Vancouver, B.C., February 25, 2013 - Panoro Minerals Ltd. (TSXV: PML, Lima: PML, Frankfurt: PZM) ("Panoro", the "Company") Panoro is pleased to report additional assay results from its 100% owned Cotabambas porphyry copper-gold-silver project located in southern Peru. The drill results include infill, step out, and exploration drill holes to the east and west side of the Ccalla deposit. Some highlights are as follows:
- Drillhole CB-104 intersected 110.8m of copper mineralization grading 1.64% Cu, 0.68g/t Au and 6.4g/t Ag including 13.5m of copper oxide mineralization averaging 1.0% Cu, 0.05g/t Au and 0.9 g/t Ag, successively underlain by 69.3m of enriched chalcocite mineralization grading 1.83% Cu, 0.66 g/t Au and 7.1g/t Ag, and then 215.1m of primary mineralization grading 0.42% Cu, 0.26g/t Au and 2.4g/t Ag including 28.0m averaging 1.48% Cu, 1.03g/t Au and 7.4g/t Ag.
- Drillhole CB-108 intersected 41.3m of supergene copper oxide mineralization averaging 0.99% Cu, 0.57g/t Au, 4.0g/t Ag, underlain by 37.0m of primary copper mineralization grading 0.78% Cu, 0.55g/t Au and 4.4g/t Ag.
The following table details the more significant intersections:
Drillhole | From (m) | To (m) | Metres | Cu (%) | Au (g/t) | Ag (g/t) | Mo (%) | Zone |
|---|---|---|---|---|---|---|---|---|
CB-101 | 8.6 | 63.3 | 54.7 | 0.45 | 0.15 | 2.6 | 0.0012 | Enrichment |
Including | 30.1 | 48.1 | 18.0 | 0.70 | 0.16 | 1.6 | 0.0010 | Enrichment |
CB-101 | 98.8 | 130.3 | 31.5 | 0.68 | 0.43 | 5.4 | 0.0017 | primary |
"" | 145.6 | 171.9 | 26.3 | 0.24 | 0.16 | 1.9 | 0.0010 | primary |
"" | 186.8 | 322.4 | 135.6 | 0.16 | 0.05 | 1.4 | 0.0047 | primary |
CB-102 | 0.0 | 24.2 | 24.2 | 0.08 | 0.45 | 2.7 | 0.0023 | Leach |
Including | 0.0 | 9.7 | 9.7 | 0.07 | 0.70 | 3.1 | 0.0027 | Leach |
CB-102 | 30.9 | 100.6 | 69.7 | 0.50 | 0.06 | 0.9 | 0.0010 | Oxide |
Including | 72.5 | 92.6 | 20.1 | 1.08 | 0.03 | 0.6 | 0.0004 | Oxide |
CB-102 | 207.0 | 231.0 | 24.0 | 0.14 | 0.04 | 2.2 | 0.0093 | primary |
CB-103 | 3.7 | 71.8 | 68.1 | 0.21 | 0.06 | 1.9 | 0.0010 | Oxide |
"" | 71.8 | 106.2 | 34.4 | 0.21 | 0.02 | 1.4 | 0.0007 | Mixed |
"" | 106.2 | 144.0 | 37.8 | 0.22 | 0.04 | 1.7 | 0.0010 | primary |
"" | 210.1 | 247.8 | 37.7 | 0.14 | 0.02 | 1.1 | 0.0024 | primary |
CB-104 | 1.2 | 112.0 | 110.8 | 1.64 | 0.68 | 6.4 | 0.0016 | Supergene + Primary |
Including | 1.2 | 14.7 | 13.5 | 1.00 | 0.05 | 0.9 | 0.0007 | Oxide |
Including | 8.6 | 14.7 | 6.1 | 1.85 | 0.01 | 1.2 | 0.0010 | Oxide |
CB-104 | 14.7 | 84.0 | 69.3 | 1.83 | 0.66 | 7.1 | 0.0015 | Enrichment |
Including | 30.7 | 70.7 | 40.0 | 2.88 | 0.67 | 7.0 | 0.0013 | Enrichment |
CB-104 | 84.0 | 299.1 | 215.1 | 0.42 | 0.26 | 2.4 | 0.0018 | primary |
Including | 84.0 | 112.0 | 28.0 | 1.48 | 1.03 | 7.4 | 0.0023 | primary |
Including | 130.0 | 162.0 | 32.0 | 0.58 | 0.42 | 2.6 | 0.0019 | primary |
CB-106 | 42.8 | 48.8 | 6.0 | 0.02 | 0.81 | 1.0 | 0.0010 | Leach |
