Panoro Minerals Ltd

Published : July 10th, 2012

Adds Significant Potential for Additional Resources With Discovery of New Mineralized Zones Immediat

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment
Keywords :   Copper | Gold | Growth | Molybdenum | Peru | Report | Silver |
Panoro Adds Significant Potential for Additional Resources With Discovery of New Mineralized Zones Immediately East of the Ccalla Trend at the Cotabambas Copper-Gold Project, Peru
July 10, 2012

Vancouver, B.C., July 10, 2012 - 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 project located in southern Peru. Highlights are as follows:
  • the discovery of new mineralized porphyry intrusives immediately to the east of the main Ccalla zone with a top to bottom intercept in hole CB-68 of 1,181.8 metres grading 0.32% copper, 0.10 g/t gold and 3 g/t silver
  • this wide intercept contains a number of higher grade intervals, including 403.3 metres grading 0.47% copper, 0.16 g/t gold, 4 g/t silver and 0.009% molybdenum, and demonstrates potential for both significant additional tonnage and a major positive impact on the eventual stripping ratio
The following table details the more significant intersections:

Drillhole
From (m)
To (m)
Metres
Cu (%)
Au (g/t)
Ag (ppm)
Mo (%)
CB-61
11.60
35.90
24.30
0.14
0.04
2
0.001
� �
35.90
223.50
187.60
0.18
0.07
2
0.006
CB-62
1.00
23.30
22.30
0.17
0.06
1
0.002
CB-64
274.70
275.85
1.15
3.63
11.80
16
0.001
CB-66
no significant values
CB-68
0.00
1,181.80
1,181.80
0.32
0.10
3
0.005
incl
0.00
31.30
31.30
0.41
0.14
1
0.000
incl
31.30
123.70
92.40
0.65
0.11
2
0.001
incl
31.30
96.50
65.20
0.83
0.13
2
0.001
incl
415.00
818.30
403.30
0.47
0.16
4
0.009
incl
415.00
530.80
115.80
0.38
0.09
2
0.024
incl
588.55
722.30
133.75
0.62
0.23
3
0.003
incl
752.30
782.30
30.00
0.78
0.46
10
0.001
CB-71
0.00
8.00
8.00
0.31
0.09
1
0.001
� �
26.20
46.90
20.70
0.53
0.15
3
0.001
� �
93.10
272.40
179.30
0.87
0.54
5
0.002
incl
115.50
212.40
96.90
1.21
0.80
7
0.001
CB-71
236.40
248.40
12.00
1.41
0.66
6
0.005
� �
287.80
330.50
42.70
1.31
0.53
9
0.004
� �
347.80
371.20
23.40
0.95
0.32
7
0.013
� �
405.20
535.00
129.80
0.32
0.12
2
0.011


Hole CB-61 was drilled to test the area immediately east of the Ccalla zone and was terminated early because of operational programs after intersecting 24.30 metres of leached capping grading 0.14% copper followed by 187.6 metres of primary mineralization grading 0.18% copper. This target was redrilled with hole CB-68.

Holes CB-62 and CB-64 tested a portion of the northwestern flank of the Ccalla porphyry but intersected only minor porphyry-style mineralization. However, a 1.15 metre wide quartz-pyrite-chalcopyrite vein graded 3.63% copper, 11.8 g/t gold and 16 g/t silver.

Hole CB-66 tested a chargeability low approximately 600 metres west of the Ccalla zone without intersecting significant values.

Hole CB-68 was a step-back and redrill of hole CB-61 aimed at testing the area east of the Ccalla zone. It is mineralized along its entire length of 1,181.1 metres with an average grade of 0.32% copper, 0.10 g/t gold, 3 g/t silver and 0.005% Mo. The upper portions include a 31.3 metre thick supergene oxide zone and a 92.4 metre thick mixed supergene zone overlying primary mineralization. Within the latter, a higher grade interval associated with new quartz monzonite bodies to the east and outside of the main Ccalla porphyry graded 0.47% copper, 0.16 g/t gold, 4 g/t silver and 0.009% Mo over 403.3 metres. This in turn included a number of higher grade intervals as listed in the table above, one of which contained unusually high levels of molybdenum. These results are particularly significant as they reveal the presence of entirely new mineralized porphyry intrusives to the east of the main Ccalla zone with excellent potential for both significant additional tonnage and a major positive impact on the eventual stripping ratio. Followup drilling will test the updip and lateral extensions of these zones and the possibility of near surface supergene enrichment.

