Panoro Minerals Ltd

Published : December 02nd, 2015

Panoro Minerals Announces Approval of Expanded Environmental Permit Area for Cotabambas Cu/Au/Ag Project, Peru

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
Keywords :   Copper | Gold | Growth | Iron | Molybdenum | Peru | Silver |

Panoro Minerals Announces Approval of Expanded Environmental Permit Area for Cotabambas Cu/Au/Ag Project, Peru

VANCOUVER, British Columbia, Dec. 2, 2015 (GLOBE NEWSWIRE) -- Panoro Minerals Ltd. (PML.V) (PML.V) (PZM.F) ("Panoro", the "Company") is pleased to announce that the Peruvian Ministry of Energy and Mines has approved the modification of the Semi-detailed Environmental Impact Assessment (EIAsd) for the company's Cotabambas project. The modified EIAsd expands the area permitted for exploration drilling from 704 ha under the previous EIAsd to 1,401 ha. A public participation process involving the approval of all three local communities of Ccalla, Guaclle and Cochapata was completed as part of the EIAsd.

The expanded area under the newly approved EIAsd includes a number of targets identified through geological mapping, rock chip sampling, trenching and geophysics that are along two trends containing the Ccalla and Azulccaca porphyry deposits. The identified targets include:

  • Azulccaca-Ccalla-Cochapata-Maria Jose Trend
    • Azulccaca and Ccalla deposits (current mineral resource)
    • Cochapata Porphyry target; and
    • Maria Jose Porphyry target.
  • Guaclle-Buenavista Trend
    • Guaclle Porphyry target; and
    • Buenavista Porphyry target.

These targets, together with the Ccalla and Azulccaca deposits, are located within a 6 km by 3 km area to the northeast side of the Company's concessions as shown on the location map at They appear to be part of a single cluster of porphyry occurrences, the full extent of which may remain to be discovered. A number of additional mineralized targets also occur elsewhere on the Cotabambas Project which covers an area of approximately 16 km by 10 km.

The original EIAsd included an area covering only the Ccalla and Azulccaca deposits, on which Panoro completed a number of drilling programs from 2010-2014. The results from this drilling were included in the resource updates for the Cotabambas Projects announced in 2012 and 2013 and which form the basis for the Preliminary Economic Assessment ("PEA") reported on September 22, 2015.

Maria Jose Target

The Maria Jose zone is situated along the same mineralized trend as the Ccalla and Azulccaca deposits. It includes two separate prospects consisting of both oxide and primary copper mineralization associated with quartz monzonite porphyry intruding monzodiorite and andesite. Mineralization is characterized by differing proportions of chrysocolla, cuprite, goethite, hematite, and minor chalcocite and chalcopyrite associated with quartz stockwork veinlets. The mineralized porphyries exhibit potassic and phyllic alteration while the host rocks show differing levels of propylitic alteration, sometimes overprinted by a pyrite-chalcopyrite-quartz stockwork.

Two copper anomalies have been identified within the Maria Jose area through extensive rock chip sampling. The MJ-1 prospect is defined by 25 rock chip samples with greater than 500 ppm Cu over an area of 300m by 900m . A higher grade "core" area of 130m x 500m in size is defined by 17 samples that assayed from 0.11% Cu to 0.39% Cu, 0.01 to 0.05 Au g/t, and 0.3 to 3.1 g/t Ag.

The MJ-2 prospect is defined by 70 rock chip samples with greater than 500ppm Cu over an area of 250m by 1,100m. A 200m x 350m higher grade "core" area within this anomaly is defined by 25 samples containing 0.20% Cu to 0.44 %Cu, 0.01g/t Au to 0.07g/t Au and 0.2g/t Ag to 3.0 g/t Ag. A second and smaller "core" within the larger prospect area is defined by 8 samples grading from 0.52% Cu to 1.56% Cu, 0.03g/t Au to 0.47g/t Au and 1.5g/t Ag to 7.9g/t Ag. The Maria Jose mineralization is thought to represent the northern extension of the Cochapata target that has been offset by normal faulting.

Cochapata Target

The Cochapata zone represents a possible connection between the Ccalla deposit and Maria Jose, Buenavista and Guaclle targets. Mapping suggests that this connection may be hidden under a leached cap, the presence of which is suggested by a prominent colour anomaly and porphyry quartz-monzonite outcrops exhibiting pervasive argillic alteration and quartz stockworks containing a variety of residual iron oxides and box-work textures.

