Panoro Minerals Ltd

Published : March 07th, 2011

Announces First Drill Results for the Cotabambas Copper Gold Project in Peru

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Keywords :   Copper | Gold | Molybdenum | Peru |
Panoro Announces First Drill Results for the Cotabambas Copper Gold Project in Peru
March 07, 2011

Vancouver, B.C., March 7th, 2011 - Panoro Minerals Ltd. (TSXV: PML, Lima: PML, Frankfurt: PZM) ("Panoro") is pleased to announce the assay results from the first three drill holes completed at the Azulccaca and Ccalla deposits at its 100% owned Cotabambas Porphyry Copper/Gold Project in Peru.

The results of hole CB-36 demonstrate the vertical and lateral extension of mineralization intersected in previous drilling, particularly hole CB-25 which was drilled 100m to the northwest in 2003. CB-25 included a number of significant mineralized intercepts including 68.0m grading 0.58% Cu and 0.34 g/t Au, 36.0m grading 0.66% Cu and 0.41 g/t Au and 44.4m grading. 0.70% Cu and 0.43 g/t Au. The results from CB-25 were not included in the NI 43-101 resource estimate prepared by SRK in 2007.

Drilling of CB-37 located 100m to the north of CB-25 is in progress and the Company has completed a magnetic survey in the area between the Ccalla and Azulccaca deposits.
CB-36 was drilled on the west side of the main Ccalla deposit to a final depth of 825m. The results are shown in the table below and are highlighted by a 72.5m intercept grading 0.57% Cu, 0.26 g/t Au, 3.1 g/t Ag and 0.0015% Mo.

Holes CB-34 and CB-35 were drilled at the Azulccaca Porphyry deposit some 900 metres to the southwest of the Ccalla deposit to final depths of 207m and 220m respectively and confirm the mineralization identified in previous drilling. Figures showing the locations of all holes may be found on the Company's website at www.panoro.com.

Drillhole From (m) To (m) Interval (m) Cu (%) Mo (%) Au (g/t) Ag (g/t)
CB-34 0.00 54.25 54.25 0.33 0.0009 0.32 4.7
Includes 10.00 34.90 24.90 0.41 0.0009 0.42 5.2
               
  132.25 149.45 17.20 0.33 0.0011 0.21 3.0
               
CB-35 8.00 51.50 43.50 0.31 0.0011 0.29 2.1
Includes 27.50 35.50 8.00 0.44 0.0010 0.39 2.5
               
  67.50 75.50 8.00 0.31 0.0010 0.26 2.8
  85.50 107.10 21.60 0.34 0.0012 0.27 2.8
               
CB-36 112.00 131.80 19.80 0.71 0.0015 0.28 4.2
Includes 112.00 121.50 9.50 1.25 0.0018 0.43 6.6
               
  293.00 365.50 72.50 0.57 0.0015 0.26 3.1
Includes 317.00 365.50 48.50 0.71 0.0014 0.33 3.6
               
  378.25 401.00 22.75 0.39 0.0014 0.23 2.0
  409.00 419.00 10.00 0.35 0.0064 0.08 3.0
  576.00 594.00 18.00 0.31 0.0550 0.06 1.6
  712.00 720.00 8.00 0.40 0.0023 0.14 4.3
  774.35 790.00 15.65 0.34 0.0081 0.03 6.6


Agreements with two local indigenous communities, Guaclle and Ccalla, are in place and the Company's community engagement program with Cochapata, the third and remaining local indigenous community, is advancing well. The Company is optimistic that it will be able to complete a community agreement with Cochapata in the near future.

All drilling is being carried out by Energold Drilling Peru using a man-portable drill rig. All drill cores are being sampled on site and then submitted to ALS laboratory in Lima, Peru for analysis. Fred Tejada, P.Geo, the Company's VP-Exploration is the Qualified Person for this project.

At the Company's Antilla Copper/Molybdenum Project, the arbitration process is advancing. The first resolution delivered by the arbitration committee has granted Panoro the right to inspect, review and evaluate all technical aspects of the project. The company will soon commence its review on site.

About Panoro

Panoro's strategic focus is to move its advanced stage Copper and Copper/Gold projects to the feasibility and development stages and to explore its other projects. Panoro recently closed a $6.5 million non-brokered private placement positioning the company to continue developing its significant portfolio of exploration projects. The Company's large portfolio includes the advanced Cotabambas Copper-Gold and Antilla Copper-Molybdenum Projects which include NI 43-101 inferred level resources of:

Cotabambas: 90 million tonnes @ 0.77% Cu and 0.42 g/t Au (0.4% Cu cutoff, SRK 2007)
Antilla: 1154 million tonnes @ 0.47% Cu and 0.009% Mo (0.25% Cu cutoff, AMEC 2009)


In addition to the exploration program at the Cotabambas Project, the Company will also be carrying out exploration work at its Antilla Copper-Molybdenum Project, Kusiorcco Copper Project and Cochasayhuas Gold Project in 2011. Panoro has ten other exploration properties in Peru and is currently evaluating investment alternatives including joint ventures.

Panoro's significant portfolio of projects is located primarily in the southeastern 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 the Haquira Copper Project, recently acquired by First Quantum Minerals, and the Constancia Copper Project, recently acquired by Hudbay Minerals.

On behalf of the Board of
Panoro Minerals Ltd.


Luquman Shaheen, M.B.A., P.Eng., P.E.
President, CEO and Director

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

Investor Relations
Jim Glass, Ascenta Capital Partners Inc.
Phone: 604.684.4743 ext. 225
Phone: 866.684.4209
Email: jim@ascentacapital.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.
 
Data and Statistics for these countries : Peru | All
Gold and Silver Prices for these countries : Peru | All

Panoro Minerals Ltd

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CODE : PML.V
ISIN : CA69863Q1037
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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.

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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
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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...
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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...
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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
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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
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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...
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