Vancouver (British Columbia), 29. October 2013. Panoro Minerals Ltd. (TSXV: PML, Lima: PML, Frankfurt: PZM) ("Panoro" or the "Company") is pleased to announce that it has received the mineral resource estimate from Tetra Tech for the 100's proprietary copper-gold-silver project in China Cotabambas property in southern Peru.
Highlights
• Base case with 117,1 million tonne mineral resources reported containing 0,42% Cu, 0,23 g / t Au, 2,74 g / t Ag, and 0,0013% Mo at a 0,20% Cueq cut-off grade
• 605,3 Inferred Mineral Resource Base with a tonnage of 0,31% Cu, 0,17 g / t Au, 2,33 g / t Ag, and 0,0019% Mo at a 0,20% Cueq cut-off grade
• The new resource resulted in an increase in the contained copper of 40%, an increase in the contained gold of 41% as well as an increase in the contained silver of 51%.
• The abatement ratio of the Conceptual Pit Mantle used in the mineral resource constraint has been reduced from 2012: 3,0 to 1: 1,3 compared to the 1 resource estimate XNUMX.
• Remaining potential for increasing resource tonnage in multiple directions and below the current mine shell through additional drilling based on strong copper-gold mineralization
• Several new exploration targets have been identified in the Cotabambas Property.
Mineral Resource Estimate
Tetra Tech prepared the mineral resource estimate for the Cotabambas project using all drill and assay results obtained at 20. June 2013 were available, including 56.813 meters of drilling by Panoro and 9.923 meters of drilling from previous programs. The mineral resource estimate includes hypogenic and supergene sulfides, as well as Ccalla oxide-copper and gold mineralization and, to a lesser extent, Azulccacca zones within a single conceptual mine shell. The conceptual mine wall was modeled and includes that part of the mineral resource block model that, based on current knowledge about the deposit, has a reasonable prognosis for economic degradation. The Mineral Resource Estimate of the displayed category is summarized below in the 1 and 2 tables. The illustrations "Plan 1", "Section 1" and "Section 2" also show the resource and can be accessed at the following link:
http://www.panoro.com/s/Cotabambas.asp?ReportID=592279&_Type=Cotabambas&_Title=Maps
Table 1: Sensitivity of displayed mineral resources in terms of cutoff content
To view the full press release please follow the link:
http://www.irw-press.com/dokumente/PanoroMinerals_301013_Deutsch.pdf
Note: The base case is highlighted in bold. The mineral resources are valid via 20. June 2013 and were appreciated by the "qualified person" Robert Morrison, P.Geo., (APGO, 1839). The estimate is based on 56.813 meters of drilling by Panoro and 9.923 meters of drilling from previous programs. The copper equivalent (Cueq) is calculated using the formula Cueq = Cu + 0,4422 * Au + 0,0065 * Ag and is based on the different long-term metal prices (excluding distribution costs) and metallurgical recoveries of gold, copper and silver. The mineralization would be mined as part of an open pit operation and processed by conventional flotation and hydrometallurgical flow schemes. The roundings according to the reporting regulations could lead to deviations of the sums.
Table 2: Mineral resource in the indicated category, classified by mineralization type
To view the full press release please follow the link:
http://www.irw-press.com/dokumente/PanoroMinerals_301013_Deutsch.pdf
The mineral resource estimate of the derived category is summarized below in the 3 and 4 tables.
Table 3: Sensitivity of Inferred Mineral Resources to Cutoff Content
To view the full press release please follow the link:
http://www.irw-press.com/dokumente/PanoroMinerals_301013_Deutsch.pdf
Note: The base case is highlighted in bold. The mineral resources are valid via 20. June 2013 and were appreciated by the "qualified person" Robert Morrison, P.Geo., (APGO, 1839). The estimate is based on 56.813 meters of drilling by Panoro and 9.923 meters of drilling from previous programs. The copper equivalent (Cueq) is calculated using the formula Cueq = Cu + 0,4422 * Au + 0,0065 * Ag and is based on the different long-term metal prices (excluding distribution costs) and metallurgical recoveries of gold, copper and silver. The mineralization would be mined as part of an open pit operation and processed by conventional flotation and hydrometallurgical flow schemes. The roundings according to the reporting regulations could lead to deviations of the sums.
Table 4: Mineral resource in the derived category, classified by mineralization type
To view the full press release please follow the link:
http://www.irw-press.com/dokumente/PanoroMinerals_301013_Deutsch.pdf
High grade component of mineral resources
A high grade mineral resource was defined to demonstrate the presence of a contiguous volume of higher grade mineralization within the conceptual pitfall of the base case. Tables 5 and 6 show the high grade mineral resources classified by mineralization type.
5 table: High grade mineral resources of the indicated category of the base case, classified by mineralization type
To view the full press release please follow the link:
http://www.irw-press.com/dokumente/PanoroMinerals_301013_Deutsch.pdf
Note: High grade mineral resources are included in the indicated mineral resources listed in Table 2.
6 table: High-level mineral resources of the derived category of the base case, classified by mineralization type
To view the full press release please follow the link:
http://www.irw-press.com/dokumente/PanoroMinerals_301013_Deutsch.pdf
Note: High grade mineral resources are included in the Inferred Mineral Resources listed in Table 4.
