Panoro Minerals Ltd. (TSXV: PML) has announced the signing of a five-year surface access agreement with the community of Cochapata, clearing a key hurdle for the next phase of drilling at its Cotabambas Copper/Gold/Silver Project in Peru. The agreement, described as the third signed with Cochapata during Panoro's exploration, grants access across the full extent of the community's lands and enables infill and step-out drilling at the North Pit to commence. Investors may be watching closely, as the North Pit hosts 150 million of the project's total 222 million constrained tonnes and is central to Panoro's high-grade development strategy.

Key Points

  • Panoro Minerals Ltd. (TSXV: PML | BVL: PML | FSE: PZM | OTCQB: POROF)
  • A five-year surface access agreement with the Cochapata community enables drilling to begin at the Cotabambas North Pit
  • Approximately 10,000 m of drilling planned at the North Pit; a mineral resource estimate update is targeted for early 2027, a Preliminary Economic Assessment by mid-2027, and a Pre-Feasibility Study by end of 2027
  • Investors will be watching progress on drilling results and the scheduled resource estimate update

Cochapata Agreement Unlocks North Pit Drilling at Cotabambas

The signed Convenio grants Panoro surface access rights across all of the Cochapata community's lands for five years. The North Pit is located primarily within those boundaries and contains 150 million tonnes of the project's current 222 million constrained tonnes. Panoro has stated it will conduct approximately 10,000 m of drilling to expand and further define the high-grade mineral resource component, with the goal of upgrading resources to the Indicated category in preparation for pre-feasibility and feasibility studies. South Pit drilling agreements were previously completed, the release states.

Community Investment Commitments Included in the Convenio Terms

Beyond access rights, the Convenio includes investment commitments by Panoro in education, local employment, infrastructure, and support for seniors within the Cochapata community. The agreement also provides for the acquisition of land near the City of Cusco, approximately 120 km from Cochapata, and in proximity to a parcel acquired for the community in 2018. The release describes this agreement as one of various arrangements completed in 2026 with local communities, the municipality, and private landowners, reflecting a broader community engagement effort at the project.

Cotabambas High-Grade Resource Underpins Development Pathway

The Cotabambas Project hosts total Indicated Mineral Resources of 507.3 million tonnes grading 0.33% copper, 0.20 g/t gold, and 2.42 g/t silver, alongside Inferred Mineral Resources of 496.0 million tonnes. Within this sits a higher-grade Indicated component of 129.0 million tonnes grading 0.70% copper, 0.44 g/t gold, and 4.12 g/t silver. Panoro's stated High-Grade Strategy targets an open-pit mine design focused on this component to support a capital-efficient development plan. A mineral resource estimate update is targeted for early 2027 following the upcoming drill program.