Hole CB-71 is an infill hole aimed at extending the high grade supergene mineralization in hole CB-58 previously reported in an April 16, 2012 news release. It intersected the supergene zone approximately 60 metres to the south with a 20.7m thick interval grading 0.53% copper, 0.15 g/t gold and 3 g/t silver. A number of high grade intercepts of mainly primary mineralization further down beginning with 179.3 metres grading 0.87% copper, 0.54 g/t gold, 5 g/t silver and 0.002% molybdenum. This included a lower grade zone of mixed primary and supergene mineralization immediately above 96.9 metres of primary mineralization grading 1.21% copper, 0.80 g/t gold and 7 g/t silver and 0.001% molybdenum. Several other higher grade intervals of primary mineralization were subsequently encountered as listed in the table above. This hole was drilled at a low angle to the average dip of the porphyry system and the true width of the mineralized intercepts will be significantly lower. More detailed drilling in future will determine its potential to add some high grade mineralization to the resource.

A map and sections showing the location of all drill holes is available at Panoro's website (http://www.panoro.com/s/Cotabambas.asp?ReportID=458095&_Type=Cotabambas&_Title=Maps).

Luquman Shaheen, President & CEO of Panoro Minerals Ltd stated "We are very pleased with the identification of significant new mineralized intrusives to the east of the main Ccalla deposit. This area will be a key focus for the ongoing 30,000 m drill program aimed at adding more resource over and above the interim resource update we expect to report soon. The Cotabambas project is well on its way to becoming a world-class copper-gold project. The project growth profile, together with the strong financial position of the company, give us confidence that we will continue to provide exceptional shareholder value."

AMEC Peru is in the process of completing an updated resource estimate for Cotabambas and their report is expected for the end of July. Because the cutoff date for data submission was over a month ago, the drilling results reported in this news release will not be included in the estimate and represent potential for additional resources over and above that to be reported by AMEC.

With the March 2012 closing of a $13.8 million bought deal financing, the Company now has approximately $18 million in working capital and has expanded its program at Cotabambas and accelerated exploration at its other properties. Three drills are currently active at Cotabambas and are engaged in step-out and exploration drilling to continue growing the resource at both the Ccalla and Azulccaca deposits. A fourth drill rig is expected at site soon and will focus first on the northern sector of the Ccalla deposit where the gold enriched leach zone and supergene enriched zone were intersected in drillhole CB-43. With time, some metreage will be allocated to infill drilling to upgrade the resource to the Measured and Indicated categories. A program of geological mapping and sampling is ongoing on the remaining 80% of the property that is essentially unexplored.

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:
  90 million tonnes @ 0.77% Cu and 0.42 g/t Au @ 0.4% Cu cutoff (SRK, 2007)
(in situ content of 1.5 billion pounds of Cu and 1.2 million ounces of Au)
Antilla:
  154 million tonnes @ 0.47% Cu and 0.009% Mo @ 0.25% Cu cutoff (AMEC, 2009)
(in-situ content of 1.6 billion pounds of Cu and 30 million pounds of 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.

Chris Staargaard, M.Sc., P.Geo., a Director of the Company and a 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
Barbara Komorowski or Rachel Zhou
Phone 514.939.3989 or 416.644.2020
Email: bkomorowski@renmarkfinancial.com
rzou@renmarkfinancial.com
Web: 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.

View News Release in PDF Format:
Associated File: http://www.panoro.com/i/pdf/2012-07-10_NR.pdf
61 KB in size, approx. 12 seconds to download at 56.6Kbps

 
Data and Statistics for these countries : Peru | All
Gold and Silver Prices for these countries : Peru | All

Panoro Minerals Ltd

DEVELOPMENT STAGE
CODE : PML.V
ISIN : CA69863Q1037
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Panoro is a copper exploration company based in Canada.

Panoro develops copper and molybdenum in Peru.

Its main asset in development is ANTILLA in Peru and its main exploration properties are COTABAMBAS, EL ROSAL, LA RAMADA and COCHASAYHUAS in Peru.