These mineral resource estimates include inferred mineral resources that are generally considered too speculative from a geological point of view to enable economic considerations to categorize them as mineral reserves. Mineral resources that are not mineral reserves did not provide economic viability. There is also no assurance that these Inferred Mineral Resources will be upgraded by further drilling into the Measured and Indicated Mineral Resource Category.
Parameters and assumptions used in the mineral resource estimate
The conceptual mine wall, which also includes the part of the mineral resource block model that, based on current knowledge about the deposit, has a reasonable forecast for economic degradation, was constructed using the technical and economic parameters given in Table 6.
Table 7: Parameters used in the creation of the conceptual minebed of the Mineral Resource
To view the full press release please follow the link:
http://www.irw-press.com/dokumente/PanoroMinerals_301013_Deutsch.pdf
exploration potential
As shown in the "Plan 2" figure (see link above), which accompanies this news release, the Ccalla Zone, which was the focus of drilling to date and hosts the current mineral resources at Cotabambas, is located in the northeastern portion of the property , where the late phase of porphyric mineralization is contained in earlier Middle Eocene and middle-Eocene andesites as well as early Oligocene Andahuaylas Yauri batholiths. In other areas of the property, similar late porphyries penetrate clastic and carbonate layers of the Jurassic Yura Group and Cretaceous Ferrobamba, and are associated with the recently discovered porphyry and skarny mineralization. All of the mineralized zones identified so far appear to be in two northeastern / southeastern structural sections of ten to twelve kilometers in length.
The Cotabambas project has a number of areas of significant exploration potential:
• At the local level. The indicated mineral resources at a cut-off grade of 0,2% Cueq are a subset of the block model of mineralization limited to the pit. Below this conceptual mine wall there is considerable mineralization at higher grades, and there is a possibility that some or much of it may be included in the project resource through further drilling.
• At district level. The Ccalla and Azulccaca deposits form a 2,1 kilometer long northeast / southeastern section. Surface mapping and sampling revealed that this section extends northeast through the recently reported mineralized porphyritic centers of Cochapata and María José for a further three kilometers. About two kilometers to the west, two more mineralized porphyries called Guaclle and Buenavista form an additional northeast / southeastern section. Detailed surface mapping and systematic rock chip sampling in this five by three kilometer area, including the previous 2.365 samples, has defined new mineralized exploration targets for further exploration and drilling.
• At the concession level. In other areas of the property, six new exploration targets with anomalous copper, gold, molybdenum, lead, and / or zinc values have been identified by geochemical flux sediment surveys and surface mapping. Most of them involve outcropping porphyry and / or skarny mineralization. The Jean Louis exploration area includes a complex of three mineralized copper-gold-molybdenum porphyries that emerge along a two-kilometer northeast-southwest section. In the southeast of Cullusayhua, three skarn zones are contained in limestone near the contacts with intrusive porphyry. Ccarayoc is home to three copper and molybdenum mineralized porphyries bounded by mineralized skarn in a three-mile area.
President and CEO Luquman Shaheen said: "We are very pleased with the increase in the Cotabambas project resource. The Inferred Resources include 1,09 and 4,16 billion pounds of copper and significant amounts of gold (0,86 and 3,38 million ounces respectively), silver (10,3 and 45,37 million ounces respectively), and molybdenum (3,45 and 34,83 million pounds, respectively). , Drilling last year also served to significantly reduce potential overburden (tailings / ore) and upgrade some of the resource to the indicated category. There is still significant exploration potential, including higher grade zones of primary and secondary mineralization at the Ccalla deposit. The exploration work carried out to identify additional targets outside the Ccalla deposit also resulted in a number of promising targets that are being explored as the project continues to evolve as part of future drilling programs. We are confident that Cotabambas is well on the way to becoming the next significant copper development project in Peru, as this significant mining nation is aiming to double copper production nationwide. "
Project Antilla, Mineral Resources underway
Panoro is also pleased to announce that Tetra Tech will shortly receive an updated mineral resource for its Antilla copper-molybdenum project, which will be completed by "Qualified Person" Paul Daigle, P.Geo.
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% Cu, 0,23 g / t Au, 2,74 g / t Ag, and 0,001% Mo at a 0,2% Cueq cut-off grade
Displayed resource of 605,3 Mt containing 0,31% Cu, 0,17 g / t Au, 2,33 g / t Ag, and 0,002% Mo at a 0,2% Cueq cut-off grade
(Tetra Tech, 2013)
Antilla: Inferred resource of 154 Mt containing 0,47% Cu and 0,009% Mo with a 0,25% Cu 1 cutoff. June 2009, changed on 23. August 2009 (in situ content of 1,6 billion pounds of Cu and 30 million pounds Mo)
(AMEC, 2009)
Panoro is in a good position to continue exploration work on the Antilla and Cotabambas projects. The Company has a $ 13 cash balance that will allow it to conduct resource estimates, infill and exploration drilling, and preliminary economic assessments for any 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, and Southern Copper's Los Chancas copper 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
More information about:
Panoro Minerals Ltd.
Luquman Shaheen, President & CEO
Phone: +1.604.684.4246
Fax: + 1.604.684.4200
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 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.
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=29173
Message submitted by IRW-Press.com. For the content is the broadcaster
responsible.
Free reprint with indication of sources allowed.
