Panoro Minerals Ltd. (TSXV: PML) has released geophysical survey results from Target #7 at its Cotabambas Copper/Gold/Silver Project in southern Peru, revealing what the company describes as significant potential for high-grade skarn mineralisation across a 4 km² area. Three surface outcrops — S1, S2, and S3 — have been mapped, with geophysics indicating S2 could extend vertically beyond 500 metres depth and widen from 50 metres at surface to over 200 metres at depth. The announcement comes as the company prepares to launch a drilling programme, with drilling funded from existing capital.

Key Points

  • Panoro Minerals Ltd. (TSXV: PML | BVL: PML | FSE: PZM | OTCQB: POROF)
  • Geophysical surveys at Target #7 identify three high-grade skarn outcrops (S1, S2, S3) across a 4 km² area, approximately 3.5 km west of existing mineral resource pits
  • Surface samples at S3 returned up to 14.87% Cu; S2 geophysics indicate potential vertical continuity exceeding 500 m; up to 17 drillholes of 300–400 m planned
  • Investors may be watching the progress of 23 trenches currently underway and the planned drilling programme expected to commence before year-end

Target #7 Skarn Outcrops Reveal Depth and Width Potential at Cotabambas

The geophysical surveys at Target #7 indicate that skarn outcrop S2 sits within a 1 km-long skarn corridor with potential to extend further north. The data suggest S2's mineralised width increases from 50 metres at surface to more than 200 metres at depth, with vertical continuity potentially exceeding 500 metres along the contact with the Ferrobamba limestone unit. S1 and S3, located to the east of S2, show vertical continuity potential of over 250 metres and 300 metres respectively, with the release noting these two outcrops have comparatively reduced depth potential relative to S2.

Surface Sampling Returns Copper Grades of Up to 14.87% at S1, S2, and S3

Surface sampling results disclosed in the announcement include notable grades across all three outcrops. At S3, sample 14428 returned 14.87% Cu alongside gold and silver values. At S2, sample 14390 recorded 11.90% Cu. At S1, sample 14345 returned 11.02% Cu with silver values exceeding 100 ppm. The company cautions these are surface samples, and the technical information has been reviewed and approved by Luis Vela, P.Geo., Vice President, Exploration, acting as Qualified Person under NI 43-101. These results remain at an early exploration stage.

Trenching Underway as Panoro Prepares Funded Drilling Programme at Target #7

Panoro has confirmed that 23 trenches — each between 100 metres and 200 metres in length — are currently underway across S1, S2, and S3 to delineate extensions along the skarn corridors. Following trenching, the company plans up to 17 drillholes of 300 to 400 metres in length to test extensions along strike and at depth. The release states drilling will commence before year-end and is funded from existing capital, removing near-term financing uncertainty for this phase of work.

Cotabambas Project Context and Existing Mineral Resource Base

Target #7 sits approximately 3.5 km west of the proposed North and South pits that underpin Cotabambas's current mineral resource estimate, which includes Indicated Resources of 507.3 million tonnes grading 0.33% copper and Inferred Resources of 496.0 million tonnes grading 0.27% copper. The company's stated High-Grade Strategy focuses on a capital-efficient open-pit development centred on higher-grade portions of the resource. The immediate share price impact was not clear from available public information.