Panoro Minerals Ltd. (TSXV: PML) has released assay results from drillholes CB-229 and CB-230 at its 100%-owned Cotabambas Copper, Gold and Silver Project in the Apurimac region of southern Peru, confirming high-grade copper-gold porphyry mineralization extending from surface to over 1,100 metres depth. The results demonstrate continuity along 600 metres of strike and leave mineralisation open in multiple directions, suggesting the South Pit resource area could grow materially. Investors in the TSXV-listed junior miner may be watching closely as ongoing step-out drilling continues to test the limits of the high-grade zone.

Key Points

  • Panoro Minerals Ltd. (TSXV: PML | BVL: PML | FSE: PZM | OTCQB: POROF)
  • Drillholes CB-229 and CB-230 at the South Pit intersected high-grade copper-gold mineralisation remaining open to the south, southwest, and at depth
  • CB-230 returned 48.1 m grading 0.76% CuEq including 0.57% Cu, 0.25 g/t Au, and 4.08 g/t Ag; Endoskarn mineralisation intersected for the first time at depth
  • A new battery of drillholes CB-231, CB-232, and CB-233 has commenced 200 m north of CB-230 and at greater depth

South Pit Mineralisation Extends Beyond Current Resource Boundaries

Drillholes CB-229 and CB-230 were designed to test the southeastern and downward limits of the South Pit resource area, which currently contains 70 million tonnes of the high-grade component within Cotabambas' broader resource base. Neither hole found the limits of mineralisation. CB-230 confirmed vertical continuity from surface to over 1,100 m and indicated a 200 m northeast extension of the Principal Porphyry (QMP1) beyond previously drilled hole CB-228. The mineralised zone is also widening with depth, growing from approximately 150 m true width at surface to 600 m at depth in CB-230.

Endoskarn Discovery Opens New High-Grade Target Beneath the South Pit

A notable finding in CB-230 is the first-ever intersection of Endoskarn mineralisation within the Porphyry Stock domain, grading 0.33% CuEq over approximately 34 m. The company states this suggests proximity to an Exo-Skarn environment beneath the South Pit, comparable to skarn-hosted copper deposits at Las Bambas, Antapaccay, and Constancia in Peru. Surface mapping at Cotabambas has recorded skarn mineralisation grading over 7% copper, and the company has identified Target 7, approximately 4 km to the west, as a future drilling priority to test broader skarn potential and connectivity with the intersected Porphyry Stock.

Cotabambas Resource Context and QA/QC Framework

Cotabambas hosts Indicated Mineral Resources of 507.3 million tonnes grading 0.33% copper and Inferred Mineral Resources of 496.0 million tonnes grading 0.27% copper, with a higher-grade Indicated component of 129.0 million tonnes at 0.70% Cu and 0.44 g/t Au. All drill core was logged and sampled at Panoro's Cusco facility and analysed at ALS Minerals' ISO-accredited laboratories in Peru. The technical disclosure was reviewed and approved by Luis Vela, P.Geo., Vice President Exploration, acting as Qualified Person under NI 43-101.