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Panoro Minerals Update on Exploration Plans at Cotabambas Project, Peru
VANCOUVER, British Columbia, July 13, 2020 (GLOBE NEWSWIRE) -- Panoro Minerals Ltd. (TSXV: PML, Lima: PML, Frankfurt: PZM) (“Panoro”, the “Company”), is pleased
About this update from Panoro Minerals Ltd.
[{"type":"text","content":" VANCOUVER, British Columbia, July 13, 2020 (GLOBE NEWSWIRE) -- Panoro Minerals Ltd. (TSXV: PML, Lima: PML, Frankfurt: PZM) (“Panoro”, the “Company”), is pleased to provide an update on the Company’s exploration plans for the Cotabambas Cu/Au/Ag Project located in southern Peru. The Cotabambas Project is Panoro’s flagship project where more than 84,000 meters of exploration drilling, a NI-43-101 Resource Estimate and Preliminary Economic Assessment (PEA) have been completed. In 2018 and 2019, the Company completed geologic mapping and sampling, geophysical surveys and exploration drilling at a number of satellite targets in the vicinity of the two proposed open pits. Two principal objectives are the focus of exploration work at the Cotabambas Project: Addition of high grade, near-surface sulphide resources to increase the mining grade in the early part of the mine life; and the Addition of near surface oxides to add a heap leach SX/EW component to the project. The addition of high-grade sulphide mineralization and oxide mineralization to the project resource has the potential to further enhance the projects economics. Luquman Shaheen, President & CEO, states “The proposed exploration program at the Cotabambas Project is very focused on enhancing the project economics. An increase to the tonnage of high-grade sulphide resource and oxide resource has the potential to double the net present value of the project with little increase to the capital cost. Recent increases in copper and gold prices have already shown the important upside to the project’s net present value and internal rate of return together with a decrease in the payback period, cash cost and breakeven copper price. The Cotabambas Project resource includes 4.2 million ounces of Gold between Indicated and Inferred categories, significantly strengthening the project economics. We expect that continued delineation of the mineralized areas will demonstrate further upside.” The satellite targets identified for priority exploration include: Maria Jose Targets & Petra-David Target, Cluster 1Exploration in 2018 identified zones of primary copper mineralization hosted in andesite volcanics and porphyry in the areas of Maria Jose 1 and Maria Jose 2. In addition, oxide copper mineralization was intersected at both the Maria...