VANCOUVER, BC, Oct. 29,
2024 /CNW/ - Panoro Minerals Ltd. (TSXV: PML)
(Lima: PML) (Frankfurt: PZM) ("Panoro", the "Company") is pleased
to announce the approval of the semi-detailed Environmental Impact
Assessment (EIAsd) for the Cotabambas Copper/Gold/Silver Project in
southern Peru. The approval of the
EIAsd includes:
- increased number of permitted drilling platforms to 299,
- increased area under permit to 6,588 hectares, and
- extension of drilling permit to the year 2030.
The number of permitted platforms has increased by 50%, the area
under permit has increased by 114% and the lifespan of the permit
has been extended by 6 years. The current extension and
expansion of the EIAsd represents the second time Panoro has
successfully expanded the EIAsd since the original EIAsd was
approved in 2012.
The expansion and extension of the EIAsd will permit Panoro to
carry out both infill and step-out drilling at the North and South
Pits as part of the company's plans to advance the project towards
feasibility level engineering and permitting. Furthermore,
with the significant increase in the area under permit, the Company
can plan to drill the multiple exploration targets identified
within its mineral concessions.
A total of nineteen (19) targets have been identified at the
Cotabambas Project. Two (2) of the targets contain the 507.3
million tonne indicated resource plus the 496.0 million tonne
inferred resource, as described in the Company's February 29, 2024 press release. Three (3)
other targets have had limited drilling completed, identifying the
potential to expand the oxide and sulphide resource as well as to
add a high-grade skarn component. The remainder of the
targets have been identified through mapping, geochemical analyses
and geophysics surveys. The Cotabambas Project Mineral Resource
Statement is summarized below.
"The successful approval of the EIAsd marks another important
step in the advancement of the Cotabambas Project. The 2024
resource expansion together with the project optimization studies
currently underway and the expanded permit demonstrate the
Company's commitment to advancing the Cotabambas Project. The
approval of the EIAsd is a credit to Panoro's management team based
in Lima, Peru and at the project
site, as they continue to demonstrate their ability to achieve
important permitting successes.", says Luquman Shaheen, President
& CEO.
The approval of the EIAsd marks the final step of a process
commenced in November 2022, during
which the Company successfully completed;
- environmental baseline studies during the 2023 rainy season and
dry season,
- social economic baseline studies in mid 2023,
- community workshops in late 2023 with the local communities, as
well as in the area of social influence of the project,
- presentations to the Peru Ministry of Energy and Mines (MINEM)
in early 2024, and
- responses to MINEM observations to MINEM's satisfaction in
September 2024.
Cotabambas Project Mineral Resource Statement
The Mineral Resources for the Cotabambas deposit are reported by
copper equivalent cut-off grade of 0.15 %CuEq within an optimized
pit constraint. The effective date of the Mineral Resources is
20 November 2023.
- Contained Metals:
-
- 6.7 billion pounds Copper;
- 6.0 million ounces Gold;
- 79.8 million ounces Silver; and
- 53.7 million pounds Molybdenum.
- Waste:Mineral ratio reduced
-
- from 2:1 to 0.65:1 for the Base Case
Tables 1 and 2 present the mineral resources by domain for
Indicated and Inferred mineral resources, respectively.
