Panoro Minerals Ltd. announced that it has received the mineral resource estimate for its 100% owned Cotabambas porphyry copper-gold-silver Project located in southern Peru from AGP Mining Consultants, based in Toronto, Canada. The updated mineral resources at a 0.15%CuEq cut-off grade include: An Indicated mineral resource of 507.3 million tonnes at 0.34%Cu, 0.20 g/t Au, 2.42 g/t Ag and 0.0021%Mo, and 0.43%CuEq grade. An Inferred mineral resource of 496.0 million tonnes at 0.27% Cu, 0.17 g/t Au, 2.53 g/t Ag and 0.0027%Mo, and 0.36%CuEq grade. A higher grade component within the optimized pit constraint, demonstrating the potential for a high grade starter pit for the project start up. AGP Mining Consulting discloses a new resource estimate for the Cotabambas copper and gold deposit, prepared in accordance with the CIM Best Practices and disclosed in accordance with NI 43-101. The mineral resource estimate utilized all drill and assay results available to June 23, 2023, including 73,938 meters of drilling by Panoro distributed in 148 drillholes and 9,923 meters of drilling from legacy campaigns distributed in 27 drillholes. The mineral resource estimate includes hypogene and supergene sulphides and mixed/oxide copper-gold and oxide gold mineralization contained within a single conceptual pit shell that has been modelled to include that portion of the mineral resource block model having a reasonable prospect for economic extraction. The wireframes for the Cotabambas deposit were developed based on mineralization to constrain the interpreted mineralized domains. Latite dikes were clipped from the principal mineralized domains and separated into latite oxide and latite sulfide domains. The Mineral Resources for the Cotabambas deposit are reported by copper equivalent cut-off grade of 0.15 %CuEq within an optimized pit constraint. The effective date of the Mineral Resources is 20 November 2023. The principal metals grades were estimated by the ordinary kriging interpolation method on capped composite copper, gold, silver and molybdenum grades. No recoveries have been applied to the interpolated in-situ estimated grades. The Mineral Resources of the Project are also reported to demonstrate the sensitivity to various copper equivalent cut-off grades within the optimized pit constraint. The domains have not been separated and the following is for comparison only. The mineral resources estimation was constrained by a Break-even pit with a cut-off grade of 0.07%CuEq with a stripping ratio (waste: resources) of 1.02:1; however, the Base Case open pit is reported at a cut-off grade of 0.15%CuEq with a stripping ratio (waste: resources) of 0.65:1. This represents a significant improvement compared with the previous resources estimation where the stripping ratio was 2:1 (waste: resources). The previous mineral resources (Tetra Tech, 2014) contained 46.3 Million tonnes averaging 0.70%Cu, 0.38 Au g/t, 3.82 Ag g/t and 0.0002%Mo at 0.50%CuEq cut-off. At similar grades, the new resource demonstrates a 296% increase in high-grade resource, including higher gold and silver grades, reflecting the high precious metals content in the South pit. The new Mineral Resource Estimate demonstrates the presence of an increase in the higher grade component mineralization within the base case conceptual pit shell. Tables 5 and 6 show the Mineral Resources at a 0.5 %CuEq cut-off grade classified by mineralization type. In order to satisfy reasonable prospects for eventual economic extraction, the Mineral Resources are reported within a constraining shell. The block model was imported into Datamine NPV Scheduler software where AGP generated the optimized pit constraint. Table 7 summarizes the parameters that were applied to develop the optimized pit constraint. The property hosts a number of Copper-Gold porphyry/skarn type deposits aligned into 3 structural corridors crossing the property in the Southwest-Northeast direction as shown on Plan 2. The most studied corridor is located to the east part of the property. Along strike from the South pit to the North pit and including the Maria Jose targets, over 6 km of mineralization have been identified and drilled with the first two targets hosting the mineral resources. The drilling results of 2022-2023 have delineated the existence of two individualized Cu-Au Porphyries into the mineral resources area. The porphyry stock in the North Pit is emplaced from depth to surface from east to west, developing in the cupula a quartz stockwork with Potassic alteration hosting >1.0 %CuEq which extends to 800 m depth along plunge, with 250m width and along 700m strike following the structural control in the Northeast direction. In the South pit, the porphyry demonstrates a feeder shape hosting a body of 0.80 %CuEq sizing some 600m at depth and 150m width and striking 400m along the structural corridor, where the stock is hope open to the east and at depth. The average copper:gold ratio, in terms of contained metal value, in the South Pit is 1:1 demonstrating a higher gold content than in the North Pit, where the average ratio is 2.7:1. The silver:gold ratio in the South pit is 6:1 while in the North pit it is 14:1.
The exploration programs in the area of the mineral resources and at the other targets identified on the property, are supported always by constant collaboration with the local communities under a spirit of respect and mutual respect. Over more than one decade, five drilling campaigns have been completed which continue to demonstrate a strengthening relationship with the local communities and the Company. The Company's plan is complete a Prefeasibility Study for the Cotabambas Project. The updated resource estimate will be used to update the mine plan, prioritizing the mining of the high-grade component of the resource within a starter pit. The updated mine plan will illustrate if any additional infill drilling is required to upgrade additional high-grade resource to indicated category. The completed trade-off studies related to process, infrastructure and waste storage will be incorporated into an updated PEA which will serve as a snapshot of the Prefeasibility study targets and identify priority areas to optimize the prefeasibiity study.