Business
Panoro Minerals: CEO Outlook and Year in Review
VANCOUVER, British Columbia, Jan. 22, 2018 (GLOBE NEWSWIRE) -- Panoro Minerals Ltd. (TSX-V:PML) (Lima:PML) (Frankfurt:PZM) ("Panoro", or the "Company") is pleas
About this update from Panoro Minerals Ltd.
[{"type":"text","content":"VANCOUVER, British Columbia, Jan. 22, 2018 (GLOBE NEWSWIRE) -- Panoro Minerals Ltd. (TSX-V:PML) (Lima:PML) (Frankfurt:PZM) (\"Panoro\", or the \"Company\") is pleased to provide a review of 2017 and the CEO’s outlook and Company plans for 2018. 2018 is shaping up to be a transformational year for Panoro Minerals Ltd. The Company is well financed through to 2020; exploration results are identifying expansion potential for the Cotabambas project; and strengthening copper prices are indicating the development of a new copper bull market. Panoro is uniquely positioned in the copper exploration/development space to deliver two advanced stage copper projects located in Southern Peru, the prime copper development district in the world. 2017 was an important year of growth for Panoro following the 2016 year when the Company’s balance sheet was strengthened. The combined impacts of Panoro’s exploration program successes together with improved copper market fundamentals and increased market awareness programs resulted in a significant increase in Panoro’s stock price. After a low of $CA 0.15 in March 2017, and over two years at or below $CA 0.20, the stock price increased to a peak of $CA 0.475 in August and closed the year at $CA 0.38 cents. During 2017 Panoro carried out an extensive exploration program at Cluster 1 of the Cotabambas Project. The exploration work included: Geologic Mapping of 280 hectares, 40% of the total to date; Rock chip sampling of 1,072 samples, 24% of the total to date; Geophysical surveys of:• 68.2 km of Induced Polarization, 44% of the total to date; and• 45.2 km of Magnetics, 22% of the total to date. Diamond Drilling of 6,632.6 m distributed over 30 Drillholes, 8% of the total to date. The exploration work focused on four satellite targets within Cluster 1 of the Cotabambas Project. The drilling results confirmed the presence of: Oxide copper mineralization, near surface, at the Petra-David Target; Oxide gold mineralization, near surface, at the Breccia Target; and Oxide and sulphide copper mineralization near surface, at the Maria Jose Target. These targets are located from 0.5 km to 1.5 km to the north, west and northwest side of the proposed open pit. The oxide copper zones are identifying the potential to add a heap leach SX/EW process to the early...