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VANCOUVER, British Columbia, 26 August 2020 (GLOBE NEWSWIRE) – Panoro Minerals Ltd.(TSXV: PML, Lima: PML, Frankfurt: PZM) (“Panoro”, the “Company”), is pleased to provide an update on the progress and effects of exploration activities in 2020 on Humamantata’s allocation in southern Peru.
Work on Humamantata’s assignment was suspended in March 2020 in accordance with Peruvian regulations on the Covid-19 pandemic The reactivation of Stage 2 of economic activities in Peru includes approval to resume exploration activities with the approved Covid-19 protocols. Panoro protocols have been presented and approved through peru’s Ministry of Health.Panoro’s Health and Safety and Community Relations Team has mobilized to the site and the geology team will arrive this week.
With the paintings in process (see press release above), 3 objectives of the Humamantata project have been known:
Objective 1 includes an intrusive Skarn with oxides, secondary copper sulfides and number one in contact between a porphyry and a Ferrobamba limestone.
Objective 2 includes hydrothermal gaps with anomalies of Ag, Au and Cu, Mo, embedded in contact between a porphyry and sets of limestone/sandstone.
Objective 3 includes hydrothermal gaps and quartz reserves with upper Ag and Au low anomalies, trapped in layers of sandstone in an epthermal environment.
In 2020, the main field work focused on Objective 2, where mapping knew a complex lithological framework that required additional mapping at 1:1000 scale and a rock cutting sampling oriented to mineral design for induced polarization and complete magnetism studies to discover and read about a imaginable objective 1 connection.
In Objective 2, we met a hydrothermal gap (the “BX-7”) – 750 m long across 60 to 300 m wide, striking in an N45E direction along the north touch of a porphyry composed of Tonalita in the southeast aspect.the west side is an outcrop of a momentary hydrothermal gap (the “BX-6”) in contact with the limestone and sandstone assemblies (see connected geological map).
In Objective 2, there is a 1.2 km long mineral outcrop continuity, from the intrusive to the BX-6 and the BX-7.There is a metal zoning of a porphyry environment with Cu, Mo, Au in the intrusive box to an epthermal environment in the BX-6 with strong anomalies in Ag, Pb, Zn; crossing a mesothermal environment with maximum values in Ag and A lower in BX-7.
The BX-7 has silver grades of 0.5 to 7.5 ounces/ton with gold anomalies, despite ubiquitous supergenic oxidation and argylization.Mineralization is consistent with pyrite, pyrrotite, magnetite, calcopyrite, silver acen, hematite, goetite and jarosite, all in replacement and dissection of textures in the gap matrix. This data is supported by studies in mineralogy, petrography and spectrometry. Magnetic geophysical signatures and loadability recommend a safe continuity of the BX-7 in depth, under intrusive contacts. This gap is suitable for one of the most productive goals of the drilling campaign.
Exploration with rock mapping and sampling will continue over the next 3 months to identify rapid drilling spaces in Goals 1 and 2.
The completion of the FTA process, an environmental permit for the proposed exploration drilling program, has progressed, receiving approval from all personal project owners.In addition, the FTA will be completed and approved within a few weeks after the completion of the workshop.with public authorities.
The drilling start permit is expected to be approved in time to begin the proposed exploration drilling program in the last quarter of 2020.The next phase of the exploration program will be completed in collaboration with Panoro’s partner, JOGMEC, after the final touch of mapping, geochemistry and geophysical studies.
About Panoro
Panoro is a copper exploration and progression company aimed at Peru.The Company advances its flagship assignment, the Cotabambas Cobre-Oro-Plata assignment and its Antilla Cobre-Molybdenum assignments in the strategically vital domain of southern Peru.
Panoro has strategic alliances in 4 of its projects:
Precious metals acquire an agreement with Wheaton Precious Metals from the Cotabambas project;
Joint Venture with JOGMEC from the Humamantata project;
Sale of Kusiorcco’s allocation to Hudbay Minerals for NSR money and fees; And
Sale to Mintania of the transfer of Cochasayhuas for money and NSR fees.
These partnerships would provide, if all received, US $ 15.5 million in investment for Panoro from 2020 to 2024, adding prospective NSR royalties from the Kusiorcco and Cochasayhuas projects.
In the Cotabambas project, the corporate focuses on delineating the prospect of expansion while optimizing the project’s economy. Progressive exploration and drilling in 2017, 2018 and 2019 have been known to expand oxide and sulfide resources.
Cotabambas and Antilles project resources summary
layout
Resource classification
Millions of tons
Cu (%)
In (g/t)
Ag (g/t)
Month (%)
CuEq%
Cotabambas Cu / Au / Ag
Indicated
117,1
0,42
0,23
2.74
0,001
0,59
deducted
605,3
0,31
0,17
2,33
0,002
0.44
0.20% CuEq cut, in October 2013, Tetratech
Antilles Cu/Mo
Indicated
291,8
0,34
–
–
0.01
0,38
deducted
90,5
0,26
–
–
0,007
0,29
At the threshold of 0.175% CuEq, May 2016, Tetratech
Preliminary Economic Tests (AEPs) have been carried out for the Cotabambas and Antilla projects, the effects are summarized below.
