Panoro Minerals Intersects 103.6 Meters Grading 0.79 %Cu, 0.58 g/t Au and 5.2 g/t Ag at the Cotabambas Cu/Au/Ag Project, Peru

VANCOUVER, May 6, 2013 /CNW Telbec/ - 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 in Ccalla, Ccalla East and Azulccaca deposits. Some highlights are as follows:

  • Drillhole CB-111 intersected 88.5m of oxide copper mineralization grading 0.93% Cu, 0.10g/t Au and 2.2g/t Ag including 51.5m averaging 1.24%Cu, 0.04g/t Au and 0.9 g/t Ag.

  • Drillhole CB-112 intersected 86.7m of oxide copper mineralization grading 0.43%Cu, 0.31g/t Au, 3.3g/t Ag, including 26.7m averaging 0.73% Cu, 0.35g/t Au, 4.8g/t Ag, underlain by 103.6m of primary copper mineralization grading 0.79% Cu, 0.58g/t Au and 5.2g/t Ag, including 67.9m averaging 1.06% Cu, 0.84 g/t Au and 6.8 g/t Ag.

  • Drillhole CB-115 intersected 119.6m of primary copper mineralization grading 0.61% Cu, 0.25 g/t Au and 4.3 g/t Ag, including 64.3m averaging 0.82% Cu, 0.32 g/t Au and 5.0 g/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-105 32.5 36.5 4.0 0.17 0.77 1.0 0.0010 Leach
"" 51.3 56.7 5.4 0.12 0.04 1.7 0.0006 Mixed
"" 667.2 957.6 290.4 0.31 0.12 2.7 0.0033 Primary
Including 731.2 803.9 72.7 0.47 0.19 2.8 0.0040 Primary
Including 741.7 782.3 40.6 0.52 0.19 2.9 0.0032 Primary
Including 894.2 944.2 50.0 0.41 0.14 5.2 0.0044 Primary
Including 948.2 957.6 9.4 0.84 0.43 6.1 0.0023 Primary
"" 989.9 998.9 9.0 0.49 0.24 6.1 0.0034 Primary
"" 1012.9 1029.0 16.1 1.00 0.68 10.7 0.0013 Primary
"" 1077.5 1090.5 13.0 0.26 0.10 3.2 0.0010 Primary
CB-109 0.0 146.0 146.0 0.46 0.40 2.0 0.0013 Oxide
Including 26.7 40.7 14.0 0.70 0.35 1.7 0.0020 Oxide
Including 68.7 132.7 64.0 0.53 0.48 2.1 0.0011 Oxide
"" 153.1 214.6 61.5 0.22 0.10 1.4 0.0022 Primary
CB-110 0.0 2.2 2.2 0.35 0.41 2.1 0.0008 Oxide
"" 2.2 53.6 51.5 0.45 0.44 3.5 0.0019 Enrichment
Including 2.2 12.2 10.0 0.91 0.32 4.4 0.0026 Enrichment
"" 132.1 261.8 129.7 0.48 0.37 4.0 0.0010 Primary
Including 132.1 222.0 89.9 0.57 0.48 4.3 0.0010 Primary
CB-111 0.0 88.5 88.5 0.93 0.10 2.2 0.0006 Oxide
Including 22.2 73.7 51.4 1.24 0.04 0.9 0.0006 Oxide
"" 88.5 122.0 33.5 0.26 0.06 1.8 0.0019 Primary
"" 148.8 184.5 35.7 0.23 0.05 2.0 0.0029 Primary
"" 205.5 262.3 56.8 0.19 0.06 1.3 0.0024 Primary
"" 281.5 313.8 32.3 0.28 0.10 1.9 0.0031 Primary
CB-112 0.0 86.7 86.7 0.43 0.31 3.3 0.0010 Oxide
Including 52.0 78.7 26.7 0.73 0.35 4.8 0.0010 Oxide
"" 86.7 190.3 103.6 0.79 0.58 5.2 0.0018 Primary
Including 122.4 190.3 67.9 1.06 0.84 6.8 0.0018 Primary
"" 237.7 248.7 11.0 0.82 0.71 4.2 0.0010 Primary
CB-113 no significant values
CB-114 56.0 92.2 36.2 0.56 0.04 1.0 0.0001 Oxide
Including 69.1 84.2 15.1 0.80 0.06 0.7 0.0001 Oxide
"" 178.5 253.3 74.8 0.20 0.08 1.0 0.0016 Primary
"" 284.2 299.8 15.6 0.14 0.03 1.0 0.0046 Primary
CB-115 0.0 4.2 4.2 0.10 0.56 18.9 0.0015 Leach
"" 4.2 118.7 114.5 0.36 0.18 2.0 0.0023 Oxide
Including 60.5 70.5 10.0 0.93 0.31 2.4 0.0030 Oxide
CB-115 118.7 164.7 46.1 0.32 0.16 2.3 0.0042 Primary
"" 192.3 212.3 20.0 0.13 0.03 1.9 0.0053 Primary
"" 222.1 274.1 52.1 0.31 0.24 3.5 0.0018 Primary
"" 284.9 404.5 119.6 0.61 0.25 4.3 0.0012 Primary
Including 324.9 389.2 64.3 0.82 0.32 5.0 0.0011 Primary
CB-116 222.5 411.7 189.2 0.15 0.08 1.4 0.0012 Primary
Including 242.0 369.7 127.7 0.16 0.10 1.5 0.0011 Primary
"" 445.7 465.7 20.0 0.17 0.08 2.0 0.0014 Primary
CB-117 55.8 124.2 68.4 0.13 0.45 2.5 0.0017 Leach
Including 57.1 75.1 18.0 0.21 1.06 3.8 0.0017 Leach
"" 124.2 239.5 115.3 0.48 0.07 2.3 0.0026 Oxide
Including 124.2 136.2 12.0 0.96 0.12 3.0 0.0032 Oxide
Including 214.0 228.0 14.0 1.65 0.03 1.0 0.0040 Oxide
CB-118 222.0 608.7 386.7 0.27 0.09 2.6 0.0047 Primary
Including 288.3 355.6 67.3 0.35 0.07 2.6 0.0096 Primary
Including 548.0 576.0 28.0 0.43 0.17 6.1 0.0031 Primary
CB-119 353.7 405.7 52.0 0.17 0.04 1.2 0.0052 Primary
"" 504.8 559.3 54.5 0.21 0.06 2.0 0.0055 Primary
"" 565.6 579.9 14.3 0.29 0.15 1.5 0.0028 Primary
"" 590.7 595.5 4.8 0.34 0.11 4.1 0.0095 Primary
"" 603.7 639.2 35.5 0.26 0.10 2.4 0.0089 Primary
"" 655.8 670.1 14.3 0.17 0.05 2.2 0.0372 Primary
"" 683.7 705.0 21.3 0.18 0.07 1.5 0.0209 Primary
"" 718.6 738.6 20.0 0.11 0.02 2.0 0.0140 Primary
"" 720.6 842.6 122.0 0.01 0.04 3.3 0.0098 Primary
Including 768.3 842.6 74.3 0.22 0.058 4.3 0.0083 Primary


