VANCOUVER, July 15, 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. Highlights are as follows:
- Drillhole CB-139 intersected 128.9m of primary copper mineralization grading 1.29% Cu, 0.96g/t Au and 9.4g/t Ag including 59.7m averaging 1.64%Cu, 1.30g/t Au and 10.3 g/t Ag, underlain by a second interval of 198.6m of primary copper mineralization grading 0.48% Cu, 0.24g/t Au and 4.7g/t Ag, including 48.0m grading 0.82%Cu, 0.41 g/t Au and 8.3 g/t Ag.
- Drillhole CB-138 intersected 55.7m of primary copper mineralization grading 0.93%Cu, 0.74 g/t Au, 6.5g/t Ag, underlain by another interval of 67.4m averaging 0.61% Cu, 0.33g/t Au, 4.1g/t Ag, including 46.0m grading 0.79% Cu, 0.46g/t Au and 4.9g/t Ag.
- Drillhole CB-120 intersected 46.8m of copper oxide mineralization grading 0.89% Cu, 0.07g/t Au and 0.9 g/t Ag in a broader interval of 155.3m averaging 0.60% Cu, 0.06g/t Au and 1.0 g/t Ag.
High-grade oxide mineralization intersected at or near surface to the north of the Ccalla zone indicate the potential to continue expanding the high-grade oxide resource to the north. Drilling to both the west and east sides of the Ccalla deposit has intersected new oxide, supergene and primary mineralization both within and beyond the existing pit shell limit as defined by AMEC and published in a September 2012 release. High-grade zones of primary copper mineralization were intersected in both the southwestern and eastern areas of the Ccalla deposit. In many places, this additional mineralization has potential to add to the resource base and/or re-classify material currently classified in the model as waste to resource.
"The results of drilling continue to reinforce management's belief in the significant expansion potential of the Ccalla Deposit", commented Luquman Shaheen, President and CEO. "The current Inferred resource at the Cotabambas Project includes 404.1 million tonnes @ 0.42% Cu, 0.23g/t Au and 2.84g/t Ag at a 0.2% CuEq cut-off and was based on drill holes CB-01 to CB-64. Since then, the company has completed drill holes CB-65 to CB-140 in a successful program of mainly infill and stepout drilling. These new holes will form the basis of an updated resource estimate by Tetra Tech due for completion in September 2013."
The following table details the more significant intersections. A plan, sections and animation of drill hole locations can be found at the company's website, www.panoro.com.
|Drillhole||From (m)||To (m)||Metres||Cu (%)||Au (g/t)||Ag (g/t)||Mo (%)||Zone|
|CB-131||No significant values|
|CB-137||No significant values|
Discussion of Results
Ccalla Deposit - North
CB-134 and CB-135 were drilled at the current northern limit of the resource model. The holes intersected oxide mineralization with grades from 0.62% Cu to 1.17% Cu indicating both the potential to add to the high-grade oxide component of the resource and for future growth to the north.
Ccalla Deposit - Northwest
CB-120, 124, 128 and 136 were drilled to the northwest side of the Ccalla Deposit. CB-120 intersected copper oxide mineralization, including higher-grade zones, followed by primary copper mineralization. CB-124 and CB-128 both intercepted oxide, supergene and primary copper mineralization. CB-136 intersected a leached zone overlying oxide copper mineralization, followed by zones of mixed and supergene-enriched copper mineralization. At depth, two intervals of copper primary mineralization were also intercepted.
Most of the material drilled in this area is classified as waste in the current resource model and significant mineralized intercepts in these holes provide the potential to add to the resource here while decreasing waste:ore ratios in the area. Mineralization is still open to the west and north.
Ccalla Deposit - Southwest
Various intervals of oxide copper mineralization underlain by supergene- enriched mineralization and/or primary copper mineralization at depth were intersected in CB-121, CB-125, CB-129, CB-130 and CB-133. A number of these intervals were at sufficient grade to have the potential to, both add to the resource and improve the projected strip ratio by converting some material currently classified as waste to resource. In addition, mineralization is still open to the southwest.
CB-139 and CB-140 intersected mainly intervals of high-grade primary copper mineralization, respectively near surface and at depth. The results indicate that high-grade copper mineralization is still open for additional exploration to the south of the Ccalla deposit.
CB-131 and CB-137 did not intersect significant mineralization and may suggest a western limit of the Ccalla deposit in this area.
Calla Deposit - East
Holes CB-122, CB-123, CB-126, CB-127, CB-132 and CB-138 intercepted various intervals of primary copper+-molybdenum mineralization, the more significant of which were at depth. A number of these have the potential to add to the existing resource at relatively high grades within the currently modeled pit shell and/or convert material classified as waste to resource. The presence of elevated levels of molybdenum in this area suggests that it may be near to the margins of the porphyry system.
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$5.2 billion of investment to develop the Las Bambas. The Antapaccay copper project has been completed by Xstrata and is in operation. The region also includes First Quantum Minerals' Haquira Copper Project, HudBay Minerals' Constancia Copper Project and Southern Copper's Los Chancas Copper Project. The Constancia project is currently in construction with startup planned for 2014.
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.
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