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Panoro Minerals Ltd. Announces Increased Copper Recovery Estimates at Antilla Copper Project, Peru.

Vancouver, B.C., September 4, 2018 – Panoro Minerals Ltd. (TSXV: PML, Lima: PML, Frankfurt: PZM) (“Panoro”, the “Company” - https://www.commodity-tv.net/c/search_adv/?v=298467) Panoro is pleased to announce the final results from the recently completed leach test from Column #4 at the 100% owned Antilla Copper Project.
The revised estimate for copper recovery from the secondary sulphides is 79.9% in a period of 150 days. This is an increase from the Preliminary Economic Assessment (PEA), announced in May 2018 which, which included an estimated 72.5% copper recovery over a 200 day period.

“The results of the Antilla column leach testing program have demonstrated significant upside potential to the Antilla Project economics. The project is well situated, with low capital intensity, low operating costs and strong economics. We are confident that the strategic review of the projects’ roadmap to feasibility and development will yield positive outcomes in the near future” stated Luquman Shaheen, President & CEO of Panoro Minerals.

The leach test results from Column #4 have increased the estimated recoveries and reduced the recovery time of each of the four mineralogical zones included in the Antilla Project mine plan in the PEA as summarized in the table below.

Mineralogical Zone

Copper Recovery Estimates

Current Estimates

2018 PEA Estimates

Change

Cu Recovery
(%)

Period
(days)

Cu Recovery
(%)

Period
(days)

Cu Recovery
(%)

Period
(days)

Cover

72.9

150

31.1

200

+ 41.8

- 50

Leach Cap

74.4

38.0

+ 36.4

Secondary Sulphides

79.9

72.5

+ 7.4

Primary Sulphides

69.7

21.2

+ 48.5

The PEA mine plan includes 117 million tonnes of secondary sulphides corresponding to 98% of the feed to the heap leach pad. The balance of the feed to the heap leach is made up of Cover, Leach Cap and Primary Sulphides.

The recoveries estimated for the PEA were derived from bottle roll tests and mineralogic testwork available at the time of the completion of the PEA. The column test program was initiated early in 2018 while the PEA was underway. Leach tests from Columns #1, #2 and #3 were completed in July 2018 and #4 was completed in August 2018.

The PEA recovery estimates were based on analytical extraction data. The revised estimates are based on an assessment of the actual and likely extractions under a thermophilic leach scenario. Also, the PEA estimates included days under acid leach in the laboratory testwork. The new estimates assume bioleaching from the start.

The original objective of the test program was to determine copper extraction from supergene (secondary sulphide) material under simulated mesophilic bio-leach conditions (medium temperature) at a range of crush sizes. These tests were successful and indicated that overall process recoveries of 72.5% were achievable. Leaching of primary sulphides such as chalcopyrite or enargite is limited under mesophilic conditions. The leach cycle of Column #4 was extended and the column transitioned to thermophilic conditions (up to 55ºC temperature) to determine to what extent the small amounts of primary sulphides within the material would be leached. Transitioning to thermophilic conditions led to a significant improvement in the global leach extraction with 85% copper extraction being achieved. Overall process recovery is estimated to be 94% of leach extraction for each zone where the leach extraction estimates are summarized in the table below.

Mineralogical Zone

Cu Extraction
(%)

Cover

77.6

Leach Cap

79.2

Secondary Sulphides

85.0

Primary Sulphides

74.2

Extraction numbers are based on laboratory column leach tests of supergene material under simulated mesophilic and thermophilic bioleach conditions. Additional laboratory bioleach testwork will be completed as part of the next stage of engineering for the project. Heap bioleaching has been successfully implemented over the past 30 years. Examples of current and historical copper heap bioleach projects are the Cerro Verde mine, Peru (Freeport McMoran), the La Granja project, Peru (Rio Tinto), the Cerro Colorado mine, Chile (BHP), the Quebrada Blanca mine, Chile (Teck Resources), the Zaldivar mine, Chile (Barrick), the Lince II mine, Chile (Antofagasta Plc), in addition to others.

The column leach program, together with associated mineralogical and bottle roll leach testwork has been conducted at Aminpro Laboratories, an ISO 9001 and 14001 Laboratory based in Lima, Peru. All works were designed and supervised by Andrew Carter, General Manager UK of the Mining and Minerals arm of Tetra Tech.

 

About Panoro

Panoro Minerals is a uniquely positioned Peru focused copper exploration and development company. The Company is advancing its flagship project, Cotabambas Copper-Gold-Silver Project and its Antilla Copper-Molybdenum Project, both located in the strategically important area of southern Peru. The Company is well financed to expand, enhance and advance its projects in the region where infrastructure such as railway, roads, ports, water supply, power generation and transmission are readily available and expanding quickly. The region boasts the recent investment of over US$15 billion into the construction or expansion of four large open pit copper mines.

Since 2007, the Company has completed over 80,000 meters of exploration drilling at these two key projects leading to substantial increases in the mineral resource base for each, as summarized in the table below.

