Drilling Intersects More High Grade Zones at South Pit, Cotabambas Project, Peru – QNT Press Release

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VANCOUVER, BC, June 21, 2022 /CNW/ – Panoro Minerals Ltd. (TSXV:PML) (Lima: PML) (Frankfurt: PZM) (OTCQB:POROF) (“Panoro”, the “Company”) is pleased to announce the results from an additional drill hole from its 16,970m drill program at the Company’s Cotabambas Cu/Au/Ag Project in southern Peruthe aim of which is to expand the current resource and upgrade inferred resource to indicated.

The step out Hole CB-196 is successful in expanding the footprint of the high grade mineralization and provides further evidence to the company’s theory that the newly identified high grade zone is open to the northeast of the South Pit. This second hole included intersections of two intervals of primary copper sulfides of 57.9m grading 0.43% Cu, 0.43 g/t Au, 2.58 g/t Ag (0.74% Cueq) and 23.2m averaging 0.60% Cu, 0.49 g/t Au, 3.41 g/t Ag (0.96%Cueq) within 148.6m averaging 0.36% Cu, 0.34 g/t Au and 2.51 g/t Ag (0.61 % Cueq). Assay results from CB-196 included intersections of up to 2.30% Cu, 1.29 g/t Au and 8.60 g/t Ag where the high grades of Cu and Au/Ag are positively correlated occurring in the same mineralized zones.

Luquman Shaheen, President & CEO, stated: “The results from CB-196, together with the recently announced results from CB-195 indicate that the potential to delineate a corridor of high grade mineralization within, and potentially to the outside of, the currently defined South Pit is promising. CB-195 and CB-196 are approximately 275m apart along the NE-SW strike of local faulting. The location of high grade intersects at the South Pit, similar to the high grade intersects at the North Pit, appear to be controlled by the local faulting which strikes in the NE-SW direction. The results from CB-195 also indicate that the high grade zone is continuous from near surface to over 300m depth. The primary mineralization intersected in CB-196 is contained within the diorite host rock, indicating close proximity of a porphyry stock. Additional drillholes near CB-195 and CB-196 are planned to further delineate the continuity of the high grade zone at depth and along strike and to identify the nearby porphyry stock. These results indicate the potential to increase the high grade near surface component of the project resource which could add materially to the early life of mine production and the value of the project“.

The drilling program, started April 2022and is underway in collaboration with Energold Drilling and ALS Chemex Laboratory.

The purpose of CB-196 was to confirm continuity of the high grade intersected in drillhole CB-195, but outside the northeast limit of the South Pit. This new area was explored in 2012 with exploratory hole CB-59, drilled from west to east without significant results, but with some evidence of potassic alteration in the diorite host rock. Hole CB-196 was drilled in the opposite direction over the hanging wall of Hole CB-59 (See Link 1)intersecting the intervals listed in the table below. The location of this hole can be found on this link (See Link 2).

Full story available on Benzinga.com

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