Drillhole | Location | Intersection (m) | Cueq%1 |
CB-204 | South Pit | 317.5 | 0.56 |
95.0 | 0.83 | ||
44.0 | 0.71 | ||
CB-205 | North Pit | 79.2 | 1.05 |
CB-206 | North Pit | 341.7 | 0.91 |
115.6 | 2.02 | ||
68.6 | 2.93 | ||
CB-207 | North Pit | 290.2 | 0.55 |
153.6 | 0.69 | ||
89.7 | 1.01 | ||
35.7 | 1.50 | ||
CB-208 | South Pit | 404.0 | 0.48 |
66.5 | 0.91 | ||
122.8 | 0.61 |
The principal conclusions from the drill results are summarized as follows, see Figures 1 and 2 for drillhole locations:
- Drillhole CB-204 intersected 317.5 m of hypogene copper mineralization grading 0.56% Cueq below the current limits of the
South Pit , including 113 m of a porphyry stock, with 95.0 m grading 0.44% Cu, 0.45 g/t Au, 3.13 g/t Ag (0.83% Cueq) and 44.0 m averaging 0.38% Cu, 0.38 g/t Au, 2.71 g/t Ag (0.71% Cueq) - Drillhole CB-205 at the
North Pit was terminated at a shallow depth of 122.9 m due to water flow from the drillhole, the drillhole intersected 79.2 m averaging 0.65% Cu, 0.44 g/t Au, 5.19 g/t Ag (1.05% Cueq) of hypogene copper mineralization, the hole will be recollared and drilled to the east - Drillhole CB-206 delineated the extension of the high-grade zone to near surface at the west side of the
North Pit , intersecting 341.7 m of primary copper sulphides averaging 0.56% Cu, 0.40 g/t Au, 2.75 g/t Ag, (0.91% Cueq) related to multiple porphyry dikes, including 115.6 m averaging 2.02% Cueq and 68.6 m with 2.93% Cueq - Drillhole CB-207 results delineate 290.2 m of hypogene copper mineralization in the
North Pit averaging 0.55% Cueq, including intervals of 153.6 m grading 0.69% Cueq, 89.7 m averaging 1.01% Cueq and 35.7m grading 1.50% Cueq, centered on a porphyry stock exposed in this section with 87 m width - Drillhole CB-208 intersected 404.0 m of hypogene copper mineralization below the existing limits of the
South Pit , averaging 0.48% Cueq, including intervals of 66.5 m grading 0.44% Cu, 0.54 g/t Au, 3.68 g/t Ag (0.91% Cueq), and 122.8 m averaging 0.37% Cu, 0.27 g/t Au, 2.42 g/t Ag (0.61% Cueq), hosted in a porphyry stock of 321 m width of quartz monzonite composition, that still open at depth.
The purpose of Holes CB-205, CB-206 and CB-207 was to infill the area of high grade inferred resources targeting and upgrade to indicated category in the high-grade zone located in the south area of the
The goal of the CB-204 and CB-208 was to step out the high-grade Cu-Au mineralization to the south, south-east and at depth at the
The more significant mineralization intercepts from the five drillholes are summarized in the table below.
Drillhole | From (m) | To (m) | Metres | Cu (%) | Au g/t | Ag g/t | Cueq%1 | Zone |
CB-204 | 277.8 | 595.3 | 317.5 | 0.30 | 0.30 | 2.31 | 0.56 | Primary |
including | 332.8 | 427.8 | 95.0 | 0.44 | 0.45 | 3.13 | 0.83 | Primary |
" " | 370.0 | 426.3 | 56.3 | 0.47 | 0.52 | 3.56 | 0.92 | Primary |
" " | 494.2 | 538.1 | 44.0 | 0.38 | 0.38 | 2.71 | 0.71 | Primary |
CB-205 | 43.7 | 122.9 | 79.2 | 0.65 | 0.44 | 5.19 | 1.05 | Primary |
including | 77.6 | 122.9 | 45.3 | 0.90 | 0.57 | 5.46 | 1.41 | Primary |
CB-206 | 3.8 | 345.4 | 341.7 | 0.56 | 0.40 | 2.75 | 0.91 | Primary/Mixed |
including | 3.8 | 46.3 | 42.6 | 0.63 | 0.63 | 4.94 | 1.18 | Mixed |
" " | 46.3 | 267.8 | 221.5 | 0.71 | 0.49 | 2.97 | 1.13 | Primary |
" " | 46.3 | 161.9 | 115.6 | 1.25 | 0.90 | 5.03 | 2.02 | Primary |
" " | 46.3 | 114.9 | 68.6 | 1.80 | 1.32 | 6.93 | 2.93 | Primary |
CB-207 | 34.2 | 324.3 | 290.2 | 0.34 | 0.23 | 2.97 | 0.55 | Primary/Mixed |
including | 2.1 | 34.2 | 32.1 | 0.24 | 0.09 | 1.42 | 0.33 | Mixed |
" " | 34.2 | 80.1 | 45.9 | 0.32 | 0.14 | 4.67 | 0.48 | Primary |
" " | 117.4 | 271.0 | 153.6 | 0.39 | 0.33 | 3.18 | 0.69 | Primary |
