Panoro Minerals Ltd

Published : January 19th, 2012

Intersects Near Surface Enriched Zone With 92.35 Metres Grading 1.55% Cu and 0.51 g/t Au at Cotabamb

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Keywords :   Copper | Gold | Molybdenum | Peru | Silver |
Panoro Intersects Near Surface Enriched Zone With 92.35 Metres Grading 1.55% Cu and 0.51 g/t Au at Cotabambas Copper-Gold Project, Peru
January 19, 2012

Vancouver, B.C., January 19, 2012 -- Panoro Minerals Ltd. (TSXV: PML, Lima: PML, Frankfurt: PZM) ("Panoro", the "Company") Panoro is pleased to report additional assay results from its Cotabambas porphyry copper-gold project located in southern Peru. Highlights are as follows:

  • Location of a significant zone of supergene enrichment in hole CB-43-11 with a 92.35 metre interval grading 1.55% copper and 0.51 g/t gold

  • Identification of a gold-enriched leached capping at surface in hole CB-43-11 with a 74 metre interval grading 1.17 g/t gold and 5.0 g/t silver

  • Intervals of 189.85 metres grading 0.456% copper and 0.16 g/t gold along with 79.95 metres grading 0.692% copper and 0.42 g/t gold in hole CB-45-11 (bottomed in strong mineralization)
The following table details the more significant intersections and a current drill plan can be found on the Company's website at www.panoro.com:

Drillhole From (m) To (m) Metres Cu (%) Au (g/t) Ag (ppm) Mo (%)
CB-43-11 2.00 76.00 74.00 0.060 1.17 5.0 0.001
CB-43-11 76.00 168.35 92.35 1.550 0.51 3.2 0.001
Including 80.00 119.25 39.25 2.820 0.68 3.2 0.001
Including 119.25 168.35 49.10 0.620 0.34 3.0 0.001
CB-43-11 220.20 262.60 42.40 0.220 0.08 0.7 0.001
CB-45-11 310.75 500.60 189.85 0.456 0.16 3.0 0.002
Including 405.25 430.85 25.60 0.711 0.21 5.9 0.002
Including 470.85 486.85 16.00 0.909 0.42 4.8 0.004
CB-45-11 509.60 513.40 3.80 1.017 0.24 6.9 0.003
CB-45-11 552.70 632.65 79.95 0.692 0.42 4.8 0.001
CB-45-11 652.30 659.90 7.60 0.444 0.12 4.5 0.004
CB-45-11 671.40 688.00 16.60 0.968 0.41 5.1 0.002
Including 681.40 688.00 6.60 1.778 0.80 9.5 0.001
CB-45-11 700.80 706.10 5.30 0.798 0.41 5.0 0.003
CB-45-11 717.00 743.80 26.80 0.454 0.19 3.1 0.006
CB-48-11 275.60 306.30 32.70 0.183 0.08 2.1 0.001
CB-48-11 334.80 467.10 147.35 0.252 0.09 2.0 0.005


Drill hole CB-43-11 fills a large gap between previous holes at the northern end of the Ccalla deposit as it is presently defined. Several strongly mineralized intervals are present, beginning at surface with a 74 metre length of leached and oxidized quartz monzonite grading 1.17 g/t gold, 5 g/t silver and 0.06% copper. This is followed by a supergene enrichment zone of 39.25 metres grading 2.82% copper and 0.68 g/t gold and then by a mixed zone of supergene and hypogene chalcopyrite-bornite mineralization grading 0.62% copper and 0.34 g/t gold over 49.10 metres. The latter two zones together comprise a 92.35 metre interval grading 1.55% copper and 0.51 g/t gold.

The results of hole CB-43-11 are particularly significant in that they demonstrate the presence of near surface, high grade, supergene mineralization and a relatively gold-enriched leached capping, each of which has the potential for a significant positive impact on project economics through early mining. Both zones are open to the north and ongoing re-logging of historical core is revealing the presence of similar mineralization elsewhere in the area drilled to date.

Hole CB-45-11 was drilled to undercut the Ccalla resource near its southwestern end as it is presently defined and bottomed in mineralization at 743.80 metres, extending the mineralized zone to a vertical depth of about 600 metres. Two main mineralized zones were encountered: a 189.85 metre interval grading 0.456% copper and 0.16 g/t gold along with a lower 79.95 metre interval grading 0.692% copper and 0.42 g/t gold. Several narrower but high grade intervals were also cut and the hole was terminated in strong mineralization at 743.8 metres after reaching the depth capacity of the drill rig. Recent drilling by Panoro (announced previously) has demonstrated that the Ccalla zone is open to the southwest.

Hole CB-48-11 was drilled to undercut the Ccalla resource about 200 metres north of CB-45-11 and intercepted two mineralized intervals including 32.70 metres grading 0.183% copper and 0.08 g/t gold and 147.35 metres grading 0.252% copper and 0.09 g/t gold. Although somewhat lower in grade, mineralization was extended here to a vertical depth of about 400 metres.

The current program of exploration includes 24,400 metres of drilling aimed both at expanding the resource at the Ccalla deposit and testing the other promising exploration targets on the property. Eleven holes totaling approximately 5,747 metres have been completed since the recommencement of drilling in August 2011. Two drill rigs are currently operating with another scheduled to arrive on January 23 and a fourth to arrive on February 7.

The program will require approximately six months to complete and results will be released periodically. All analytical laboratories are currently extremely busy which has resulted in delays in receiving assay results. Upon the completion of drilling, the Company will carry out preliminary metallurgical test work on selected samples of core and commission an updated resource estimate.

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's strong cash position following the recent completion of a $7.8 million brokered private placement puts the Company in a good position 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)
(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)

In addition to the exploration program at the Cotabambas Project, the Company will also be carrying out exploration work at the Antilla Copper-Molybdenum Project, Kusiorcco Copper Project and Cochasayhuas Gold Project in 2012. 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 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 and Hudbay Minerals' Constancia 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: bkomorowski@renmarkfinancial.com
Rachel Zhou: rzou@renmarkfinancial.com
Tel. : (514) 939-3989 or (416) 644-2020
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.
 
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
7/15/2013(Cotabambas)Intersects 128.9 Meters Grading 1.29 % Cu, 0.96 g/t Au and 9...
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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...
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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