VANCOUVER, BC, Feb. 29,
2024 /CNW/ - Panoro Minerals Ltd. (TSXV: PML)
(Lima: PML) (Frankfurt: PZM) ("Panoro", the "Company") is pleased
to announce the filing of the NI-43-101 Technical Report for the
updated Mineral Resource Statement for the 100% owned Cotabambas
Project in Peru. The results of the mineral resource estimate
were announced on the January 15,
2024 press release. The technical report was authored
by AGP Mining Consultants Inc. The report is available at the
Company's Website and on SEDAR.
The updated mineral resources at 0.15% CuEq cutoff grade
include:
- An Indicated mineral resource of 507.3 million tonnes at
0.34%Cu, 0.20 g/t Au, 2.42 g/t Ag and 0.0021%Mo, and 0.43%CuEq
grade.
- An Inferred mineral resource of 496.0 million tonnes at 0.27%
Cu, 0.17 g/t Au, 2.53 g/t Ag and 0.0027%Mo, and 0.36%CuEq
grade.
- A higher grade component within the optimized pit constraint,
demonstrating the potential for a high grade starter pit for the
project start up.
Highlights
- A Higher Grade Component of Indicated resource delineated:
- 129.0 million tonnes at 0.70% Cu, 0.44 g/t Au, 4.12 g/t Ag and
0.0014%Mo, and 0.91% CuEq grade, at a cut-off of 0.5% CuEq;
- The higher grade component is present within the optimized pit
constraint. Tables 5 and 6 show the Mineral Resources at a
0.5% CuEq cut-off grade.
- Indicated mineral resources has increased by 333%
- Increased from 117.1 million tonnes to 507.4 million tonnes;
and
- constitutes 51% of total resources
- Inferred mineral resources has reduced by 18%
- Decreased from 605.3 million tonnes to 496.0 million tonnes;
and
- constitutes 49% of total resources
- Contained Metals have increased:
- 6.7 billion pounds Copper, 29% increase;
- 6.0 million ounces Gold, 43% increase;
- 79.8 million ounces Silver, 43% increase; and
- 53.7 million pounds Molybdenum, 85% increase
- Waste:Mineral ratio reduced
- from 2:1 to 0.65:1 for the Base Case
- Resource remains open to northeast and southwest and at
depth
- Multiple new exploration targets identified into the Cotabambas
property.
- Strong Community relations demonstrated over more than a
decade.
- Current environmental permit allows an additional 450 drilling
platforms.
Mineral Resource
Statement
The Mineral Resources for the Cotabambas deposit are reported by
copper equivalent cut-off grade of 0.15 %CuEq within an optimized
pit constraint. The effective date of the Mineral Resources is
20 November 2023.
The principal metals grades were estimated by the ordinary
kriging interpolation method on capped composite copper, gold,
silver and molybdenum grades. No recoveries have been applied
to the interpolated in-situ estimated grades.
Tables 1 and 2 present the mineral resources by domain for
Indicated and Inferred mineral resources, respectively, within the
optimized pit constraint.
Table 1: Mineral Resource in Indicated Category Classified by
Mineralization Type
|
Zone
|
Cut-Off Grade
% CuEq
|
Million
Tonnes
|
Cu
(%)
|
Au
(g/t)
|
Ag
(g/t)
|
Mo
(%)
|
CuEq
(%)
|
Cu
(Mlb)
|
Au
(Moz)
|
Ag
(Moz)
|
Mo
(Mlb)
|
|
Leach
|
0.15
|
17.0
|
0.19
|
0.22
|
1.80
|
0.0017
|
0.28
|
71
|
0.12
|
0.98
|
0.64
|
|
Oxide Cu*
|
0.15
|
24.7
|
0.31
|
0.22
|
2.26
|
0.0014
|
0.41
|
169
|
0.17
|
1.79
|
0.76
|
|
Oxide Cu-Au*
|
0.15
|
17.3
|
0.43
|
0.15
|
1.79
|
0.0015
|
0.50
|
164
|
0.08
|
1.00
|
0.57
|
|
Mixed
|
0.15
|
32.3
|
0.46
|
0.22
|
2.29
|
0.0014
|
0.58
|
330
|
0.23
|
2.38
|
1.00
|
|
Supergene
|
0.15
|
3.6
|
1.36
|
0.34
|
3.51
|
0.0015
|
1.53
|
109
|
0.04
|
0.41
|
0.12
|
|
Hypogene
|
0.15
|
412.5
|
0.32
|
0.20
|
2.48
|
0.0023
|
0.42
|
2,910
|
2.65
|
32.89
|
20.92
|
|
Total
|
0.15
|
507.3
|
0.33
|
0.20
|
2.42
|
0.0021
|
0.43
|
3,753
|
3.29
|
39.45
|
24.02
|
|
Note: Base case in
bold. Mineral Resources that are not Mineral Reserves do not have
demonstrated economic viability. Summation errors may occur due to
rounding. Open pit mineral resources are reported within optimized
constraining shell. Reported open pit cut-off grade is 0.15%CuEq.
