“The approval of the expansion of the EIAsd allows Panoro to extend its exploration drilling program into the highly prospective areas of Cluster 2. Cluster 2 has been the subject of extensive recent mapping, sampling and geophysical survey studies by Panoro. These studies have identified the occurrence of skarn Cu-Au-Ag mineralization over extensive areas. Panoro’s exploration plans for Cluster 2 will target the addition of high grade near surface skarn mineralization to the current mine plan to further enhance the economics of the project. The scale of the resource potential in Cluster 2 may be significant with the potential to increase the scale of the project identified in the current PEA”, stated Luquman Shaheen, President & CEO.
The Ministry of Energy and Mines of Peru approved the second modification of the EIAsd of the Cotabambas project expanding the approved area for exploration from 1,401 hectares to 2,923 hectares. The original approved area permitted 311 drilling platforms in the area of the Ccalla, Azulccaca, Guaclle, Petra-David and María José targets in Cluster 1. The expanded area, of 1,522 hectares located to the west of the original area, as shown on the linked plan, permits an additional 295 drilling platforms to explore the geologic targets of the Zones I, II and III of the Chaupec Skarn target zone in Cluster 2.
The first phase of the 2018 drilling campaign was completed in Cluster 1 in April with a total of 2,172 meters of drilling. The second phase is planned to start soon in the Cluster 2, into the Chaupec Skarn Target.
Distribution of the exploration areas in the Cotabambas Project– EIAsd Polygons can be found here: https://panoro.com/site/assets/files/3990/12_-_map_for_panoro_press_release_august_20_cotabambas.pdf
Panoro Minerals is a uniquely positioned Peru focused copper exploration and development company. The Company is advancing its flagship project, Cotabambas Copper-Gold-Silver Project and its Antilla Copper-Molybdenum Project, both located in the strategically important area of southern Peru. The Company is well financed to expand, enhance and advance its projects in the region where infrastructure such as railway, roads, ports, water supply, power generation and transmission are readily available and expanding quickly. The region boasts the recent investment of over US$15 billion into the construction or expansion of four large open pit copper mines.
Since 2007, the Company has completed over 80,000 meters of exploration drilling at these two key projects leading to substantial increases in the mineral resource base for each, as summarized in the table below.
Preliminary Economic Assessments (PEA) have been completed for both the Cotabambas and Antilla Projects, the key results are summarized below.
The 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 updated PEA will be realized. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
Luis Vela, a Qualified Person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.
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.
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 ability to enforce Panoro’s legal rights under permits or licenses or risk that Panoro’s will become subject to litigation or arbitration that has an adverse outcome;
- risks relating to Panoro’s 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 right to explore and/or develop its 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 operations being subject to environmental and remediation requirements, which may increase the cost of doing business and restrict Panoro’s 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 properties are not yet in commercial production;
- risks relating to fluctuations in foreign currency exchange rates, interest rates and tax rates; and
- risks relating to Panoro’s ability to raise funding to continue its exploration, development and mining activities.
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.
Swiss Resource Capital AG
Telefon: +41 (71) 354-8501
Telefax: +41 (71) 560-4271
Telefon: +41 (71) 3548501
President & CEO
Renmark Financial Communications Inc.
Telefon: (416) 939-3989