Panoro is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 29.7 millions as of today (US$ 23.7 millions, € 20.8 millions).

Its stock quote reached its highest recent level on April 06, 2007 at CA$ 0.94, and its lowest recent point on March 13, 2009 at CA$ 0.06.

Panoro has 258 150 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Financings of Panoro Minerals Ltd
7/16/2014Completes Bought Deal Financing and Hudbay Private Placement
3/9/2012Closes Bought Deal Private Placement to Raise $13.8 Million
2/23/2012Announces $10,002,000 Bought Deal Financing
7/8/2011Announces Closing of Second and Final Tranche of Financing
7/4/2011Announces Closing of First Tranche of Financing
1/5/2010Closes $622,800 Private Placement
Option Grants of Panoro Minerals Ltd
8/16/2011(Cotabambas)Restarts Cotabambas Drill Program and Grants Options
2/19/2008Company Grants Stock Options
Nominations of Panoro Minerals Ltd
5/8/2011. Retains Renmark Financial Communications Inc.
2/22/2011Announces Appointment of Mr. David W. Huber as Chief Financi...
6/8/2010Appoints Kallpa Securities SAB as Sponsor for Listing on Lim...
3/25/2010Appoints Richard Mundie To Board of Directors
4/18/2008 Lays Foundation for Future with Orderly CEO Succession, App...
Project news of Panoro Minerals Ltd
7/15/2013(Cotabambas)Intersects 128.9 Meters Grading 1.29 % Cu, 0.96 g/t Au and 9...
5/6/2013(Cotabambas)Intersects 103.6 Meters Grading 0.79 %Cu, 0.58 g/t Au and 5....
1/28/2013(Antilla)Recommences Antilla Cu/Mo Project, Peru
11/1/2012(Cotabambas)Announces Results from Ongoing Exploration At 100% Owned ...
7/10/2012Adds Significant Potential for Additional Resources With Dis...
6/20/2012Announces Approval of Environmental Impact Assessment (EIAsd...
4/16/2012(Cotabambas)Intersects 114.1 metres Grading 1.70% Copper, 1.2 G/t Gold a...
12/12/2011Welcomes Option Agreement between Strait Gold and Teck for t...
10/5/2011(Cotabambas)Completes Geophysical Program and Advances 24,400 m Drill Pr...
3/29/2011(Cotabambas)Completes Three Year Community Agreement and Plans Expansion...
2/17/2011(Cotabambas)Project Update
7/23/2010(Antilla)Initial Assay Results Of The Infill Drilling Program At Pano...
6/23/2010(Antilla)Infill Drilling Program Making Progress at Panoro's Antilla...
9/29/2009(Alicia Property)Options Alicia Cu-Au Property in Peru to Strait Gold Corpora...
1/28/2009(Antilla)Successful Completion of 2008 Exploration Program at Antilla...
9/3/2008(Antilla)Antilla, Peru, Further Results Meet and Exceed Expectations,...
8/13/2008(Antilla)Encouraging First Results Indicating Continuity of Grade and...
6/25/2008(El Rosal)Acquires Additional Mineral Concessions at El Rosal Project,...
12/3/2007(El Rosal)Final Drilling Permit for El Rosal received Field Work under...
11/21/2007Progress on the Permitting Front and Community Relations App...
Corporate news of Panoro Minerals Ltd
6/17/2016Panoro Minerals Announces Filing of Antilla Cu/Mo Project Pr...
6/1/2016Panoro Minerals Announces Receipt of Second Early Deposit Pa...
5/24/2016Panoro Announces Appointment of Chief Financial Officer
5/2/2016Panoro Reports Positive Preliminary Economic Assessment For ...
4/19/2016Panoro Minerals Announces Receipt of First Early Deposit Pay...
12/2/2015Panoro Minerals Announces Approval of Expanded Environmental...
11/25/2015Panoro Minerals Announces Interim CFO
11/2/2015Panoro Announces Ms. Kathryn Johnson as Chief Financial Offi...
9/22/2015IIROC Trading Resumption - PML
9/22/2015Panoro Reports Updated Preliminary Economic Assessment Resul...
9/22/2015IIROC Trading Halt - PML
4/9/2015IIROC Trading Resumption - PML
4/9/2015Panoro Reports Positive Preliminary Economic Assessment for ...
4/9/2015IIROC Trading Halt - PML; AHC
2/5/2014Announces Granting of Options
1/20/2014(Cotabambas)Continues to Intersect Good Copper-Gold Grades at the Cotaba...
