Panoro Minerals Ltd. announced the results from an additional drill hole from its 16,970m drill program at the Company's Cotabambas Cu/Au/Ag Project in southern Peru, the 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.

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, intersecting the intervals listed in the table below.

The hole begins in diorite intrusive with propylic and sericite-chlorite-clay (SCC) alterations, overprinted by supergene argillization until 164.8m at depth, hosting a profile of leach cap, copper oxides and mixed mineralization with variable grades below 0.10% Cu, 0.10 g/t Au and 1.0 g/t Ag (0.18 %Cueq). The hypogene mineralization was intersected from 164.8 to 348.4m depth, crosscut by almost 35m of barren latite dike splitting the copper-gold mineralization in two intervals. From 164.8m to 222.7m the hole intersected 57.9m of diorite intruded by dikes of late quartz monzonite and quartziferous porphyries generating potassic (orthoclase-magnetite-biotite) and SCC alterations hosting chalcopyrite and pyrite mineralization disseminated and into quartz veinlets averaging 0.43% Cu, 0.43 g/t Au, 2.58 g/t Ag (0.74% Cueq), including 20.5m grading 0.65% Cu, 0.73 g/t Au, 3.91 g/t Ag (1.18 % Cueq).

From 257.5m to 348.4m CB-196 intersected 90.7m of the same lithology with potassic and phyllic alterations hosting quartz veinlets and thin dissemination of chalcopyrite and pyrite, averaging 0.31% Cu, 0.28 g/t Au, 2.46 g/t Ag (0.52% Cueq), including 23.2m grading 0.60% Cu, 0.49 g/t Au, 3.41 g/t Ag (0.96%Cueq). The drillhole was completed to 382.4m with the final 34.05m averaging 0.20% Cu, 0.16 g/t Au, 1.31 g/t Ag (0.32% Cueq). The results of hole CB-196 indicate the potential for the extension of the high grade zone beyond the northeast limits of the current resource model at the South Pit.  Additional drilling will test the extension of the high grade zone to upgrade the confidence to indicated category with infill holes at platforms 10 and 11 (See Link 3).

The principal quartz monzonite porphyry hosting the most Cu-Au high grades in hole CB-195 was not intercepted by Hole CB-196 but the results indicate its close proximity. The next step out hole will be at platform S-2 (CB-197), located 150m to the east of CB-196 and proposed to explore the same structural control intercepted by holes CB-195 and CB-196. Approximately 622.6m (holes CB-195, CB-196) have been completed in the 2022 drilling program to date, also an additional 472.5m (CB-197), with sampling and assays in process, and drilling is in progress at hole CB-198.