" " | 117.4 | 207.1 | 89.7 | 0.56 | 0.51 | 4.06 | 1.01 | Primary |
" " | 127.7 | 163.3 | 35.7 | 0.79 | 0.82 | 4.88 | 1.50 | Primary |
CB-208 | 228.3 | 632.3 | 404.0 | 0.27 | 0.24 | 2.20 | 0.48 | Primary |
including | 350.0 | 416.5 | 66.5 | 0.44 | 0.54 | 3.68 | 0.91 | Primary |
" " | 459.8 | 582.6 | 122.8 | 0.37 | 0.27 | 2.42 | 0.61 | Primary |
1. Cueq grade is estimated at commodity prices of Au= |
Drillhole CB-204 delineates the continuity of the high-grade zone to a depth of 200 m to 400 m below the high-grade zone intercepted CB-198 previously announced in the section 5W and to below the limits of the
Drillhole CB-208 delineated mineralization at the PEA life of mine average grade, some 100 m to 300 m below the CB-63 and below the PEA pit limits and also 100 m to the northeast of CB-204, in the section 4W. This hole identified 321 m of the porphyry stock of quart monzonite composition intruding the diorite host rock, intersecting 404.0 m averaging 0.27% Cu. 0.24 g/t Au, 2.20 g/t Ag (0.48% Cueq), of which almost 95% is hosted in the porphyry stock. The intersection includes two intervals of 66.5 m grading 0.44% Cu, 0.54 g/t Au, 3.68 g/t Ag (0.91% Cueq), and 122.8 m averaging 0.37% Cu, 0.27 g/t Au, 2.42 g/t Ag (0.61% Cueq), both located inside the porphyry stock domain. The hole was terminated in the porphyry domain, so the limits of the stock still undefined. See cross section in Figure 4.
The drillholes CB-204 and CB-208 are defining the continuity of the high grade zone to over 550 m depth to below the PEA pit limit and extending to the current resources pit-shell. The results confirm a plunge of the high grade and the principal porphyry in south-southeast direction, where the drilling exploration is still in progress.
Drillhole CB-205 was terminated at a depth of 122.9 m due to water flow. The drillhole was recollared to the east, CB-214, where the target mineralization was recently crossed and assaying is in progress. CB-205 intersected 42 m of the porphyry stock hosting and expanding to the hanging wall containing 79.2 m of primary copper sulphide grading 0.65% Cu, 0.44 g/t Au, 5.19 g/t Ag (1.05% Cueq) including, inside the porphyry, 45.3 m averaging 0.90% Cu, 0.57 g/t Au, 5.46 g/t Ag (1.41%Cueq). See the cross section in Figure 5.
Drillhole CB-206 located 200m to the northwest of the drillhole CB-205, at the same cross section 8E. This infill hole provides better definition of the high-grade distribution to the west side of the
Drillhole CB-207, an infill drillhole located 100 m to the northeast of the hole CB-205. The hole delineated copper mineralization 450 m below the surface in the
In the North and South pits the high-grades of Cu-Au intersections are typically centered by the quartz-monzonite porphyry in contact with the diorite host rock and following the local structural controls striking north-northeast to north-south, over an area of approximately 3 km by 1.8 km. The mineralization is composed of a swarm of porphyry dikes typically when the porphyry stock is nearby or below, as shown by some drillholes along the cross sections.
The drilling at the
The Company continues with the infill drilling program in the
Finally, Panoro is preparing a group of platforms for start the exploration drilling in a Cu-Au Skarn target located near to
Also, Panoro is pleased to announce our Christmas celebrations in the communities of Cochapata, Ccalla, Ccarancca, Guaclle and in the Cotabambas district with the schoolchildren of
Panoro is a uniquely positioned
The Company's objective is to complete a Prefeasibility study in 2023 with work programs commencing in Q1 2022.