CB-107 | 0.0 | 7.6 | 7.6 | 0.18 | 0.24 | 2.4 | 0.0011 | Oxide |
"" | 7.6 | 51.6 | 44.0 | 0.33 | 0.35 | 1.8 | 0.0022 | Enrichment |
"" | 51.6 | 130.5 | 78.9 | 0.34 | 0.25 | 1.4 | 0.0015 | primary |
Including | 51.6 | 79.6 | 28.0 | 0.49 | 0.43 | 1.6 | 0.0019 | primary |
CB-107 | 168.2 | 191.9 | 23.7 | 0.18 | 0.05 | 1.1 | 0.0011 | primary |
CB-108 | 0.0 | 78.3 | 78.3 | 0.89 | 0.56 | 4.2 | 0.0012 | Supergene+ Primary |
Including | 0.0 | 41.3 | 41.3 | 0.99 | 0.57 | 4.0 | 0.0012 | Oxide |
CB-108 | 41.3 | 221.8 | 180.5 | 0.35 | 0.18 | 2.2 | 0.0012 | primary |
Including | 41.3 | 78.3 | 37.0 | 0.78 | 0.55 | 4.4 | 0.0012 | primary |
Exploration Drill Holes
Hole CB-103 was drilled to the southwest side of the Ccalla Deposit, 130m to the southwest of Hole CB-108 and 350m to the southeast of Hole CB-69. It intersected 140.3 m of copper mineralization including 68.1m of copper oxide grading 0.21% Cu, successively underlain by 34.5m of mixed mineralization grading 0.21% Cu and then by 37.8m of primary copper mineralization grading 0.22% Cu. Hole CB-103 indicates the potential for additional mineralization to the southwest side of the deposit towards hole CB-69.a
Hole CB-106 was drilled in the south extension of Ccalla East, collared 330m to the east of hole CB-45 and 230m to the northeast of hole CB-57. From surface to 110m, it encountered diorite intrusive with traces of pyrite and chalcopyrite, dense quartz-stockwork veinlets , pervasive argillic alteration and intense iron oxidation, possibly indicating the presence of additional mineralization nearby.
Step Out Drill Holes
Hole CB-102 was a step out hole drilled 100m to the north of previously published hole CB-88 and 60m to the south of hole CB-10. Mineralized leached capping was intersected from surface to a depth of 24.2m, averaging 0.45 g/t Au and within which a 9.7m interval graded 0.07% Cu, 0.70g/t Au and 3.1g/t Ag. Copper oxide mineralization was intercepted from 30.9m to 100.6m, grading 0.50% Cu, 0.06g/t Au and 0.9g/t Ag, including 20.2m averaging 1.08% Cu. Previously published and well-mineralized hole CB-50 is located 140m to the north west of hole CB-102, indicating the continuity of supergene mineralization in the intervening area.
Hole CB-108 was a step out hole drilled to the southwest side of the Ccalla Deposit, parallel to holes CB-103 and CB-107, but respectively 130m to the east and 80m to the west.. Copper oxide mineralization was intersected from surface to 41.3m, grading 0.99% Cu, 0.57g/t Au and 4.0 g/t Ag. This was underlain by 180.5m of primary copper mineralization averaging 0.35% Cu, 0.18 g/t Au and 2.2 g/t Ag, including 37m grading 0.78% Cu, 0.55g/t Au and 4.4 g/t Ag. This intersection is located in a portion of the deposit classified as waste in the most recent resource model, suggesting potential to add resource tonnes in this area.. CB-108 also indicates that mineralization is still open to the west and northwest.
