Initial Assay Results of the Infill Drilling Program at Panoro's Antilla Project Joint Venture, Peru
July 23 2010 - 8:30AM
Marketwired
Panoro Minerals Ltd. (TSX VENTURE: PML)(BVLAC: PML)(FRANKFURT: PZM)
("Panoro") is pleased to announce the assay results from the first
four drillholes from the 2010 infill drilling program at the East
Block at the Antilla Copper-Molybdenum Project in Peru. The results
were provided by Panoro's JV partner, Chancadora Centauro SAC
(Centauro), the operator of the project and are as follows:
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Thickness
Drillhole From (m) To (m) (m) Cu (%) Mo (%)
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ANT-68 35 82 47 0.83 0.012
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102 122 20 0.47 0.012
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ANT-70 50 112 62 0.54 0.004
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134 146 12 0.33 0.005
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ANT-71 22 96 74 0.66 0.006
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including 22 54 32 0.74 0.004
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and 68 96 28 0.75 0.008
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ANT-72 12 40 28 0.52 0.017
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One of the holes, ANT-71, is located within the previously
delineated high grade zone while the other three are either on its
margin or outside of it. The results received so far are consistent
with expectations and continue to confirm the Company's resource
model. The locations of all completed and proposed holes are shown
on Figure 1 on the Antilla page of the Company's website.
To date, 19 drillholes totaling 2,243 metres have been
completed. Logging and sampling of the core is underway and
additional assay results will be made public as they are
received.
The Antilla JV agreement with Centauro was signed in April 2010
and based on that agreement Centauro was due to make a payment to
Panoro of $US 4 million on July 16, 2010. As of the filing of this
press release, that payment has not been received and Panoro is
working to resolve the matter as quickly as possible.
About the Antilla Project
The Antilla Project NI 43-101 resource includes a high grade
zone of 70 million tonnes at 0.56% copper and 0.011% molybdenum.
The resource is contained within the East Block where
mineralization consists of a tabular blanket of supergene sulphide
mineralization dominated by chalcocite and molybdenite. The East
Block mineralization is open to the north and northeast and similar
mineralization has been identified in the West Block but is yet to
be drilled. Infill drilling of the high grade zone has the
potential to increase its grade.
About Panoro
Panoro's strategic focus is to move its advanced stage copper
and copper/gold projects to feasibility and development and to
explore its other projects. Panoro has a large portfolio of
exploration projects in Peru, of which the Cotabambas and Antilla
Projects contain NI 43-101 Inferred level resources of:
Cotabambas Project114 million tonnes at 0.68% copper and 0.38 g/t gold
Antilla Project 154 million tonnes at 0.47% copper and 0.009% molybdenum.
The 9.900 hectare Cotabambas Project contains the Ccalla and
Azulccacca porphyry-copper gold deposits which are separated by
approximately 900m. Mineralization in both deposits is open to
depth and laterally as well as in the area between them. Panoro is
planning magnetometric and induced polarization geophysical surveys
to confirm targets before commencing exploration drilling.
The Company is also planning geophysical surveys followed by
Phase 1 exploration drilling targeting skarn and porphyry copper
mineralization at its 100% owned Kusiorcco Copper Project elsewhere
in the region.
Drilling at the Antilla project is being carried out by Centauro
and all samples were assayed by ACME Analytical Laboratories
(Chile) S.A. The information provided by Centauro and contents of
this news release were reviewed by Fred Tejada, P.Geo., the
Company's VP-Exploration, a Qualified Person as defined in
NI43-101.
On behalf of the Board of
Panoro Minerals Ltd.
Luquman Shaheen, M.B.A., P.Eng., P.E., President, CEO and
Director
This release was prepared by management of the Company who takes
full responsibility for its contents. Neither TSX Venture Exchange
nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.
Contacts: Panoro Minerals Ltd. Luquman Shaheen President &
CEO 604.684.4246 604.684.4200 (FAX) info@panoro.com www.panoro.com
Ascenta Capital Partners Inc. Jim Glass Investor Relations
604.684.4743 ext. 225 or 866.684.4209
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