Table 1: Mineral Resource in Indicated Category Classified by
Mineralization Type
|
Zone
|
Cut-Off
Grade
% CuEq
|
Million
Tonnes
|
Cu
(%)
|
Au
(g/t)
|
Ag
(g/t)
|
Mo
(%)
|
CuEq
(%)
|
Cu
(Mlb)
|
Au
(Moz)
|
Ag
(Moz)
|
Mo
(Mlb)
|
|
Leach
|
0.15
|
17.0
|
0.19
|
0.22
|
1.80
|
0.0017
|
0.28
|
71
|
0.12
|
0.98
|
0.64
|
|
Oxide Cu*
|
0.15
|
24.7
|
0.31
|
0.22
|
2.26
|
0.0014
|
0.41
|
169
|
0.17
|
1.79
|
0.76
|
|
Oxide Cu-Au*
|
0.15
|
17.3
|
0.43
|
0.15
|
1.79
|
0.0015
|
0.50
|
164
|
0.08
|
1.00
|
0.57
|
|
Mixed
|
0.15
|
32.3
|
0.46
|
0.22
|
2.29
|
0.0014
|
0.58
|
330
|
0.23
|
2.38
|
1.00
|
|
Supergene
|
0.15
|
3.6
|
1.36
|
0.34
|
3.51
|
0.0015
|
1.53
|
109
|
0.04
|
0.41
|
0.12
|
|
Hypogene
|
0.15
|
412.5
|
0.32
|
0.20
|
2.48
|
0.0023
|
0.42
|
2,910
|
2.65
|
32.89
|
20.92
|
|
Total
|
0.15
|
507.3
|
0.33
|
0.20
|
2.42
|
0.0021
|
0.43
|
3,753
|
3.29
|
39.45
|
24.02
|
|
Note: Base case in
bold. Mineral Resources that are not Mineral Reserves do not have
demonstrated economic viability. Summation errors may occur due to
rounding. Open pit mineral resources are reported within optimized
constraining shell. Reported open pit cut-off grade is 0.15%CuEq.
Breakeven open pit cut-off grade is 0.07% CuEq. Mineral Resources
have an effective date of November 20, 2023. The Qualified
Person responsible for this resource statement is Paul Daigle,
P.Geo. (APGO, 1592). . Copper equivalent ( CuEq)
is calculated using the equations: Oxide: CuEq = Cu + 0.4126*Au +
0.0038*Ag + 0.000*Mo; Mixed: CuEq = Cu + 0.5819*Au + 0.0063*Ag +
0.0003*Mo; Supergene: CuEq = Cu + 0.4498*Au + 0.0054*Ag +
0.0002*Mo; and Hypogene: CuEq = Cu + 0.4373*Au+0.0053*Ag+0.0002*Mo,
based on the differentials of long range metal prices net of
selling costs and metallurgical recoveries for gold and copper and
silver. Metal prices for the CuEq formulas are: US$ 4.25/lb Cu, US$
1,850 /Oz Au; US$ 23.00 /Oz Ag; and US$ 20.00 /lb Mo. Metal
recoveries for the CuEq formulas are for Oxide: 0.0% Cu, 65% Au,
48% Ag, and 0.0% Mo; for Mixed: 60% Cu, 55% Au, 48% Ag, 40% Mo; for
Supergene: 87.5% Cu, 62% Au, 60.4% Ag, 40% Mo; and for Hypogene:
90% Cu, 62% Au, 60.4% Ag and 40% Mo. Capping of grades varied
between 0.50 %Cu and 3.7%Cu, 0.33 g/t Au and 2.3 g/t Au, and
between 0.029%Mo and 0.060%Mo; on 6m composites by domain. The
density varies between 2.20 g/cm3 and 2.66 g/cm3. Mineralization
would be mined from open pit and treated using conventional
flotation. Rounding in accordance with reporting guidelines may
result in summation differences. *Oxide Cu - amenable to
leaching; Oxide Cu-Au amenable to blending with sulphides (Au
>0.25 g/t).