537 rock chip samples were systematically collected over the Cochapata area. Five copper and gold anomalies were found immediately north and west of the Ccalla deposit and will be tested in the next program of drilling. One of the more significant consists of 24 rock samples averaging 0.55 g/t Au, 0.03% Cu and 2.2 ppm Ag over an area of 350 x 50 metres. The high gold values suggest that copper values may have been leached. A strong magnetic anomaly with associated high chargeability similar to that underlying the Ccalla deposit suggests that mineralization under a leached cap may be continuous from Ccalla through the Cochapata area.

Guaclle-Buenavista Targets

The Guaclle and Buenavista targets appear to be located along a trend parallel to that containing the Ccalla and Azulccacca deposits but situated 2km to the northwest. They are characterized by both oxide and primary copper mineralization associated with potassically altered quartz monzonite porphyry intruding propylitically altered diorite. Mineralization is similar to that in the Ccalla area but may be somewhat more eroded and phyllic alteration is less common. In some places, roof pendants of limestone show prograde and retrograde skarn alteration with iron and copper mineralization.

224 rock chip samples were taken in the Buenavista area and seven areas with anomalous copper and gold values were located over an area of 2.2 km by 0.6 km. A program of geophysics, detailed geological mapping and trenching is planned to define drill targets. Two copper-gold anomalies over an area of 1.4 km x 0.4 km were defined with rock chip sampling in the Guaclle area.

Although Panoro has not carried out any drilling in the above mentioned target areas, some historic drilling in the Guaclle area intersected porphyry and skarn type mineralization. Six holes had been drilled in the area, two of which include numerous intervals of oxide and supergene-enriched copper mineralization ranging from six meters grading 1.32% Cu to 12 metres grading 0.76% Cu. The results of surface chip sampling in the Buena Vista area were more anomalous than those at Guaclle but this zone has not yet been drilled.

The table below summarizes the most significant intersections.

Drillhole From (m) To (m) Metres Cu (%) Au (g/t) Ag (g/t) Pb (%) Zn (%) Zone
CB-24 0.0 12.0 12.0 0.17 0.019 n.d. n.d. n.d. Oxide
" 22.0 26.0 4.0 0.13 0.008 n.d. n.d. n.d. Leach
" 64.0 72.0 8.0 0.24 0.010 n.d. n.d. n.d. Oxide
" 90.0 106.0 16.0 0.59 0.038 n.d. n.d. n.d. Oxide
CB-31 8.0 32.0 24.0 0.23 0.024 1.6 0.003 0.038 Oxide
"" 46.0 52.0 6.0 0.18 0.018 0.9 0.003 0.017 Oxide
"" 70.0 146.0 76.0 0.23 0.014 0.5 0.003 0.034 Primary
"" 230.0 242.0 12.0 0.77 0.017 2.2 0.002 0.017 Primary
"" 250.0 272.0 22.0 0.25 0.091 2.5 0.003 0.020 Skarn
CB-32 52.0 60.0 8.0 0.30 0.006 3.3 0.020 0.031 Oxide
"" 152.0 156.0 4.0 0.11 0.028 1.0 0.003 0.014 Primary
"" 254.0 260.0 6.0 0.10 0.008 0.5 0.002 0.015 Primary
"" 264.0 266.0 2.0 0.36 0.007 0.3 0.002 0.016 Primary
CB-33 190.0 192.0 2.0 0.01 0.130 15.0 0.330 0.630 Skarn
"" 198.0 202.0 4.0 0.01 0.037 5.6 0.220 0.455 Skarn
"" 204.0 206.0 2.0 0.08 0.023 27.0 0.520 1.330 Skarn
"" 212.0 214.0 2.0 0.10 0.085 13.0 0.790 1.740 Skarn
CB-96 113.50 121.50 8.00 0.017 0.68 0.02 0.030 0.164 Skarn
"" 148.40 173.35 24.95 0.007 1.32 0.02 0.053 0.534 Skarn
CB-100 129.3 137.3 8.0 0.34 0.02 4.0 0.004 0.013 Primary

Panoro is planning an exploration program for these targets pending the completion of financing. The first priority is to complete a Phase 1 drill program at the Maria Jose target. The approved EIAsd provides for up to 311 drilling platforms to be constructed for the completion of the same number of drill holes.

