Panoro Minerals Discovers New Oxides Mineralization at Petra-David Target and Continues Delineating Mineralization at Maria Jose Target at Cotabambas Project, Peru. | Panoro Minerals Ltd.
Panoro Minerals Discovers New Oxides Mineralization at Petra-David Target and Continues Delineating Mineralization at Maria Jose Target at Cotabambas Project, Peru.
Petra-David Target, Drillhole CB-171 intercepted a quartz monzonite porphyry from surface to 19.0 m with oxide copper mineralization grading 0.35% Cu, 0.09 g/t Au and 2.7 g/t Ag, including 10.8 m averaging 0.44% Cu, 0.12 g/t Au and 2.8 g/t Ag, underlain by a second blanket from 40.8 m to 90.1 m of oxide copper mineralization grading 0.24% Cu, 0.07 g/t Au and 1.7 g/t Ag, including 30.2 m averaging 0.32% Cu, 0.09 g/t Au and 2.2 g/t Ag, and 12.2 m grading 0.40% Cu, 0.09 g/t Au and 3.2 g/t Ag.
Petra-David Target, Drillhole CB-173 intersected from 6.6 m to 68.0 m oxide copper mineralization within a quartz monzonite porphyry with grades averaging 0.38% Cu, 0.10 g/t Au and 4.9 g/t Ag, including 27.1 m grading 0.58% Cu, 0.14 g/t Au and 2.9 g/t Ag.
Maria Jose Target, Drillhole CB-165 intersected from 4.5 m to 17.7 m a oxide copper mineralization within an andesite volcanic package averaging 0.41% Cu, 0.06 g/t Au and 2.3 g/t Au, underlain by 2.7 m of mixed copper mineralization grading 1.03% Cu, 0.11 Au g/t, 6.8 Ag g/t, and underlain also by three intervals of primary copper mineralization between 18.2 m to 93.0 m depth grading between 0.24% Cu to 0.78% Cu, 0.03 g/t Au to 0.12 g/t Au, and 1.3 g/t Ag to 2.7 g/t Ag.
The Petra-David target is located 500 m to 800 m to the west-northwest of the western limit of the PEA pit at an elevation of 250 m lower than the pit limit. Approximately 95% of the area is covered by soil and colluvium, but a rock chip geochemical survey together with the IP and magnetic results define a northeasterly trending, 800 m long corridor of copper-gold mineralization here.
Drillhole CB-171 intersected 69.0 m of quartz monzonite porphyry hosting the two oxide copper blankets described above and crosscut from 19.0 m to 40.8 m length by a latite dike.
Drillhole CB-173 targets a geochemical anomaly defined at surface and has intersected oxide mineralization from near surface and is currently advancing through a quartz monzonite porphyry with potassic and phyllic alteration intruding a diorite with propylitic alteration.
4.5 m to 15.5 m CB-165 intersected 11.0 m of oxide copper mineralization averaging 0.41% Cu and 0.06 g/t Au, successively underlain by 2.7 m of a mixed zone grading 1.03% Cu and 0.11 g/t Au and underlain by three intervals of primary copper mineralization from 13.0 m to 19.4 m depth averaging from 0.24% Cu to 0.44% Cu, including intervals with higher copper grades.
Drillholes CB-164 and CB-167 were located 200 m to the west and follow the same IP geophysical signature and gold geochemical anomalies related to iron oxides at surface. These drill holes intersected copper and gold values in propylitically altered andesite volcanic which may represent a more peripheral type of mineralization associated with potassically and phyllically altered mineralized porphyry that was intersected along the Line 1N. The geophysical signatures and the copper grades intersected to date in this area suggest that pathways of mineralization could trend to the east and northeast, and will be investigated with additional drilling.
Drillhole CB-160, intersected a quartz monzonite porphyry with weakly potassic alteration intruding limestones and andesite volcanics. The volcanics exhibit propylitic alteration and host three veins with quartz and pyrite varying from 0.9 m to 13.0 m in width with grades varying from 0.27 g/t Au to 1.06 g/t Au. The limestones host as many as five veins varying in width from 0.4 m to 3.4 m with grades of 0.32% Cu to 0.74% Cu and 0.01 g/t Au to 1.34 g/t Au. The veins exhibit skarn type alteration/mineralization at their margins.
Drillholes CB-159 and CB-170 intersected anomalous gold and copper values at a contact between andesite volcanics and a quartz monzonite porphyry with weakly potassic alteration.
The results at Cateo-Puente indicate potential for skarn-type mineralization which is typically somewhat erratic, particularly near its margins.
Panoro Minerals is a uniquely positioned Peru focused copper exploration and development Company. The Company is advancing its flagship project, Cotabambas Copper-Gold-Silver Project and its Antilla Copper- Molybdenum Projects located in the strategically important area of southern Peru. The company is well financed to expand, enhance and advance its projects in the region where infrastructure such as railway, roads, ports, water supply, power generation and transmission are readily available and expanding quickly. The region boasts the recent investment of over $US 15 billion into the construction or expansion of four large open pit copper mines.
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.