effective May 2016, Tetratech |
|
Preliminary Economic Assessments (PEA) have been
completed for both the Cotabambas and Antilla Projects, the key
results are summarized below.
Summary of Cotabambas and Antilla
Project PEA Results
Key Project Parameters |
|
Cotabambas Cu/Au/Ag Project1 |
Antilla Cu
Project2 |
Process Feed, life of mine |
million tonnes |
483.1 |
118.7 |
Process Feed, daily |
Tonnes |
80,000 |
20,000 |
Strip Ratio, life of mine |
|
1.25 : 1 |
1.38 : 1 |
|
|
|
|
|
BeforeTax1 |
NPV7.5% |
million USD |
1,053 |
520 |
IRR |
% |
20.4 |
34.7 |
Payback |
years |
3.2 |
2.6 |
After Tax1 |
NPV7.5% |
million USD |
684 |
305 |
IRR |
% |
16.7 |
25.9 |
Payback |
years |
3.6 |
3.0 |
Annual Average PayableMetals |
Cu |
thousand tonnes |
70.5 |
21.0 |
Au |
thousand ounces |
95.1 |
- |
Ag |
thousand ounces |
1,018.4 |
- |
Mo |
thousand tonnes |
- |
- |
Initial Capital Cost |
million USD |
1,530 |
250 |
- 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
- Project economics estimated at long term commodity price of Cu
= US$3.05/lb and Short term commodity price of Cu = US$3.20,
US$3.15 and US$3.10 for Years 1, 2 and 3 of operations,
respectively.
|
The 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 updated PEA 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
FOR FURTHER INFORMATION, CONTACT:
Panoro Minerals
Ltd.Luquman Shaheen, President & CEOPhone:
604.684.4246 Fax: 604.684.4200Email: info@panoro.com Web:
www.panoro.com |
|
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:
- acceleration of payments by Wheaton
Metals to match third party financing by Panoro targeted for
exploration at the Cotabambas Project;
- payment by Wheaton Metals of US$140
million in installments;
- Panoro weathering the current
depressed equity and commodity markets, minimizing dilution to
existing shareholders and making targeted investments into
exploration at the Cotabambas Project;
- mineral resource estimates and
assumptions;
- the PEA, including, but not limited
to, base case parameters and assumptions, forecasts of net present
value, internal rate of return and payback; and
- copper concentrate grade from the
Cotabambas Project.
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 ability
to enforce Panoro’s legal rights under permits or licenses or risk
that Panoro’s will become subject to litigation or arbitration that
has an adverse outcome;
- risks relating to Panoro’s 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 right to explore and/or develop its
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
operations being subject to environmental and remediation
requirements, which may increase the cost of doing business and
restrict Panoro’s 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 properties are not yet in commercial production;
- risks relating to fluctuations in
foreign currency exchange rates, interest rates and tax rates;
and
- risks relating to Panoro’s ability
to raise funding to continue its exploration, development and
mining activities.
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 forwardlooking information. The forwardlooking 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.
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