Panoro Minerals continues to cut good copper-gold grades in the Cotabambas copper-gold-silver project in Peru
Vancouver (British Columbia), 20. January 2014. Panoro Minerals Ltd. (TSX-V: PML, Lima: PML, Frankfurt: PZM) ("Panoro" or the "Company") is pleased to announce further assay results from Cotabamba's porphyry copper-gold-silver project in Southern Peru, which is a 100 percent owned company , Drilling results include exploration, failure and infill holes on the east, north, northwest and southeast sides of the Ccalla deposit. The highlights are as follows:
• CB-149 intersected 69,5 meters of primary copper mineralization grading 0,79% copper, 0,29 g / t gold and 7,82 g / t silver over a second leg of 39,5 meters averaging 0,96% copper, 0,31 g / t gold and 7,47 g / t silver and a third section of 78,2 meters containing 0,63% copper, 0,40 g / t gold and 4,83 g / t silver.
• CB-143 intersected 47,5 meters of primary copper mineralization grading 0,80% copper, 0,40 g / t gold, and 5,19 g / t silver above a second section of 13,8 meters of primary copper mineralization with an average of 0,91% copper, 0,61 g / t Gold and 4,55 g / t silver.
• CB-147 intersected 37,7 meters of primary copper mineralization grading 0,68% copper, 0,39 g / t gold, and 4,97 g / t silver, including 22,3 meters averaging 0,90% copper, 0,51 g / t gold, and 6,14 g / t Silver above a second section of 118,7 meters of a primary copper mineralization with an average of 0,35% copper, 0,17 g / t gold, and 2,5 g / t silver, including 27,9 meters containing 0,59% copper, 0,35 g / t gold, and 4,63 g / t Silver.
The following table details the significant sections:
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exploration wells
Drill hole CB-141 was drilled in the Ccalla East target area, 80 meters southwest of the previously reported CB-127 well. Primary copper mineralization was intersected between 365,8 and 381,7 meters grading 0,21% copper, 0,09 g / t gold, and 2,03 g / t silver. The top of the hole, between 128 and 307 meters, intersected several sections of disseminated primary copper mineralization ranging from 0,10 to 0,20% copper, indicating that eastward mineralization remains open.
Drill hole CB-142 was drilled in the Ccalla deposit area, 150 meters northwest of the previously reported CB-128 well and 100 meters north of the previously reported CB-124 well. The primary copper oxide mineralization was intersected between 43,4 and 26,0 meters grading 0,21% copper, 0,07 g / t gold, and 1,38 g / t silver. At a deeper depth, a mixed copper mineralization of 20 meters was intersected with an average of 0,22% copper, 0,04 g / t gold and 1,9 g / t silver.
Drill hole CB-143 was drilled at the southeastern extension of the Ccalla deposit, 120 meters southwest of the previously reported CB-45 well and 200 meters southeast of the previously reported CB-140 well. The hole intersected several sections of primary copper mineralization, including 53,0 meters grading 0,33% copper, 0,08 g / t gold and 1,75 g / t silver, 106,4 meters grading 0,28% copper, 0,12 g / t gold and 1,98 g / t silver, 47,5 meters averaging 0,80% copper, 0,40 g / t gold and 5,19 g / t silver and 13,8 meters containing 0,91% copper, 0,61 g / t gold and 4,55 g / t silver. These sections confirm that the high grade zones are still open to the south and indicate the potential for expansion of the resource towards this area through further drilling.
Borehole CB-145 was drilled 50 meters southeast of the CB-143 and 230 meters east of the previously reported CB-57 well. Between 118,0 and 227,5 Meter, three sections of enriched copper luster mineralization were intersected, including 41,4 meters grading 0,37% copper, 0,09 g / t gold and 1,14 g / t silver, 8,2 meters grading 0,54% copper, 0,24 g / t Gold and 3,18 g / t silver and 9,1 meters containing 0,58% copper, 0,18 g / t gold and 3,16 g / t silver. At depth, three additional sections of primary copper mineralization were intersected with grades ranging from 0,15 to 0,55% copper and 0,001 to 0,0115% molybdenum. These results also confirm that the high grade mineralization continues to be open south and southeast of the Ccalla deposit.
Drill hole CB-146 was drilled in the same platform as drill hole CB-145, but in the opposite direction, to explore the southwestern continuity of the Ccalla East deposit. It intersected propylitically altered dioritintrusion rocks, but did not give meaningful values.
Infill holes
Borehole CB-147 was drilled at the Ccalla deposit, 60 meters northeast, and 100 meters southwest of the previously reported CB-38 and CB-48 wells. Between 198,6 and 236,3 meters, 37,7 meters were a primary copper mineralization grading 0,68% copper, 0,39 g / t gold, and 4,97 g / t silver, including 22,3 meters grading 0,90% copper, 0,51 g / t gold, and 6,14 g / t intersected silver. A second section of primary 118,7 meter copper mineralization grading 0,35% copper, 0,17 g / t gold, and 2,5 g / t silver was intersected at depth. This included 27,9 meters containing 0,59% copper, 0,35 g / t gold and 4,63 g / t silver.