Exploration Drill Holes

Hole CB-105 was collared 1,200m to the east of previously published hole CB-68 and drilled from the southeast to northwest to test for the depth extension of the Ccalla East deposit. From 667.2m to 957.6m, 290.4m of copper primary mineralization averaging 0.31% Cu, 0.12g/t Au and 2.7g/t Ag was intersected, including a number of intervals grading between 0.47% Cu to 0.84% Cu. From 989.9m to 1090.5m the hole intersected intervals of the principal porphyry grading from 0.26% Cu to 1.0%C u and 0.10g/t Au to 0.68g/t Au between barren latite dikes. The hole bottomed in mineralization at a vertical depth of 600m.

Hole CB-113 was collared in the Ccalla East deposit, also from the southeast to the northwest but 500m to the south of CB-105.  No significant values were intercepted suggesting a potential southern limit to the Ccalla East deposit.

Hole CB-117 was collared at the northern end  of the Ccalla deposit and targeted the deeper portions of potential northern extension of the supergene enrichment zone beyond the current resource model limits. From 55.8m to 124.2m, 68.4m of a mineralized leached cap was intercepted grading 0.45g/t Au and 2.5g/t Ag, including 18m grading 1.06 Au g/t and 3.8g/t Ag. This is underlain by 115.3m of oxide copper mineralization grading 0.48% Cu, 0.07g/t Au and 2.3 g/t Ag, including 12.0m averaging 0.96% Cu and 14.0m grading 1.65% Cu. The supergene mineralization is still open to the north and nearer to surface and is targeted for further extension with additional drilling in the future.

Hole CB-118 was collared between holes CB-68 and CB-105in the Ccalla East deposit, but directed to the southeast. From 222m to 608m, 386.7m of primary copper mineralization was intersected grading 0.27% Cu, 0.09g/t Au and 2.6g/t Ag, including 67.3m averaging 0.35%Cu, 0.07g/t Au, and 2.6g/t Ag, and 28.0m grading 0.43% Cu, 0.17g/t Au and 6.1g/t Ag.

