VANCOUVER, British Columbia, July 02, 2019 (GLOBE NEWSWIRE) -- Panoro Minerals Ltd. (TSXV: PML, Lima: PML, Frankfurt: PZM) (“Panoro”, the “Company”) is pleased to announce results of the exploration work at the Guaclle target. The Guaclle target is composed of Skarn type mineralization located in Cluster 1 at the 100% owned Cotabambas Project. The Guaclle target is located 800 m to the west and 200 m lower in elevation than the Ccalla Deposit. The Guaclle target, together with the Petra-David and Ccalla East targets and Ccalla Deposit to the east, and the Tamburo and Chaupec targets to the west, form a 7 km corridor of mineralization (see linked Map 1). The Guaclle target is divided into the Guaclle South and Guaclle North targets separated by the Ccalla fault that controls the copper mineralization in Ccalla deposit (see linked Map 2).
“Our grass roots exploration work at the Cotabambas Project continues to identify important new areas of mineralization clustered around the Ccalla and Azulccaca Deposits. The 2017 and 2018 drilling at the Maria Jose and Petra-David targets identified mineralization to the north and north-west of the Ccalla Deposit within Cluster 1. Moreover, the 2019 drilling at the Chaupec intercepted high grades of oxide and sulphide mineralization to the west of the Ccalla Deposit in Cluster 2. Mapping and sampling in the region between the Ccalla Deposit and the Chaupec target has identified mineralized areas at the previously announced Tamburo target and now also at the Guaclle target. The area of identified mineralization at the Cotabambas Project now extends over an area of 7 km in the northwest-southeast direction by 5 km in the northeast-southwest direction where the mineralization is clustered around the structural controls in the area”, stated Luquman Shaheen, President & CEO.
Panoro Minerals is planning an exploration program to test the continuity of the mineralized bodies identified at the Guaclle target and will also include additional drilling at the Chaupec target. The drilling at the Chaupec target is designed to test the continuity of mineralized zones located to the south of the 1.2 km zone of mineralization identified in the recently completed exploration drilling at the Chaupec target.
Guaclle South Target
The Guaclle South target is characterized by an igneous environment where stocks of mineralized quartzmonzonite porphyries (QMP1) intrude older altered units of the same composition (QMP2). The area was previously explored with 1,804m of drilling distributed in 6 drillholes with the drillhole CB-31 showing the most significant intersections. See the plan linked.
|Drillhole||From (m)||To (m)||Metres (m)||Cu %||Au g/t||Ag g/t||Mo %||Zone|
CB-31 intersected a QMP1 hosting 10 m of copper oxides mineralization averaging 0.30% Cu and underlain by 16 m of hypogene copper mineralization grading 0.51% Cu. At depth a third interval of QMP1 was intercepted hosting 44 m averaging 0.35% Cu and 2 g/t Ag, including roof pendals and packages of limestones generating skarn mineralization of 12 m and 8 m width grading 0.77% Cu, 2.17 g/t Ag and 0.44% Cu, 4.2 g/t Ag, respectively. CB-24, intersected three packages of Cu oxides mineralization of 12 m, 8 m and 8 m width, averaging 0.17% Cu, 0.24% Cu and 1.05% Cu, respectively.
The QMP1 outcroppings in surface strike in North-East direction, separated 400 m from the Guaclle North target. The area between the Guaclle South and Guaclle North targets is covered by overburden where 211 soils samples were taken in a regular grid. High anomalies in soils vary from 0.10 to 0.42 ppm Au, 1.0 to 4.5 ppm Ag, and 0.1 to 0.6%Cu.
Guaclle North Target
Panoro has expanded the mapping in Guaclle, identifying outcroppings of five skarn bodies with copper oxides and sulphides mineralization over an area of 1.2 km by 0.8 km striking in Northeast direction.
The following table shows approximate dimensions, number of rock samples, average width and grades supporting the continuity of each skarn body at surface.
The mineralization follows the stratification of a big blocks of limestone, over thrusted by the diorite from east to west that host the 750 m corridor of copper oxides in the Petra-David target as shown in the linked Map 1 Petra-David is located 300 m to the east of the skarn in Guaclle North.
The skarn is composed of andradite garnets, massive magnetite, epidote, pyroxenes, intruded by small windows of QMP1 and QMP2. The copper oxide mineralization is composed by malachite, brochantite, minor tenorite, and the hypogene copper mineralization by chalcopyrite, chalcocite and minor bornite. Detailed mapping was completed over 90 hectares at 1:1,000 scale and 348 rock samples were collected.
Panoro Minerals 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. The Company also has a Joint Venture agreement with the Japanese Oil, Gas and Mineral Exploration Company (JOGMEC) to advance its early stage Humamantata Copper Project and a partnership with Hudbay Minerals Inc. at its Kusiorcco Copper Project where Panoro is to receive cash payments and a 2% NSR royalty.
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
|Cu (%)||Au (g/t)||Ag (g/t)||Mo (%)||CuEq|
|@ 0.20% CuEq cutoff, effective October 2013, Tetratech|
|@ 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|
|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|
|Annual Average Payable|
|Initial Capital Cost||million USD||1,530||250|
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 & CEO
Phone: 604.684.4246 Fax: 604.684.4200
|Renmark Financial Communications Inc. |
Tel.: (514) 939-3989
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