Panoro Minerals Ltd

Published : April 16th, 2012

Intersects 114.1 metres Grading 1.70% Copper, 1.2 G/t Gold and 8 G/t Silver at the 100% Owned Cotaba

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Keywords :   Copper | G Mexico | Gold | Mexico | Molybdenum | Peru | Report | Silver |
Panoro Intersects 114.1 metres Grading 1.70% Copper, 1.2 G/t Gold and 8 G/t Silver at the 100% Owned Cotabambas Copper-Gold Project, Peru
April 16, 2012

Vancouver, B.C., April 16, 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:
  • 114.1 metre intercept of supergene enriched mineralization grading 1.70% copper, 1.2 g/t gold and 8 g/t silver in hole CB-58, including 28 metres grading 2.93% copper, 1.48 g/t gold and 13 g/t silver
  • a 122.4 metre thick interval of hypogene mineralization grading 0.54% copper, 0.33 g/t gold and 4 g/t silver beginning at 174.15 metres in hole CB-58
  • a 58.25 metre interval of supergene enriched mineralization grading 0.76% copper, 0.07 g/t gold and 2 g/t silver, including 19.55 metres grading 1.32% copper, 0.08 g/t gold and 1 g/t silver in hole CB-56, about 260 metres due east of the high grade supergene mineralization previously announced in hole CB-43
The following table details the more significant intersections:

Drillhole From (m) To (m) Metres Cu (%) Au (g/t) Ag (ppm) Mo (%)
CB-51 177.40 191.40 14.00 0.19 0.06 2 0.006
�� 267.45 313.45 46.00 0.10 0.03 1 0.005
�� 407.45 422.75 15.30 0.12 0.05 1 0.010
�� 470.70 494.85 24.15 0.10 0.03 1 0.010
�� 526.25 546.30 20.05 0.04 0.32 2 0.002
�� 563.50 627.05 63.55 0.14 0.04 2 0.016
�� 679.00 695.30 16.30 0.10 0.04 1 0.015
CB-55 2.05 83.80 81.75 0.19 0.04 2 0.004
�� 148.70 248.90 100.20 0.17 0.07 1 0.003
�� 260.85 282.10 21.25 0.27 0.21 1 0.001
�� 294.15 345.50 51.35 0.24 0.16 1 0.001
�� 363.25 441.10 77.85 0.26 0.08 2 0.006
�� 575.85 605.25 29.40 0.32 0.41 8 0.001
CB-56 1.25 59.50 58.25 0.76 0.07 2 0.001
including 9.60 29.15 19.55 1.32 0.08 1 0.001
CB-56 85.90 129.50 43.60 0.14 0.04 1 0.002
�� 216.25 299.90 83.65 0.11 0.03 2 0.002
�� 353.30 462.35 109.05 0.12 0.04 2 0.067
CB-58 19.55 34.40 14.85 0.11 0.86 5 0.001
�� 34.40 148.50 114.10 1.70 1.20 8 0.001
including 46.40 74.40 28.00 2.93 1.48 13 0.001
CB-58 174.15 296.55 122.40 0.54 0.33 4 0.001
�� 327.60 370.50 42.90 0.15 0.05 2 0.001
�� 454.10 518.10 64.00 0.12 0.03 1 0.004

See exploration map at Panoro's website for location of drill holes: Hole CB-58 was drilled on the northwest side of the Ccalla zone to test the extension of mineralization from historical hole CB-3 some 75 metres to the south. Immediately below a 14.85 metre thick leached cap at surface grading 0.86 g/t gold, 5 g/t silver and 0.11% copper, it intersected a 114.1 metre interval of high grade supergene mineralization grading 1.7% copper, 1.2 g/t gold and 8 g/t silver to a depth of 148.5 metres, including 28 metres grading 2.93% copper, 1.48 g/t gold and 13 g/t silver. This was followed by a 122.4 metre thick interval of hypogene mineralization grading 0.54% copper, 0.33 g/t gold and 4 g/t silver beginning at 174.15 metres. This hole is particularly significant in that it demonstrates the presence of additional supergene enrichment some 630 metres southeast of that announced earlier in hole CB-43.

Hole CB-56 was drilled at the north end of the Ccalla zone about 260 metres due east of the high grade supergene mineralization previously announced in hole CB-43. From surface, it encountered a 58.25 metre interval of enriched supergene mineralization grading 0.76% copper, 0.07 g/t gold and 2 g/t silver, including 19.55 metres grading 1.32% copper, 0.08 g/t gold and 1 g/t silver. Several lower grade intervals of hypogene mineralization were intersected lower in the hole.

Hole CB-55 tested for the eastward extension of the supergene enrichment zone encountered in holes CB-43, CB-2 and CB-19 approximately 100 metres to the west and continued to depth, intersecting six intervals of low grade copper-gold mineralization.

Hole CB-51 was an exploration hole testing geophysical anomalies situated approximately 235 metres to the southwest of the Ccalla zone area. It intersected low grade copper-gold mineralization, periodically interrupted by barren dykes, throughout most of its length.

"We are very pleased that the ongoing exploration continues to identify extensions to the high grade enriched supergene zone at the north and south side of the Ccalla deposit of the Cotabambas Project. The results also continue to help define the geologic model for the Ccalla deposit and identify opportunities for expanding the deposit .." stated President & CEO, Luquman Shaheen.

With the March 2012 closing of a $13.8 million bought deal financing, the Company now has approximately $20 million in working capital and is well-positioned to expand its program at Cotabambas and also to accelerate exploration at its other properties. The Company is currently completing a 24,400 drill hole program at the Cotabambas Project and planning an expansion to the program to include:
  • step-out and exploration drilling to continue growing the resource at both the Ccalla and Azulccaca deposits;
  • infill drilling to upgrade the resource to Measured and Indicated categories; and
  • commence feasibility engineering and environmental studies.
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 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)
(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 Grupo Mexico'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


Panoro Minerals Ltd.
Luquman Shaheen, President & CEO
Fax: 604.684.4200

Renmark Financial Communications
Barbara Komorowski or Rachel Zhou
Phone 514.939.3989 or 416.644.2020

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.

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

Panoro Minerals Ltd

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$ 33.6 millions as of today (US$ 26.8 millions, € 23.5 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
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...
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