Hole CB-119 was collared in Ccalla East 150m to the south of CB-118 and drilled to the northwest. From 353.7m to 705.0m, a number of intervals of primary copper mineralization grading from 0.17% Cu to 0.34% Cu were intercepted.

Step Out Drill Holes

Hole CB-114 was a step out hole at the north end of the Ccalla deposit. From 56m to 92.2m, 36.2m of oxide copper mineralization was intersected grading 0.56% Cu, including 15.1m of 0.80% Cu. At depth, two intervals of primary copper mineralization of 74.8m and 15.7m length and averaging 0.20% Cu and 0.10% Cu respectively were intersected.

Hole CB-115 was collared in the western border of the Ccalla deposit,. From surface to 4.2m, a mineralized leached cap was intersected grading 0.56g/t Au, 18.9g/t Ag. This was successively underlain by 114.5m of oxide copper mineralization averaging 0.36% Cu, 0.18g/t Au and 2.0g/t Ag, including 10.0m grading 0.93% Cu, 0.31 g/t Au, 2.4g/t Ag, and by 46.1m of primary mineralization grading 0.32% Cu, 0.16 g/t Au, 2.3g/t Ag. Three more intervals of primary mineralization were intersected, the last of which consisted of 119.6m averaging 0.61% Cu, 0.25g/t Au, 4.3g/t Ag, including 64.4m grading 0.82% Cu, 0.32g/t Au and 5.0g/t Ag. The hole bottomed in mineralization.

Hole CB-116 was a step out hole drilled off the southern margin of the Azulccaca deposit. Two intervals of primary copper mineralization were intersected, including 127.7m grading 0.16% Cu and 20.0m grading 0.17% Cu.

Infill Drill Holes

Hole CB-109 was collared in the Ccalla deposit. From surface to 146m, oxide copper mineralization grading 0.46% Cu, 0.40 g/t Au and 2.0 g/t Ag was intersected, including intervals of 14.0m averaging 0.70% Cu, 0.35 g/t Au, 1.7g/t Ag, and 64m grading 0.53% Cu, 0.48g/t Au, and 2.1g/t Ag. Below this, 61.5m of primary mineralization averaging 0.22% Cu, 0.10g/t Au and 1.4g/t Ag was intersected.

Hole CB-110 was drilled in the Ccalla deposit and. From surface to 2.2m oxide copper mineralization averaging 0.35% Cu, 0.41g/t Au and 2.1g/t Ag was intersected. This was underlain by 51.4m of enriched chalcocite mineralization grading 0.45% Cu, 0.44g/t Au, 3.5g/t Ag, including 10.0m averaging 0.91% Cu, 0.32g/t Au, 4.4g/t Ag. From 132.1m to 261.8m, 129.7m of primary mineralization grading 0.48% Cu, 0.37g/t Au, 4.0g/t Ag was intersected, including 89.9m averaging 0.57% Cu, 0.48g/t Au and 4.3g/t Ag.

Hole CB-111 was located in the Ccalla deposit. From surface, an 88.5m interval of oxide copper mineralization averaged 0.93% Cu, 0.10g/t Au, 2.2g/t Ag, including 51.5m grading 1.24% Cu. This was underlain by four separate intervals of copper primary mineralization grading between 0.19% Cu and 0.28% Cu.

Hole CB-112 was located in the Ccalla deposit. From surface to 86.7m, the hole intersected oxide copper mineralization averaging 0.43% Cu, 0.31g/t Au, 3.3g/t Ag, including 26.8m grading 0.73% Cu, 0.35g/t Au, 4.8g/t Ag. This was underlain by 103.6m of primary mineralization averaging 0.79% Cu, 0.58g/t Au, 5.2g/t Ag, including 67.9m grading 1.06% Cu, 0.84g/t Au and 6.8g/t Ag.

A map showing the locations of the drill holes is available at Panoro's website, www.panoro.com. Three drills continue working on the step-out, exploration and infill drilling targeting 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 is very well positioned to continue advancing the exploration at the Antilla and Cotabambas Projects.  The Company completed a $15 million financing in March 2013 and is planning to continue its exploration activities, updating the resource estimates for both projects in 2013 and commencing Preliminary Economic Assessments.  Additional drill results will be announced as they are received from the ongoing exploration at Cotabambas Cu/Au/Ag Project.

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

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.

 

SOURCE: Panoro Minerals Ltd.

For further information:

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
Media - Lynn Butler:
lbutler@renmarkfinancial.com
Tel.: (514) 939-3989 or (416) 644-2020
www.renmarkfinancial.com

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Panoro Minerals Ltd.

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