Panoro Minerals (PML-V) drills 128.9 m of 1.29% Cu at Cotambas
July 15, 2013 - News Release
Panoro Minerals Ltd. has released additional assay results from its 100-per-cent-owned Cotabambas porphyry copper-gold-silver project located in southern Peru. Highlights are as follows:
- Drill hole CB-139 intersected 128.9 metres of primary copper mineralization grading 1.29 per cent Cu, 0.96 gram per tonne gold and 9.4 grams per tonne silver including 59.7 m averaging 1.64 per cent Cu, 1.30 g/t Au and 10.3 g/t Ag, underlain by a second interval of 198.6 m of primary copper mineralization grading 0.48 per cent Cu, 0.24 g/t Au and 4.7 g/t Ag, including 48.0 m grading 0.82 per cent Cu, 0.41 g/t Au and 8.3 g/t Ag.
- Drill hole CB-138 intersected 55.7 m of primary copper mineralization grading 0.93 per cent Cu, 0.74 g/t Au and 6.5 g/t Ag, underlain by another interval of 67.4 m averaging 0.61 per cent Cu, 0.33 g/t Au and 4.1 g/t Ag, including 46.0 m grading 0.79 per cent Cu, 0.46 g/t Au and 4.9 g/t Ag.
- Drill hole CB-120 intersected 46.8 m of copper oxide mineralization grading 0.89 per cent Cu, 0.07 g/t Au and 0.9 g/t Ag in a broader interval of 155.3 m averaging 0.60 per cent Cu, 0.06 g/t Au and 1.0 g/t Ag.
High-grade oxide mineralization intersected at or near surface to the north of the Ccalla zone indicates 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 reclassify 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 chief executive officer. "The current inferred resource at the Cotabambas project includes 404.1 million tonnes at 0.42 per cent Cu, 0.23 g/t Au and 2.84 g/t Ag at a 0.2-per-cent [copper equivalent] 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 step-out drilling. These new holes will form the basis of an updated resource estimate by Tetra Tech due for completion in September, 2013."
The attached table details the more significant intersections. A plan, sections and animation of drill hole locations can be found on the company's website.
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 per cent Cu to 1.17 per cent 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-to-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 near surface and at depth, respectively. 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 plus or minus 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 modelled 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.
Luis Vela, PGeo, a qualified person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release. |