At the
Project | Resource | Million | Cu (%) | Au (g/t) | Ag (g/t) | Mo (%) | CuEq % |
Cotabambas1 Cu/Au/Ag | Indicated | 117.1 | 0.42 | 0.23 | 2.74 | 0.001 | 0.59 |
Inferred | 605.3 | 0.31 | 0.17 | 2.33 | 0.002 | 0.44 | |
@ 0.20% CuEq cutoff, effective | |||||||
1.
|
A PEA has been completed for the
Key Project Parameters | |||
Process Feed, life of mine | million tonnes | 483.1 | |
Process Feed, daily | tonnes | 80,000 | |
Strip Ratio, life of mine | 1.25 : 1 | ||
Before Tax1 | NPV7.5% | million US$ | 1,053 |
IRR | % | 20.4 | |
Payback | years | 3.2 | |
After Tax1 | NPV7.5% | million US$ | 684 |
IRR | % | 16.7 | |
Payback | years | 3.6 | |
Annual Average Payable Metals | Cu | thousand tonnes | 70.5 |
Au | thousand ounces | 95.1 | |
Ag | thousand ounces | 1,018.4 | |
Mo | thousand tonnes | - | |
Initial Capital Cost | million US$ | 1,530 | |
1. Project economics estimated at commodity prices of; Cu =
|
PEAs are considered preliminary in nature and include Inferred Mineral Resources that are considered too speculative to have the economic considerations applied that would enable classification as Mineral Reserves. There is no certainty that the conclusions within the PEAs will be realized. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
On behalf of the Board of
President & CEO
CAUTION REGARDING FORWARD LOOKING STATEMENTS: Information and statements contained in this news release that are not historical facts are "forward-looking information" within the meaning of applicable Canadian securities legislation and involve risks and uncertainties.
Examples of forward-looking information and statements contained in this news release include information and statements with respect to:
- Panoro delineating growth potential at the
Cotabambas Project , while optimizing project economics. - mineral resource estimates and assumptions; and
- the PEAs, including, but not limited to, base case parameters and assumptions, forecasts of net present value, internal rate of return and payback.
Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. In some instances, material assumptions and factors are presented or discussed in this news release in connection with the statements or disclosure containing the forward-looking information and statements. You are cautioned that the following list of material factors and assumptions is not exhaustive. The factors and assumptions include, but are not limited to, assumptions concerning: metal prices and by-product credits; cut-off grades; short and long term power prices; processing recovery rates; mine plans and production scheduling; process and infrastructure design and implementation; accuracy of the estimation of operating and capital costs; applicable tax and royalty rates; open-pit design; accuracy of mineral reserve and resource estimates and reserve and resource modeling; reliability of sampling and assay data; representativeness of mineralization; accuracy of metallurgical test work; and amenability of upgrading and blending mineralization.
Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ materially from those expressed or implied by the forward-looking statements, including, without limitation:
- risks relating to metal price fluctuations
- risks relating to estimates of mineral resources, production, capital and operating costs, decommissioning, or reclamation expenses, proving to be inaccurate
- the inherent operational risks associated with mining and mineral exploration, development, mine construction and operating activities, many of which are beyond Panoro's control
- risks relating to Panoro's or its partners' ability to enforce legal rights under permits or licenses or risk that Panoro or its partners will become subject to litigation or arbitration that has an adverse outcome
- risks relating to Panoro's or its partners' projects being in
Peru , including political, economic, and regulatory instability - risks relating to the uncertainty of applications to obtain, extend or renew licenses and permits
- risks relating to potential challenges to Panoro's or its partners' right to explore or develop projects
- risks relating to mineral resource estimates being based on interpretations and assumptions which may result in less mineral production under actual circumstances
- risks relating to Panoro's or its partners' operations being subject to environmental and remediation requirements, which may increase the cost of doing business and restrict operations
- risks relating to being adversely affected by environmental, safety and regulatory risks, including increased regulatory burdens or delays and changes of law
- risks relating to inadequate insurance or inability to obtain insurance
- risks relating to the fact that Panoro's and its partners' properties are not yet in commercial production; • risks relating to fluctuations in foreign currency exchange rates, interest rates and tax rates
- risks relating to Panoro's ability to raise funding to continue its exploration, development, and mining activities; and
- counterparty risk under Panoro's agreements.
This list is not exhaustive of the factors that may affect the forward-looking information and statements contained in this news release. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking information. The forward-looking information contained in this news release is based on beliefs, expectations, and opinions as of the date of this news release. For the reasons set forth above, readers are cautioned not to place undue reliance on forward-looking information. Panoro does not undertake to update any forward-looking information and statements included herein, except in accordance with applicable securities laws.
Neither the
SOURCE
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