Breakeven open pit cut-off grade is 0.07% CuEq. Mineral Resources
have an effective date of November 20, 2023. The Qualified
Person responsible for this resource statement is Paul Daigle,
P.Geo. (APGO, 1592). . Copper equivalent ( CuEq) is calculated
using the equations: Oxide: CuEq = Cu + 0.4126*Au + 0.0038*Ag +
0.000*Mo; Mixed: CuEq = Cu + 0.5819*Au + 0.0063*Ag + 0.0003*Mo;
Supergene: CuEq = Cu + 0.4498*Au + 0.0054*Ag + 0.0002*Mo; and
Hypogene: CuEq = Cu + 0.4373*Au+0.0053*Ag+0.0002*Mo, based on the
differentials of long range metal prices net of selling costs and
metallurgical recoveries for gold and copper and silver. Metal
prices for the CuEq formulas are: US$ 4.25/lb Cu, US$ 1,850 /Oz Au;
US$ 23.00 /Oz Ag; and US$ 20.00 /lb Mo. Metal recoveries for the
CuEq formulas are for Oxide: 0.0% Cu, 65% Au, 48% Ag, and 0.0% Mo;
for Mixed: 60% Cu, 55% Au, 48% Ag, 40% Mo; for Supergene: 87.5% Cu,
62% Au, 60.4% Ag, 40% Mo; and for Hypogene: 90% Cu, 62% Au, 60.4%
Ag and 40% Mo. Capping of grades varied between 0.50 %Cu and
3.7%Cu, 0.33 g/t Au and 2.3 g/t Au, and between 0.029%Mo and
0.060%Mo; on 6m composites by domain. The density varies between
2.20 g/cm3 and 2.66 g/cm3. Mineralization would be mined from open
pit and treated using conventional flotation. Rounding in
accordance with reporting guidelines may result in summation
differences. *Oxide Cu - amenable to leaching; Oxide Cu-Au amenable
to blending with sulphides (Au >0.25 g/t).
|
Table 2: Mineral Resource in Inferred Category Classified by
Mineralization Type
|
Zone
|
Cut-Off Grade
% Cueq
|
Million
Tonnes
|
Cu
(%)
|
Au
(g/t)
|
Ag
(g/t)
|
Mo
(%)
|
CuEq
(%)
|
Cu
(Mlb)
|
Au
(Moz)
|
Ag
(Moz)
|
Mo
(Mlb)
|
|
Leach
|
0.15
|
5.1
|
0.15
|
0.10
|
1.72
|
0.0016
|
0.19
|
17
|
0.02
|
0.28
|
0.18
|
|
Oxide Cu*
|
0.15
|
12.6
|
0.24
|
0.12
|
1.82
|
0.0015
|
0.30
|
67
|
0.05
|
0.74
|
0.42
|
|
Oxide Cu-Au*
|
0.15
|
8.7
|
0.37
|
0.10
|
1.59
|
0.0018
|
0.42
|
71
|
0.03
|
0.44
|
0.34
|
|
Mixed
|
0.15
|
7.1
|
0.18
|
0.15
|
4.57
|
0.0013
|
0.29
|
29
|
0.04
|
1.04
|
0.20
|
|
Supergene
|
0.15
|
1.90
|
0.82
|
0.46
|
3.95
|
0.0018
|
1.05
|
35
|
0.03
|
0.24
|
0.08
|
|
Hypogene
|
0.15
|
460.6
|
0.27
|
0.17
|
2.54
|
0.0028
|
0.36
|
2,742
|
2.52
|
37.61
|
28.43
|
|
Total
|
0.15
|
496.0
|
0.27
|
0.17
|
2.53
|
0.0027
|
0.36
|
2,961
|
2.69
|
40.86
|
29.49
|
|
Note: Base case in
bold. Mineral Resources that are not Mineral Reserves do not have
demonstrated economic viability. Summation errors may occur due to
rounding. Open pit mineral resources are reported within optimized
constraining shell. Reported open pit cut-off grade is 0.15%CuEq.
