Drilling Intersects High Grade Mineralization At Chaupec Target In Peru

VANCOUVER, BC - Panoro Minerals Ltd. reported assay results from its drill program at Chaupec Target at Cluster 2 of its 100% owned Cotabambas Cu/Au/Ag Project in Peru. The recently completed first phase of drilling at the Chaupec Target was composed of five drill holes totaling 997 meters of drilling.  The five drill holes were completed at the northern end of the Chaupec target along approximately 1.2 km of strike. The drill results, with high grades of copper, gold, silver including grades of lead and zinc are confirming the potential presence of a new porphyry stock in the vicinity of the drilled area.  The locations of the five drill holes are shown on the attached plan.

This first phase of drilling targets are located along Copper Anomalies #4 and #7 in Zone 1, as identified by surface mapping, see attached map. Seven other Copper Anomalies have also been delineated in this area of the Chaupec Target and are open to explore with additional drilling. 

Drillhole CB-190: was drilled to 187.5 m length. The first mineralized interval of 9.6 m length averaging 0.51%Cu, 0.04 g/t Au, 3.3 g/t Ag is hosted by a QMP dike and developed into the garnet skarn. The QMP has a quartz-sericite-pyrite alteration with disseminated chalcopyrite in quartz stockwork. The skarn package contains chrysocolla, copper pitch, chalcopyrite, andradite, pyroxene, magnetite and retrograde alteration (epidote, chlorite, actinolite). The second interval of 5.7 m length grading 0.44% Cu, 0.05 g/t Au, 4.5 g/t Ag contains disseminated and massive chalcopyrite within epidote-pyroxene skarn package and with retrograde alteration. Both intervals are separated by extended intersections of skarn without mineralization and diorite intrusive with propylitic alteration hosting a pyrite halo.

Drillhole CB-191: was drilled to 201.0 m length and intersected 10.1 m of primary sulfides grading 0.37 g/t Au and 8.3 g/t Ag associated with quartz stockwork including chlorite, pyrite and minor chalcopyrite, as part of an envelope of intermediate argillic and phyllic alteration in the diorite.

Drillhole CB-192: was drilled to 329.70 m length to explore the contact between the garnet/pyroxene skarn and the limestone and sandstone sediments at depth.  The drillhole intersected 13.8 m of primary copper mineralization in skarn grading 0.16% Cu, 0.02 g/t Au, 3.5 g/t Ag. From 45.2 m to 90.1 m the drillhole intersected three veins from 0.6 m to 2.9 m width averaging from 0.37% Cu to 0.89 % Cu and from 5.6 g/t to 13.8 g/t Ag, containing chalcopyrite, chalcocite, pyrite, magnetite, muscovite, quartz, and calcite within an andradite garnet skarn package.  

Drillhole CB-193: was drilled to 74.40 m length and intersected near surface 17.6 m of mixed copper mineralization grading 0.42%Cu, 0.05 g/t Au, 24.2 g/t Ag and 0.38% Zn within a QMP dike intruding into pyroxene skarn and diorite. Within the QMP 5.2 m was intercepted containing quartz stockwork with veinlets and patches of chalcopyrite, pyrite with traces of galena and sphalerite in phyllic alteration averaging 0.67 % Cu, 0.08 g/t Au, 37.3 g/t Ag, 0.12% Pb and 0.41% Zn. Within the skarn and diorite host rock, faulting/breccia textures were identified including 6.0 m of quartz-calcite veinlets containing tenorite, azurite, copper pitch in fractures, chalcopyrite, pyrite and traces of sphalerite, grading 0.59%Cu, 0.08 g/t Au, 35 g/t Ag and 0.39% Zn.    

Drillhole CB-194: was drilled to explore the area east of Copper Anomaly #4 and test the continuity of the QMP/Skarn intersected by Drillhole CB-190. No significant intersections were obtained, suggesting the mineralization intersected by CB-190 dips vertically or to the west or is displaced by faulting.

The geophysical signatures below Zone 1 suggest the existence of a QMP stock hidden at depth along the contact between the diorite and limestone/sandstone sediments. This drill program tested the near surface geologic environment, where drillholes CB-190 and CB-193 intersected dikes/chimneys of QMP that may have direct relation with the metals source at depth and have introduced copper/gold/silver mineralization within the skarn and diorite host rocks.