Vancouver, British Columbia, December 16, 2013 - Panoro Minerals Ltd. (TSXV: PML, Lima: PML, Frankfurt: PZM) (“Panoro”, the “Company”) Panoro announces that Tetra Tech has received an updated mineral resource estimate for the Company’s Antilla porphyry copper-molybdenum project in southern Peru Has.
Highlights
• Mineral Resources displayed in the baseline scenario: 188,5 million tonnes with 0,40% Cu and 0,009% Mo with a cueq cutoff value of 0,20%.
• Derived mineral resources in the baseline scenario: 145,9 million tonnes with 0,28% Cu and 0,009% Mo with a cueq cutoff value of 0,20%.
• The new resources represent an increase of 38% in copper and 53% in molybdenum.
• The stripping ratio in the Conceptual Pit Shell used to contain mineral resources has been reduced from 2,5: 1 in the 2012 resource estimate to 1: 1; Based on a pronounced copper-molybdenum mineralization, follow-up drilling offers the possibility of increasing the amount of resources in several directions and also below the current pit shell.
• New exploration targets have been identified in the Antilla project.
Mineral Resource Estimate
Tetra Tech used all drilling and assay results through June 11, 2013 in the Mineral Resource Estimate for the Antilla Project. The resource estimate is based on results from Panoro drilling 9.130 meters (49 holes) and 5.162 meters of drilling by other companies (39 holes) Drill holes). It contains supergene and hypogenous sulfides from the East Block deposit, which is contained in a single “Conceptual Pit Shell”. This Conceptual Pit Shell was modeled to include that portion of the mineral resource block model that has realistic prospects of economic extraction based on the new knowledge about the deposit. The mineral resource estimate for the indicated category is summarized in Tables 1 and 2. See also Plan 1 on the Website of the company (www.panoro.com), which shows the resource limits and drill hole locations.
Table 1: Sensitivity of displayed mineral resources in terms of cutoff value
To view the full press release please follow the link:
http://www.irw-press.com/dokumente/Panoro_171213_DE.pdf
Note: The base scenario is marked in bold. The mineral resources are effective September 27, 2013 and were assessed by Qualified Person Paul Daigle, P.Geo. (APGO, 1592) estimated. The estimate is based on 9.130 meters of drilling completed by Panoro and 5.162 meters of drilling from other drilling programs. The mineral resources apply above a cueq cutoff grade of 0,20% and are limited by a "Conceptual Pit Shell". The Mineral Resource Report assumes a long-term copper price of US $ 3,25 / pound and a molybdenum price of US $ 9,00 / pound. The parameters used for pit optimization are a cost of US $ 1,90 / ton extracted, a total cost of ownership of US $ 10,00 / t including general / administrative expenses, and a metallurgical recovery of 90% for copper and 80% for molybdenum . The mineralization comes from an above-ground production operation with an inclination angle of 45 ° and is processed using conventional flotation and hydrometallurgical flowcharts. Rounding in accordance with the reporting guidelines can lead to aggregation differences.
Table 2: Mineral resources of the indicated category, sorted by mineralization type
To view the full press release please follow the link:
http://www.irw-press.com/dokumente/Panoro_171213_DE.pdf
The mineral resource estimate for the derived category is summarized in Tables 3 and 4.
Table 3: Sensitivity of Inferred Mineral Resources to Cutoff Value
To view the full press release please follow the link:
http://www.irw-press.com/dokumente/Panoro_171213_DE.pdf
Table 4: Inferred category mineral resources by mineralization type
These mineral resource estimates also include inferred mineral resources that are typically too speculative from a geological point of view to be considered economically viable mineral reserves. Mineral resources that are not mineral reserves are not necessarily economically viable. It can not be said with certainty whether the derived mineral resources can be converted into the category of measured and indicated resources by follow-up drilling.
In the resource estimate prepared by AMEC 2009 (June 19, 2009, PML notification), a so-called "starter pit" with 15 million tons and an ore content of 0,72% copper and 0,017% molybdenum was identified, taking into account a cutoff value of 0,25, 0,9% Cu defined at a stripping ratio of XNUMX. This high grade mineralization and much of the remaining AMEC-defined Inferred Resources have been upgraded to Indicated Resource category as part of the current study. Tetra Tech's “Conceptual Pit Shell” modeling of the Indicated Resource area indicated that a significant proportion of the higher grade mineralization may be suitable for early starter pit planning. However, the new definition of a starter pit and / or a higher grade pit will only be carried out as part of an initial economic assessment (PEA) for the project. However, the PEA should be introduced in the near future.
The mineral resources are composed of an approximately horizontal layer of supergeneous sulphide mineralization dominated by chalcocite and molybdenite and an underlying second layer of primary chalcopyrite and molybdenite mineralization. Both zones of mineralization are parallel to the surface but are either covered by a topcoat of leached material and / or by a colluvium layer with a mineralized mixture of sulphide ore, oxide copper and molybdenum.
The mineralization horizon is embedded in the layered quartzite and quartz arsenite of the Soraya Formation. The character of hypogenic alteration and mineralization suggests that this is the distal portion of a nearby porphyry copper deposit embedded in intrusive rocks.
