Panoro Minerals Ltd. announced results of four additional drill holes from its 16,970 m drill program, the aim of which is to expand the high-grade resource and upgrade inferred to indicated resources at the company's Cotabambas Cu/Au/Ag Project in southern Peru. Hole CB-198 confirms the high-grade continuity between the previous holes CB-23 and CB-195, intersecting a 260 m length of primary copper sulfide mineralization averaging 0.43% Cu, 0.61 g/t Au and 2.72 g/t, Ag (0.90% Cueq), related to a porphyry stock of quartz monzonite composition intruding the diorite host rock, Figure 1. The intersection includes 130.4 m averaging 0.58% Cu, 0.95 g/t Au and 3.41 g/t, Ag (1.31% Cueq) Drill hole CB-197 explored the easter continuity of the new high grade intersected by the previously announced hole CB-196, located 150m to the west. The hypogene mineralization was intersected in five splits with copper and gold anomalies.

The mineralization is contained within the diorite host rock printed with an overlapping of potassic, SCC and phyllic alterations. The intersections show intensive faulting suggesting the high-grade mineral block was moved to depth and northwest, in direction to the North pit. Drillhole CB-198 explored the high-grade continuity in section 5W, intersecting copper primary mineralization along 260.0 m averaging 0.43%Cu, 0.61 g/t Au and 2.72 g/t Ag (0.90% Cueq) including 130.4 m grading 0.58% Cu, 0.95 g/t Au and 3.41 g/t Ag (1.31% Cueq) underlain by 53.9 m averaging 0.40% Cu, 0.37 g/t Ag and 2.83 g/t Ag (0.70 % Cueq).

The quartz monzonite porphyry with potassic and SCC alterations is hosting a wide stockwork of quartz veinlets with chalcopyrite, pyrite and magnetite. The three holes completed in this section confirm a vertical continuity of the high grade of 350 m, with grades varying between 0.67% and 0.92% Cueq. and widths between 180 and 260m.

Drillhole CB-199 is located 150 m to the east of the high grade intersected by drillholes CB-195 and CB198, and 100 m above the mineralization intersected by drillhole CB-20, Figure 2. The hole intersected a fault system constraining the lateral mineral continuity, intersecting two copper anomalies hosted in the diorite with moderated potassic alteration. Drillhole CB-200 located 100 m above CB-196, where the high-grade was intersected. CB-200 intersected almost 50 m of primary copper mineralization averaging 0.31% Cu, 0.27 g/t Au, 2.14 g/t Ag (0.53 Cueq %).

The interval is part of an extensive hypogene mineralization developed in the hanging wall of a quartz monzonite porphyry not intersected by drillhole CB-196, suggesting blocks have been moved by local faulting. Exploration Model at the South Pit: Six holes have been completed in the South pit in for a total of 16 holes (6,166m). A porphyry of quartz monzonite composition (QMP2) is emplaced along a structural control in an almost North-South direction into the diorite host rock, and subsequent intrusions of narrow dikes of QMP3, quarciferous/dacite, monzonite and latite compositions.

A second faulting system in North 60-80 East direction intersects the porphyry at its north extreme, where other porphyry stages intrude (the QMP1) and enrich the metal concentration. Finally, a lithocap of andesite volcanic hides the previous lithologies and mineralization under the surface, following an overthrust faulting in a west direction. The drilling results confirm the existence of a high-grade ore body (HGOB) centered by the QMP1, extending along the N60-80E structural control, and dipping to the south-southeast.

The hypogene sulfide in this body is intimately associated with multiphase stockworks and unidirectional arrays of millimetric and centimetric veinlets of A, B, and M types, in potassically altered rock of the QMP1 and adjacent diorite. The copper-gold mineralization in the HGOB is dominantly contained in a steeply inclined, tabular zone of intense quartz veining, typically carrying >30 veinlets per meter. The HGOB widths vary from 50 m to 260 m and averaging grades from 0.51 to 1.21% Cueq.

The ore body outcrops at surface along 150 m strike length and shows a vertical continuity to over 450m depth, where its lateral footprint is increased to 450m along strike. Good potential exists to grow the lateral continuity to 750 m along strike, as suggested by the drillhole, CB-05, located close to the North pit limit.