Summary of the effects of the Cotabambas and Antilla project
Key parameters
Cotabambas Cu / Au / Ag1 Project
Project Antillea Cu2
Process Feed, my life
million tons
483,1
118,7
Process flow, daily
Tons
80000
20000
Strip Ratio, my life
1,25: 1
1,38: 1
BeforeTaxe1
VAN 7.5%
Million
1053
520
IRR
%
20,4
34,7
repayment
years old
3.2
2.6
After tax1
VAN 7.5%
Million
684
305
Irr
%
16,7
25,9
repayment
years old
3.6
3,0
Annual to pay
cu
thousand tons
70,5
21,0
En el
thousand ounces
95,1
–
ag
thousand ounces
1 018,4
–
Mes
thousand tons
–
–
Initial capital
Million
1 530
250
AEPs are considered to be of an initial nature and come with suspected mineral resources that are considered too speculative for economic considerations to be implemented to allow their classification as mineral reserves.There is no certainty that the updated findings of the AEP will materialize.Mineral resources are not mineral reserves and have not demonstrated their economic viability.
Luis Vela, qualified user of the National Instrument 43-101, reviewed and approved the clinical and technical data contained in this press release.
On behalf of the Board of Directors of Panoro Minerals Ltd.
Luquman Shaheen.M.B.A., P.Eng, P.E. President and CEO
FOR MORE INFORMATION CONTACT:
Panoro Minerals Ltd.Luquman Shaheen, President and CEOP Phone: 604.684.4246 Fax: 604.684.4200 Email: web [email protected]: www.panoro.com
WARNING WARNINGS: The data and statements contained in this press release that are not old facts are “forward-looking data” within applicable Canadian securities law and involve hazards and uncertainties.
Examples of forward-looking statements and data contained in this press include data and statements on:
accelerate invoices through Wheaton Metals to adapt third-party investment through Panoro for the exploration of the Cotabambas project;
Wheaton Metals for US$140 million in installments;
Panoro is resisting the depression in the product and inventory market, minimizing dilution for existing shareholders and making investments in the exploration of the Cotabambas project;
estimates and alleged minerals;
AEPs, including, but limited to, the parameters and assumptions of the base scenario, provide net price forecasts, internal retracement rate and recovery; And
copper content from the Cotabambas project.
Sometimes several assumptions or points are made when drawing conclusions or making the forecasts or projections presented in forward-looking data. In certain cases, vital assumptions and points are presented or discussed in this press release in connection with the statements or disclosures contained in the data and forward-looking statements. You are cautioned that the following list of vital points and assumptions is not exhaustive. Factors and assumptions include, but are not limited to, assumptions about: steel costs and by-product credits; Cutting notes; short and long term electrical energy costs; recovery rates remedy; mine plans and production schedule; design and implementation of processes and infrastructure; the accuracy of the estimation of capital and operating costs; applicable tax and royalty rates; outdoor design; the accuracy of mineral reserve and resource estimates and resource and reserve modeling; reliability of analytical and sampling data; representativeness of mineralization; precision of steellurgical control work; and ease of improving and mixing mineralization.
Forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other points that may cause actual occasions or effects to differ materially from those expressed or implied in forward-looking statements, including but not limited to:
Risks related to fluctuations in steel prices
risks related to estimates of mineral resources, production, capital and costs, de-customs or recovery costs, which are inaccurate;
the operational hazards inherent in exploration, development, mining and mining and mining activities, many of which are beyond Panoro’s control;
similar threats to Panoro’s ability to enforce Panoro’s legal rights under entry permits or licenses or the threat of Panoro being the subject of adverse litigation or arbitration;
risks related to Panoro projects in Peru, political, economic and regulatory instability;
Risks with program uncertainty to obtain, expand or renew licenses and licenses;
risks similar to situations demanding for Panoro’s right to explore and/or expand its projects;
risks related to mineral resource estimates based on interpretations and assumptions that would possibly result in a decrease in mineral production in real-world circumstances;
risks related to Panoro’s activities are subject to environmental and remediation requirements, which may increase the burden of advertising activities and limit Panoro’s activities;
Risks of being affected by environmental, protection and regulatory risks, increased regulatory burdens or delays and adjustments to the law;
Risks related to lack or inability to download
risks related to panoro houses still in advertising production;
Risks related to fluctuations in exchange rates, fees and taxes; And
risks similar to Panoro’s ability to raise budgets to continue his exploration, progression and mining activities.
This list is not exhaustive of the points that would possibly be the forward-looking data and statements contained in this press release.If one or more of these hazards and uncertainties materialize, or if the underlying assumptions are incorrect, the actual effects may differ materially from those described in the prospective data. The prospective data contained in this press release are based on beliefs, expectations and revisions as of the date of this press release. For the reasons defined above, readers are cautioned not to place undue trust Panoro makes no commitment to update the forward-looking data and statements contained herein, unless it is in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its regulatory service provider (as explained in TSX Venture Exchange policies) assumes the duty of the relevance or accuracy of this release.