Borehole CB-148 was drilled in the Ccalla target area, 100 meters southeast of the previously reported CB-38 well. Between 292,4 and 430,1 meters became a primary copper mineralization of 137,7 meters containing 0,55% copper, 0,22 g / t gold and 3,6 g / t silver, including sections of 47 meters containing 0,68% copper, 0,18 g / t gold and 3,53 g / t silver or 24 meters containing 0,81% copper, 0,43 g / t gold and 5,92 g / t silver. At depth, two more sections of primary mineralization were intersected. The results confirm that relatively high grade copper mineralization is still open at depth in some areas of the deposit.
Drill hole CB-149 was drilled at the Ccalla deposit on the same line and between the previously reported CB-01 and CB-25 wells. Near the surface, some sections of relatively low-grade supergene mineralization were intersected. These are located above multiple sections of a primary copper mineralization, such as 69,5 meters containing 0,79% copper, 0,29 g / t gold and 7,82 g / t silver, 39,5 meters containing 0,96% copper, 0,31 g / t gold and 7,47 g / t silver and 78,2 meters containing 0,63% copper, 0,40 g / t gold and 4,83 g / t silver.
Drill hole CB-150 was drilled at the Ccalla deposit, 50 meter northeast of CB-149 well and between the previously reported CB-112 and CB-138 wells. At depths from 104,3 to 420,3 meters, seven sections of relatively high grade primary copper mineralization were intersected. Three of the most significant sections were 26,9 meters grading 0,76% copper, 0,71 g / t gold and 3,34 g / t silver, 17,4 meters averaging 0,82% copper, 0,75 g / t gold and 3,15 g / t silver and 65,0 Meters with an average of 0,70% copper, 0,29 g / t gold and 4,11 g / t silver.
A hole hole map is available on the Panoro website at www.panoro.com. A drill rig is still in use on-site, and a systematic geochemical rock survey is still ongoing in the environment of the current resource.
A preliminary economic evaluation for the Cotabambas and Antilla projects is due to be prepared by July 2014.
About Panoro
Panoro's strategic focus is to advance the feasibility and development phases of its proprietary advanced projects and to explore its other projects. The company owns the Cotabambas copper-gold project and the Antilla copper-molybdenum project, both of which are at an advanced stage and host the following inferred resources:
Cotabambas: Displayed resource of 117,1 Mt containing 0,42% copper, 0,23 g / t gold, 2,74 g / t silver, and 0,001% molybdenum at 0,2% copper equivalent cut-off
Derived 605,3 Mt resource containing 0,31% copper, 0,17 g / t gold, 2,33 g / t silver and 0,002% molybdenum at a 0,2% equivalent copper equivalent
(Tetra Tech, 2013)
Antilla: Displayed resource of 188,5 Mt containing 0,40% copper and 0,009% molybdenum at a cut-off grade of 0,2% copper equivalent
Derived 145,9 Mt resource containing 0,28% copper and 0,009% molybdenum at 0,2% copper equivalent cut-off
(Tetra Tech, 2013)
Panoro is in a good position to continue exploration work on the Antilla and Cotabambas projects. The Company has $ 11 million in cash, which will allow for further infill and exploration drilling and preliminary economic assessments in preparation for feasibility studies of the two projects.
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, and the Glencore / Xstrata 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 First Quantum Minerals 'Haquira copper project, HudBay Minerals' Constancia copper project, Southern Copper's Los Chancas copper project, and the Buenaventura Trapiche project. The Constancia project is currently under construction and 2014 is scheduled to go live.
Luis Vela (P.Geo.), In his capacity as a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical information contained in this news release.
On behalf of the Board of Panoro Minerals Ltd.
Luquman Shaheen, MBA, P.Eng., PE
President & CEO
FOR MORE INFORMATION PLEASE CONTACT:
Panoro Minerals Ltd.
Luquman Shaheen, President and CEO
Phone: 604.684.4246
Fax: +604.684.4200
Email: ppgad@pucrs.br
Website: www.panoro.com
Renmark Financial Communications Inc.
Barbara Komorowski: ppgad@pucrs.br
Phone: (514) 939-3989 or (416) 644-2020 www.renmarkfinancial.com
This news release has been prepared by the management of the company, which also assumes full responsibility for their content. The TSX Venture Exchange and its regulators (as defined in the Articles of Incorporation of the TSX Venture) assume no responsibility for the adequacy or accuracy of this announcement.
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Source: IRW-Press.com.