Luquman Shaheen, President & CEO states, "The Cotabambas Project is at a very interesting and unique point in its development. The recently updated PEA has demonstrated positive economics for an open pit mine designed around the current resource base while further exploration potential both in the vicinity of the resource and elsewhere on the property remains impressive. With the approval of the EIAsd the Company can now plan to drill some of these targets. Positive drilling results could have a number of impacts on the project, from adding resource and extending the estimated mine life to potentially making a larger throughput a preferred scenario. With the startup of a number of other large copper projects in the area over the last 3 years, such as Las Bambas, Constancia, Antapaccay and the Cerro Verde expansion, the region is becoming a strong center of gravity for infrastructure development to service an emerging and pre-eminent copper mine development region in the world. We look forward to advancing Cotabambas as the next significant project in this region."

About Panoro

Panoro Minerals is a uniquely positioned copper exploration company focused on Peru. Panoro is advancing its significant portfolio of copper and gold projects in the key Andahuaylas-Yauri belt in south central Peru, including its advanced stage Cotabambas Copper-Gold-Silver-Molybdenum and Antilla Copper-Molybdenum Projects.

Since 2007, the company has completed over 70,000 m of exploration drilling at these two key projects leading to the delineation of mineral resources in late 2013 of:


Indicated Resource 117.1 Mt @ 0.42% Cu, 0.23g/t Au, 2.74 g/t Ag & 0.001%Mo (@0.2% CuEq cutoff)
Inferred Resource 603.5 Mt @ 0.31% Cu, 0.17g/t Au, 2.33 g/t Ag and 0.002 %Mo (@0.2% CuEq cutoff)
(Tetra Tech, with an effective date of October 2013)

Indicated Resource 188.5 Mt @ 0.40% Cu and 0.009% Mo (@0.2% CuEq cutoff)
Inferred Resource 145.9 Mt @ 0.28% Cu and 0.009%Mo (@0.2% CuEq cutoff)
(Tetra Tech, with an effective date of December 2013)

The results from the updated PEA of the Cotabambas Project were announced on September 22, 2015 demonstrating a base case, after tax NPV of $US 683.9M, an IRR of 16.7% and a payback of 3.6 years. The PEA included mining of 483M tonnes of mill feed from two open pits, feeding an 80,000 tonne per day mill and concentrating plant producing a single copper concentrate grading 27% Cu, 11 g/t Au and 134 g/t Ag with no penalty attracting deleterious elements.

Work on the Antilla PEA resumed after the Cotabambas PEA update was completed and is nearing completion.

In addition to the Cotabambas and Antilla Projects, Panoro's portfolio includes more than 10 earlier stage projects in primarily the same region of south central Peru. Peru's national objective of doubling copper production together with the development of the many copper projects in the region, together with the private and public investments into rail, road, power generation and transmission and port infrastructure are leading to the rapid growth of an important global center for copper production. Panoro's large portfolio is situated here along with the Las Bambas, Antapaccay, Haquira, Constancia, Los Chancas, Cerro Verde, Tia Maria, Zafranal and Trapiche projects, all of which are either in exploration stage, construction or already in production.

Luis Vela, a P. Geo 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 A. Shaheen, M.B.A., P.Eng., P.E.
President & CEO


Panoro Minerals Ltd.
Luquman A. Shaheen, President & CEO
Phone: 604.684.4246 Fax: 604.684.4200

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.

Read the rest of the article at
Data and Statistics for these countries : Peru | All
Gold and Silver Prices for these countries : Peru | All

Panoro Minerals Ltd

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
Projects & res.
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$ 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.

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
CA$ 0.130
10/12 16:42 0.010
Prev close Open
0.120 0.125
Low High
0.125 0.130
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
0.105 -  0.150 13.04%
Volume 1 month var.
21,500 -%
24hGold TrendPower© : 5
Develops Copper - Molybdenum
Explores for Copper - Gold - Lead - Silver - Zinc
Interactive chart Add to compare
Print Compare Export
Last updated on : 6/16/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
Annual variation
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 :
announces expected non-cash impairment
AU$ 7.62-0.13%Trend Power :
Oceana Gold(Au)OGC.AX
AU$ 2.20+0.00%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
US$ 7.27-0.68%Trend Power :
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
Reduced Funding Requirement
GBX 0.67+6.35%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.06+30.00%Trend Power :
Closes Bridge Loan Financing
CA$ 2.13-0.47%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$ 9.41-3.59%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.22+0.00%Trend Power :
Q A April 2017 Quarterly Report
AU$ 0.24-2.04%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$ 1.44-4.64%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 46.69-0.13%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
2nd Quarter Report
AU$ 0.02+0.00%Trend Power :