|
Table 2: Mineral Resource in Inferred Category Classified by
Mineralization Type
|
Zone
|
Cut-Off Grade
% Cueq
|
Million
Tonnes
|
Cu
(%)
|
Au
(g/t)
|
Ag
(g/t)
|
Mo
(%)
|
CuEq
(%)
|
Cu
(Mlb)
|
Au
(Moz)
|
Ag
(Moz)
|
Mo
(Mlb)
|
|
Leach
|
0.15
|
5.1
|
0.15
|
0.10
|
1.72
|
0.0016
|
0.19
|
17
|
0.02
|
0.28
|
0.18
|
|
Oxide Cu*
|
0.15
|
12.6
|
0.24
|
0.12
|
1.82
|
0.0015
|
0.30
|
67
|
0.05
|
0.74
|
0.42
|
|
Oxide Cu-Au*
|
0.15
|
8.7
|
0.37
|
0.10
|
1.59
|
0.0018
|
0.42
|
71
|
0.03
|
0.44
|
0.34
|
|
Mixed
|
0.15
|
7.1
|
0.18
|
0.15
|
4.57
|
0.0013
|
0.29
|
29
|
0.04
|
1.04
|
0.20
|
|
Supergene
|
0.15
|
1.90
|
0.82
|
0.46
|
3.95
|
0.0018
|
1.05
|
35
|
0.03
|
0.24
|
0.08
|
|
Hypogene
|
0.15
|
460.6
|
0.27
|
0.17
|
2.54
|
0.0028
|
0.36
|
2,742
|
2.52
|
37.61
|
28.43
|
|
Total
|
0.15
|
496.0
|
0.27
|
0.17
|
2.53
|
0.0027
|
0.36
|
2,961
|
2.69
|
40.86
|
29.49
|
|
Note: Base case in
bold. Mineral Resources that are not Mineral Reserves do not have
demonstrated economic viability. Summation errors may occur due to
rounding. Open pit mineral resources are reported within optimized
constraining shell. Reported open pit cut-off grade is 0.15%CuEq.
Breakeven Open pit cut-off grade is 0.07% CuEq. Mineral Resources
have an effective date of November 20, 2023. The Qualified Person
responsible for this resource statement is Paul Daigle, P.Geo.
(APGO, 1592). Copper equivalent ( CuEq) is calculated
using the equations: Oxide: CuEq = Cu + 0.4126*Au + 0.0038*Ag +
0.000*Mo; Mixed: CuEq = Cu + 0.5819*Au + 0.0063*Ag + 0.0003*Mo;
Supergene: CuEq = Cu + 0.4498*Au + 0.0054*Ag + 0.0002*Mo; and
Hypogene: CuEq = Cu + 0.4373*Au+0.0053*Ag+0.0002*Mo, based on the
differentials of long range metal prices net of selling costs and
metallurgical recoveries for gold and copper and silver. Metal
prices for the CuEq formulas are: US$ 4.25/lb Cu, US$ 1,850 /Oz Au;
US$ 23.00 /Oz Ag; and US$ 20.00 /lb Mo. Metal recoveries for the
CuEq formulas are for Oxide: 0.0% Cu, 65% Au, 48% Ag, and 0.0% Mo;
for Mixed: 60% Cu, 55% Au, 48% Ag, 40% Mo; for Supergene: 87.5% Cu,
62% Au, 60.4% Ag, 40% Mo; and for Hypogene: 90% Cu, 62% Au, 60.4%
Ag and 40% Mo. Capping of grades varied between 0.50 %Cu and
3.7%Cu, 0.33 g/t Au and 2.3 g/t Au, and between 0.029%Mo and
0.060%Mo; on 6m composites by domain. The density varies between
2.20 g/cm3 and 2.66 g/cm3. Mineralization would be mined from open
pit and treated using conventional flotation. Rounding in
accordance with reporting guidelines may result in summation
differences. *Oxide Cu - amenable to leaching; Oxide Cu-Au amenable
to blending with sulphides (Au >0.25 g/t).
|
About Panoro
Panoro remains focussed on completing its technical objectives
including project optimization studies which will feed into an
updated PEA and help define the scope for the prefeasibility
study.
From the sale of the Antilla Project in 2021, Panoro is planning
to receive payment #3 in 2025. In addition, the Company will
receive a contingent payment based on the estimated NPV of the
Antilla Project at a later date. The proceeds from these payments
will be invested into the advancement of the Cotabambas Project to
feasibility level and permitting.
Corporately, in parallel with the advancement of the technical
objectives, Panoro is engaged in early-stage discussions of
potential strategic alternatives with several parties to advance
the Cotabambas Project into construction and operation.
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 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.
SOURCE Panoro Minerals Ltd.