Breakeven Open pit cut-off grade is 0.07% CuEq. Mineral Resources
have an effective date of November 20, 2023. The Qualified Person
responsible for this resource statement is Paul Daigle, P.Geo.
(APGO, 1592). Copper equivalent ( CuEq) is calculated using
the equations: Oxide: CuEq = Cu + 0.4126*Au + 0.0038*Ag + 0.000*Mo;
Mixed: CuEq = Cu + 0.5819*Au + 0.0063*Ag + 0.0003*Mo; Supergene:
CuEq = Cu + 0.4498*Au + 0.0054*Ag + 0.0002*Mo; and Hypogene: CuEq =
Cu + 0.4373*Au+0.0053*Ag+0.0002*Mo, based on the differentials of
long range metal prices net of selling costs and metallurgical
recoveries for gold and copper and silver. Metal prices for the
CuEq formulas are: US$ 4.25/lb Cu, US$ 1,850 /Oz Au; US$ 23.00 /Oz
Ag; and US$ 20.00 /lb Mo. Metal recoveries for the CuEq formulas
are for Oxide: 0.0% Cu, 65% Au, 48% Ag, and 0.0% Mo; for Mixed: 60%
Cu, 55% Au, 48% Ag, 40% Mo; for Supergene: 87.5% Cu, 62% Au, 60.4%
Ag, 40% Mo; and for Hypogene: 90% Cu, 62% Au, 60.4% Ag and 40% Mo.
Capping of grades varied between 0.50 %Cu and 3.7%Cu, 0.33 g/t Au
and 2.3 g/t Au, and between 0.029%Mo and 0.060%Mo; on 6m composites
by domain. The density varies between 2.20 g/cm3 and 2.66 g/cm3.
Mineralization would be mined from open pit and treated using
conventional flotation. Rounding in accordance with reporting
guidelines may result in summation differences. *Oxide Cu -
amenable to leaching; Oxide Cu-Au amenable to blending with
sulphides (Au >0.25 g/t).
|
Luis Vela, a P. Geo Qualified
Person under National Instrument 43-101, has reviewed and approved
the scientific and technical information in this press release.
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:
- Panoro delineating growth potential at the Cotabambas Project,
while optimizing project economics.
- mineral resource estimates and assumptions; and
- the PEAs, including, but not limited to, base case parameters
and assumptions, forecasts of net present value, internal rate of
return and payback.
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 or its partners' ability to enforce
legal rights under permits or licenses or risk that Panoro or its
partners will become subject to litigation or arbitration that has
an adverse outcome
- risks relating to Panoro's or its partners' 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 or its
partners' right to explore or develop 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 or its partners' operations being
subject to environmental and remediation requirements, which may
increase the cost of doing business and restrict 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 and its partners'
properties are not yet in commercial production; • risks relating
to fluctuations in foreign currency exchange rates, interest rates
and tax rates
- risks relating to Panoro's ability to raise funding to continue
its exploration, development, and mining activities; and
- counterparty risk under Panoro's agreements.
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
forward-looking information. The forward-looking 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.
SOURCE Panoro Minerals Ltd.