VANCOUVER (February 11, 2009) – Mr. Harvey Keats, Chief Executive Officer of Panorama Resources Ltd. (TSXV-PRA), reports that management has now received a technical summary of the exploration work completed in 2008 at the Company’s wholly owned Ketchum Lake Copper – Gold Project in northwestern BC.
The Ketchum Lake area was originally identified by the Texas Gulf Sulfur Company (“Texas Gulf”) as part of a regional “porphyry copper” reconnaissance program carried out in 1971. Widely spaced geochemical surveys (150 to 300 meter spaced survey lines) completed by Texas Gulf identified a three kilometre long, north trending zone of intermittent “copper in soil” anomalies and a limited program of hand trenching at the north end of the zone identified outcropping porphyry copper mineralization. The exposed mineralization was traced over a strike length of roughly 250 meters and trench samples reportedly ranged form 0.18 to 1.83% copper.
In 2006 Panorama “the Company” completed a verification sampling program to confirm the results reported by Texas Gulf and an airborne magnetic survey to define potential target areas for a follow-up program. Data from the airborne magnetic survey showed that the copper mineralization and the area of elevated “copper in soil values” identified by Texas Gulf are associated with a broad, north to northeast trending magnetic low. The magnetic anomaly extends beyond the limits of the geochemical anomaly defined by Texas Gulf and parallels the interpreted contact between intrusive rocks in the northeastern and eastern parts of the property and andesites belonging to the Stuhini group in the central part of the property.
The objective of the 2008 program was to delineate the extent of potential mineralized zones by infilling and extending the limits of the soil geochemical survey completed by Texas Gulf. As part of the 2006 program the UTM locations and “copper in soil” values from the Texas Gulf geochemical survey (consisting of 1,512 samples) were entered into a database. Sampling during the 2008 program consisted of 1,356 new samples collected at 25 meter intervals along 50 to 200 meter spaced lines designed to “infill” the Texas Gulf data and to extend the Texas Gulf grid to explore for possible extensions of the outcropping mineralization identified at the north end of the grid. The combined sample database for the Ketchum Lake Project now consists of 2,868 samples covering an area of approximately twelve square kilometres.
The 2008 program has defined a “copper in soil” anomaly that extends for 1,100 meters to the north of the outcropping mineralization identified by Texas Gulf and has identified multiple secondary targets within and to the south of the original survey grid. In general, copper values within the anomalous areas are relatively subdued (150 to 400 ppm) however, spot highs within the target area at the north end of the survey grid generally range from 450 to 1,586 ppm with one station returning 9,237 ppm. The secondary target areas comprise four, north trending to irregular shaped zones ranging from 150 to 500 meters in width that have been traced over strike lengths of up to one kilometre. There is no record of drill testing in the BC government database, however the remains of a single drill station and several hundred meters of drill core were identified at the southern end of the mineralized zone exposed by Texas Gulf. The extensions of this mineralized zone are covered by swamp and were not detected by Texas Gulf. Specialized soil augers that allowed penetration of organic layers up to 1.5 meters in thickness were successfully used during the 2008 program to extend the limits of the known mineralized zone.
All of the target areas that have been identified are localized within overburden or swamp covered areas that have little or no outcrop and as a result geophysical surveys are required to define drill targets within the “copper in soil” anomalies.
Carl von Einsiedel is the Qualified Person responsible for the technical information reported in this news release. All samples were prepared and analyzed by ACME Labs of Vancouver. Samples were dried, crushed to -100 mesh, and analyzed by ICP-MS for a suite of 30 elements.
ON BEHALF OF THE BOARD OF DIRECTORS PANORAMA RESOURCES LTD.
“Harvey Keats”
Chief Executive Officer
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