Panoro Minerals Ltd.: Results From Antilla Joint Venture Project in Peru Highlighted by 39.8 m at 0.85% Cu and 0.028% Mo
20 August 2010 - 11:00PM
Marketwired
Panoro Minerals Ltd. (TSX VENTURE: PML)(BVLAC: PML)(FRANKFURT: PZM)
("Panoro") is pleased to announce the assay results from the second
batch of 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. As with the
results made public earlier, the assays received are consistent
with expectations and continue to confirm the Company's resource
model.
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Drillhole From (m) To (m) Thickness (m) Cu (%) Mo (%)
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ANT-73 10.2 50.0 39.8 0.84 0.028
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60.0 78.0 18.0 0.26 0.029
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ANT-74 11.6 70.0 58.4 0.69 0.013
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includes 14.0 32.0 18.0 0.95 0.008
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52.0 64.0 12.0 1.11 0.016
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---------------------------------------------------------------------------
less
than
ANT-75 28.0 34.0 6.0 0.31 0.001
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70.0 82.0 12.0 0.29 0.003
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ANT-76 8.5 82.0 73.5 0.46 0.005
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includes 10.0 29.7 19.7 0.76 0.002
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90.0 117.2 27.2 0.34 0.011
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includes 112.0 117.2 5.2 0.72 0.013
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Of the total of 19 holes drilled, 17 holes have been sampled and
analyzed. The locations of all the holes drilled are shown in
Figure 1 on the Antilla page of the Company's website. The results
from the first four holes, ANT-68, 70, 71 and 72 were announced on
July 23, 2010. The Company has also received the preliminary
results of the remaining holes, ANT-77 to ANT-84, and is currently
reviewing them. The results will be made public as soon as the
review has been completed.
All drillholes are located within the limits of the high grade
pit defined in the NI 43-101 inferred resource estimate. ANT-73 is
located outside the previously identified core zone of the
mineralization defined as the zone with grades greater than or
equal to 0.70% copper. This indicates that the core zone may extend
further to the southwest in this area. ANT-74 is located within the
core zone confirming continuity. ANT-75 and ANT-76 are located at
or outside the southeast limit of the core zone, consistent with
the existing resource model. A map, Figure 7, showing the outline
of the 0.7% copper or core zone and drillholes can also be viewed
on the Antilla page of the Company's website.
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 Project 114 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 900 metres. 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 jim@ascentacapital.com
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