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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Panoro Minerals Ltd | TSXV:PML | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.005 | -1.27% | 0.39 | 0.38 | 0.385 | 0.395 | 0.39 | 0.395 | 2,000 | 19:46:34 |
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:
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.Â
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;
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.
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 | Million | Cu | Au | Ag | Mo | CuEq | Cu | Au | Ag | Mo |
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. Â The Qualified Person responsible for this resource statement is Paul Daigle, P.Geo. (APGO, 1592). . Copper equivalent (Â 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 | Million | Cu | Au | Ag | Mo | CuEq | Cu | Au | Ag | Mo |
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 (Â 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. Â
Examples of forward-looking information and statements contained in this news release include information and statements with respect to:
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:
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.
Copyright 2024 Canada NewsWire
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