Infill Drill Holes
Hole CB-101 was collared parallel and between holes CB-12 and CB-107. A supergene chalcocite enrichment zone was intersected from 8.6 to 63.3m grading 0.45% Cu, 0.15 Au g/t and 2.6 g/t Ag, including 18.0 m grading 0.70% Cu, 0.16g/t Au and 1.6g/t Ag. This was underlain by a number of discrete intervals of primary copper mineralization to a depth of 322.4m, the best of which graded 0.68% Cu, 0.43g/t Au and 5.4 g/t Ag over 31.0 m.
Hole CB-104 was collared between previously published holes CB-73 and CB-75. The hole intersected 13.6m of copper oxide mineralization averaging 1.0% Cu, 0.05g/t Au and 0.95 g/t Ag, underlain by 69.3m of enriched chalcocite mineralization grading 1.83% Cu, 0.66 g/t Au and 7.12g/t Ag including 40m averaging 2.88% Cu, 0.67g/t Au and 7.1g/t Ag. At depth, an interval of 215.2m of copper primary mineralization was intersected, averaging 0.42% Cu, 0.26 g/t Au and 2.4 g/t Ag, including 28m grading 1.48% Cu, 1.03g/t Au and 7.4g/t Ag.
Hole CB-107 was located parallel to and between holes CB-85 and CB-101. From surface to 7.6m, an interval of copper oxide mineralization graded0.18% Cu, 0.24g/t Au and 2.4g/t Ag. This was underlain by 44m of enriched chalcocite mineralization grading 0.33% Cu, 0.35g/t Au and 1.8g/t Ag, and then by 28.0m of primary mineralization averaging 0.49% Cu, 0.43 g/t Au and 1.6 g/t Ag.
A map showing the locations of the drill holes is available at Panoro's website, www.panoro.com. Four drills continue working on step-out, exploration and infill drilling targetting continued growth of the resource and upgrade of the high grade pit area to the Indicated category.
About Panoro
Panoro's strategic focus is to move its advanced stage projects to the feasibility and development stages and to explore its other projects. The Company owns the advanced Cotabambas Copper-Gold and Antilla Copper-Molybdenum Projects which include Inferred level resources of:
Cotabambas: | 404.1 Mt @ 0.42% Cu, 0.23g/t Au and 2.84g/t Ag @ 0.2% Cueq cut-off (AMEC 2012) (in situ content of 3.75 billion lbs. Cu, 3.0 million oz. Au, 36.9 million oz. Ag) | |
Antilla: | 154 Mt @ 0.47% Cu and 0.009% Mo @ 0.25% Cu cut-off (AMEC, 2009) (in-situ content of 1.6 billion lbs. Cu and 30 million lbs. Mo) |
Panoro's significant portfolio of properties is located primarily in the south-eastern region of Peru. This region contains a number of important copper and copper/gold deposits including Xstrata's Las Bambas and Antapaccay Copper Projects and the Tintaya Copper Mine. In September 2010, Xstrata announced US$5.7 billion of investment to develop the Las Bambas and Antapaccay projects. The region also includes First Quantum Minerals' Haquira Copper Project, HudBay Minerals' Constancia Copper Project and Southern Copper's Los Chancas Copper Project.
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.
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
Email: info@panoro.com
Web: www.panoro.com
Renmark Financial Communications Inc.
Barbara Komorowski: bkomorowski@renmarkfinancial.com
Barry Mire: bmire@renmarkfinancial.com
Media - Lynn Butler: lbutler@renmarkfinancial.com
Tel.: (416) 644-2020 or (514) 939-3989 www.renmarkfinancial.com
This release was prepared by management of the Company who takes full responsibility for its contents. Neither 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.