President & CEO Luquman Shaheen said, “We are pleased that the new resource estimate for the Antilla Project shows significant improvements in project metrics. This gives us a solid basis for the initial economic assessment that will soon be planned. The upgrading of 188,5 million tons to the indicated category, the creation of 145,9 million tons of inferred resources and the lower stripping ratio of 1: 1 contrast the previous estimate (145 million tons of inferred resources and a stripping Ratio of 1: 1) represents a significant improvement. With the current resource estimates for the Antilla and Cotabambas projects, which were announced in October, Panoro has a resource base that has grown by over 2007% since 400. "
Parameters and assumptions on which the mineral resource estimate is based
The “Conceptual Pit Shell”, which limits the portion of the mineral resource block model that has realistic chances of economic extraction based on the new knowledge about the deposit, was constructed in accordance with the technical and economic parameters in Table 7.
Table 7: Parameters that were used in the construction of the “Conceptual Pit Shell” for determining the mineral resources
To view the full press release please follow the link:
http://www.irw-press.com/dokumente/Panoro_171213_DE.pdf
exploration potential
As in plan 2 on the website (www.panoro.com), the East Block, which hosts the current mineral resources at Antilla, is located in the eastern part of the concession where copper and molybdenum mineralization with quartz monzonite porphyry of the Andahuaylas-Yauri Batholith formation from the middle Eocene or early Oligocene is associated. Here are also quartzite and arenite entries from the Soraya Formation (chalk). In the western part of the concession, similar late-stage porphyry rocks are deposited, extending into the Arenite, Slate, and Limestone of the Piste Formation (Jurassic). There are a number of ways to expand resources in the Antilla project:
At the local level. Drilling to date has shown that supergene mineralization expands from the current resources both north and south, and in places also at depth. Further drilling could lead to an expansion of resources in these areas.
At the district level. The results of systematic geochemical sampling and geological mapping suggest that the current limits of mineral resources are at the center of an east-west structural trend that is 2,5 km wide and 5 km long. The trend is characterized by significant copper and molybdenum anomalies and, in addition to quartz-monzonite porphyry outcrops with copper mineralization and potassium aging, apparently also contains a top layer of leached material that has formed in the quartzite and arenite of the Soraya Formation.
A second extensive copper anomaly is found in the Chabuca Zone (1,3 km x 1,5 km), located to the east of current resources. Copper and molybdenum anomalies are associated with copper mineralized outcrops and quartz monzonite porphyry with potassium aging. The possibility that both the East Block and the West Block are underlain by a hypogeneous porphyry copper mineralization has essentially to be investigated. Further systematic sampling of samples for geochemical analysis is currently taking place to the north and west of the concession. See also Plan 3 on the company's website (www.panoro.com).
At the concession level. In the far west of the concession, a new exploration target has recently been discovered known as the Runway. It consists of outcrops of porphyry and skarn mineralization embedded in limestone, arenite and shale. Sampling (rock fragments) and detailed geological mapping are currently taking place.
About Panoro
Panoro's strategy is to bring its projects at an advanced stage to feasibility and exploration levels, and to carry out exploration activities in the other projects. The Company owns the Cotabambas advanced copper-gold-silver molybdenum project and the Antilla copper-molybdenum project, which includes the following mineral resources:
Cotabambas: indicated resources: 117,1 million tons with 0,42% Cu, 0,23 g / t Au, 2,74 g / t Ag and 0,001% Mo with a cueq cutoff value of 0,2%
Inferred resources: 605,3 million tons with 0,31% Cu, 0,17 g / t Au, 2,33 g / t Ag, and 0,002% Mo with a cueq cutoff value of 0,2% (Tetra Tech, 2013).
Antilla: displayed resources: 188,5 million tons with 0,40% Cu and 0,009% Mo at a cueq cutoff value of 0,20%
Inferred resources: 145,9 million tons with 0,28% Cu and 0,009% Mo at a cueq cutoff value of 0,20%
(Tetra Tech, 2013).
Panoro is well positioned to continue exploration in the Antilla and Cotabambas projects. The Company holds $ 11 million worth of cash to complete further infill and exploration drilling and initial economic assessments for a future feasibility study.
Panoro's extensive portfolio of properties is concentrated in the southeastern region of Peru. This region hosts a number of significant copper and copper-gold deposits, including the Las Bambas and Antapaccay copper projects operated by Glencore / Xstrata, and the Tintaya copper mine. In September 2010 Xstrata announced an investment of 5,2 billion US $ in the development of Las Bambas. The copper project Antapaccay is in operation. The region also hosts the Haquira (First Quantum Minerals) copper project, the Constancia copper project (HudBay Minerals) and the Los Chancas (Southern Copper) copper project. The Constancia project is currently under construction and 2014 is scheduled to go live.
Luis Vela (P.Geo.), As a Qualified Person under National Instrument 43-101, has reviewed and approved the scientific and technical information contained in this news release.
For the board of Panoro Minerals Ltd.
Luquman Shaheen, MBA, P.Eng., PE
President & CEO
For further information please contact:
Panoro Minerals Ltd.
Luquman Shaheen, President & CEO
Tel: 604.684.4246
Fax: +604.684.4200
Email: ppgad@pucrs.br
Web: www.panoro.com
Renmark Financial Communications Inc.
Barbara Komorowski: ppgad@pucrs.br
Barry Mire
ppgad@pucrs.br
www.renmarkfinancial.com
This news release was prepared by the company's management, which also assumes full responsibility for their content. The TSX Venture Exchange and its regulators (referred to in the Articles of Association of the TSX Venture Exchange as Regulation Services Providers) accept no responsibility for the adequacy or accuracy of this announcement.
No liability is assumed for the accuracy of the translation! Please note english original message!
The original English message can be found at:
http://www.irw-press.at/press_html.aspx?messageID=29603
Source: IRW-Press.com