12/31/2013- Death of Director - Jaime Quijandr=EDa Salm=F3n
12/16/2013(Antilla)announces significant increase and upgrade for Antilla Cu/Mo...
10/30/2013(Cotabambas)Increases Copper and Gold Resources by 40% at the Cotabambas...
3/14/2013completes C$15 million bought deal financing
2/25/2013(Cotabambas)Intersects 110.8 Meters Grading 1.64 % Cu, 0.68 g/t Au and 6...
1/21/2013(Cotabambas)Intersects 92 Metres Grading 0.95 %Cu, 0.49 g/t Au and 6.2 g...
12/11/2012completed Table from December 11, 2012 Press Release
12/11/2012(Cotabambas)Intersects 60 Metres Grading 1.55% Cu, 0.57 g/t Au and 7 g/t...
10/26/2012(Cotabambas)Announces Filing of NI 43-101 Technical Report for Cotabamba...
10/24/2012(Cotabambas)Announces Filing of NI 43-101 Technical Report for Cotabamba...
10/17/2012Announces Granting of Options and Appointment of VP Expl...
9/28/2012(Antilla)Arbitration Committee Confirms Termination of Joint Venture ...
9/27/2012Arbitration Committee Confirms Termination of Joint Venture ...
9/11/2012(Cotabambas)Cotabambas Project Resource Estimate Shows Increase to 3.75 ...
6/13/2012(Cotabambas)Intersects 55.35 Metres Grading 0.97% Copper, 0.16 G/t Gold ...
1/19/2012(Cotabambas)Intersects Near Surface Enriched Zone With 92.35 Metres Grad...
1/4/2012Announces Approval of Application to the British Columbia an...
12/7/2011(Cotabambas)Continues to Intersect High Grade Copper-Gold Mineralization...
6/15/2011Announces Corporate Plans
5/11/2011(Cotabambas)Intersects 206 Metres Grading 0.51% Cu and 0.31 g/t Au at th...
3/7/2011(Cotabambas)Announces First Drill Results for the Cotabambas Copper Gold...
2/13/2010Retains Ascenta Capital Partners for Investor Relations
6/22/20091.6 Billion pound Copper Inferred Resource Estimate at the E...
6/15/2009annual general meeting
6/2/2008Exploration Program Commenced at Antilla Project
5/21/2008With Permit in Hand Panoro to Start Drilling Program at the ...
5/13/2008Announces Proposed Implementation of Shareholders Rights Pla...
4/7/2008 Changes Name of Subsidiary in Peru to Panoro Apurimac S.A.
3/17/2008 Grants Consorcio Minero Horizonte Option to earn 50% in Coc...
1/21/2008 Starts First of Four Drill Programs
12/5/2007 Signs Formal Agreement with Antilla Community Drilling in e...
10/4/2007Two of the Company's Projects Designated as Projects of Nati...
9/18/2007Progress Report since the Acquisition of Cordillera de las M...
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TSX-V (PML.V)FRANKFURT (PZM.F)
0.115-14.81%0.087+8.75%
TSX-V
CA$ 0.115
08/10 13:27 -0.020
-14.81%
Prev close Open
0.135 0.125
Low High
0.115 0.125
Year l/h YTD var.
0.110 -  0.205 -20.69%
52 week l/h 52 week var.
0.105 -  0.205 -%
Volume 1 month var.
34,000 -4.17%
24hGold TrendPower© : 5
Produces
Develops Copper - Molybdenum
Explores for Copper - Gold - Lead - Silver - Zinc
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
Last updated on : 6/16/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
2022-8.00%
2021-26.47%0.230.13
2020142.86%0.200.07
2019-69.57%0.260.07
2018-39.47%0.440.13
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.00-0.43%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.50-3.85%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 3.59+2.60%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.60+4.17%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.02-25.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.69+0.75%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 7.00+2.42%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.28-3.39%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.28+3.70%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 2.08+0.97%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 60.26+2.07%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.03+0.00%Trend Power :