Summary of Cotabambas and Antilla Project Resources


Project

Resource
Classification

Million
Tonnes

Cu (%)

Au (g/t)

Ag (g/t)

Mo (%)

Cotabambas Cu/Au/Ag

Indicated

117.1

0.42

0.23

2.74

0.001

Inferred

605.3

0.31

0.17

2.33

0.002

@ 0.20% CuEq cutoff, effective October 2013, Tetratech

Antilla Cu/Mo

Indicated

291.8

0.34

-

-

0.01

Inferred

90.5

0.26

-

-

0.007

@ 0.175% CuEq cutoff, effective May 2016, Tetratech

Preliminary Economic Assessments (PEA) have been completed for both the Cotabambas and Antilla Projects, the key results are summarized below.

 

Summary of Cotabambas and Antilla Project PEA Results


Key Project Parameters

 

Cotabambas Cu/Au/Ag Project1

Antilla Cu
Project2

Process Feed, life of mine

million tonnes

483.1

118.7

Process Feed, daily

Tonnes

80,000

20,000

Strip Ratio, life of mine

 

1.25 : 1

1.38: 1

Before
Tax1

NPV7.5%

million USD

1,053

520

IRR

%

20.4

34.7

Payback

Years

3.2

2.6

After
Tax1

NPV7.5%

million USD

684

305

IRR

%

16.7

25.9

Payback

Years

3.6

3.0

Annual Average Payable
Metals

Cu

thousand tonnes

70.5

21.0

Au

thousand ounces

95.1

-

Ag

thousand ounces

1,018.4

-

Mo

thousand tonnes

-

-

Initial Capital Cost

million USD

1,530

250

  • Project economics estimated at commodity prices of; Cu = US$3.00/lb, Au = US$1,250/oz, Ag = US$18.50/oz, Mo = US$12/lb
  • Project economics estimated at long term commodity price of Cu = US$3.05/lb and Short term commodity price of Cu = US$3.20, US$3.15 and US$3.10 for Years 1,2 and 3 of operations, respectively.

 

The PEAs are considered preliminary in nature and include Inferred Mineral Resources that are considered too speculative to have the economic considerations applied that would enable classification as Mineral Reserves. There is no certainty that the conclusions within the updated PEA will be realized. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

Luis Vela, a Qualified Person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.

 

On behalf of the Board of Panoro Minerals Ltd.

Luquman Shaheen. PEng, PE, MBA
President & CEO

FOR FURTHER INFORMATION, CONTACT:


Panoro Minerals Ltd.
Luquman Shaheen, President & CEO
Phone: 604.684.4246 Fax: 604.684.4200
Email: info@panoro.com
Web: www.panoro.com

Renmark Financial Communications Inc.
Laura Welsh
Tel.: (416) 644-2020 or (416) 939-3989
blwelsh@renmarkfinancial.com
www.renmarkfinancial.com

In Europe:
Swiss Resource Capital AG
Jochen Staiger
info@resource-capital.ch
www.resource-capital.ch

 

CAUTION REGARDING FORWARD LOOKING STATEMENTS: Information and statements contained in this news release that are not historical facts are “forward-looking information” within the meaning of applicable Canadian securities legislation and involve risks and uncertainties.

Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ materially from those expressed or implied by the forward-looking statements, including, without limitation:

  • risks relating to metal price fluctuations;
  • risks relating to estimates of mineral resources, production, capital and operating costs, decommissioning or reclamation expenses, proving to be inaccurate;
  • the inherent operational risks associated with mining and mineral exploration, development, mine construction and operating activities, many of which are beyond Panoro’s control;
  • risks relating to Panoro’s ability to enforce Panoro’s legal rights under permits or licenses or risk that Panoro’s will become subject to litigation or arbitration that has an adverse outcome;
  • risks relating to Panoro’s projects being in Peru, including political, economic and regulatory instability;
  • risks relating to the uncertainty of applications to obtain, extend or renew licenses and permits;
  • risks relating to potential challenges to Panoro’s right to explore and/or develop its projects;
  • risks relating to mineral resource estimates being based on interpretations and assumptions which may result in less mineral production under actual circumstances;
  • risks relating to Panoro’s operations being subject to environmental and remediation requirements, which may increase the cost of doing business and restrict Panoro’s operations;
  • risks relating to being adversely affected by environmental, safety and regulatory risks, including increased regulatory burdens or delays and changes of law;
  • risks relating to inadequate insurance or inability to obtain insurance;
  • risks relating to the fact that Panoro’s properties are not yet in commercial production;
  • risks relating to fluctuations in foreign currency exchange rates, interest rates and tax rates; and
  • risks relating to Panoro’s ability to raise funding to continue its exploration, development and mining activities.

This list is not exhaustive of the factors that may affect the forward-looking information and statements contained in this news release. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward‑looking information. The forward‑looking information contained in this news release is based on beliefs, expectations and opinions as of the date of this news release. For the reasons set forth above, readers are cautioned not to place undue reliance on forward-looking information. Panoro does not undertake to update any forward-looking information and statements included herein, except in accordance with applicable securities laws.
Neither the 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.

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