Panoro Minerals Provides Update on Exploration Progress at Cotabambas Project

Reviewed

Dec 13 2018

Panoro Minerals Ltd. (“Panoro”, the “Company”) is pleased to provide an update on exploration progress and plans for its flagship Cotabambas Copper/Gold/Silver Project.

Cotabambas Project

Panoro has completed the field work for the ground geophysical program at the Chaupec Target in Cluster 2 of the Cotabambas Project. In addition, the Company has identified two new targets of skarn/porphyry mineralization at Zone 4 and Tamburo, to the north and east of the Chaupec target, see attached map for reference.

Chaupec Target

The completed geophysical survey at the Chaupec Target covers an area of 500 by 1,000m, and includes:

3D Ground Magnetometry including 20 lines of 1km length each, at 25m spacing between lines and continuous readings.
IP-3D including 10 lines of 1 km length, spacing of 50m between lines and with stations of 25, 50, 75 & 100 meters multi-dipole with penetration to 500m depth.
Gravity survey, pending completion in January 2019, with 110 points spaced 50 to 100m over the same grid as for the Magnetometry and IP.

The geophysical program was completed at the northern area of Zone 1 at Chaupec, where the diorite overthrusts the limestones layers from east to west. Dikes and sills of quartz-monzonite porphyry intrude the contact generating skarn bodies up to 450m width. The vertical connection of the dikes/sills with the main porphyry stock is expected 200m to 300m below the surface, as is exposed in Zone 3 located 3km to the south (refer to August 28, 2018 press release. )

Interpretation of the geophysical results and integration with the geologic model is currently underway with the objective of completing the drill targetting for the proposed drill hole exploration program. The drill hole program will commence in January 2019.

Two New Targets

Two new targets representing the extension of the Cu, Ag, Au skarn mineralization in Chaupec, have been identified through mapping and sampling campaigns currently underway.

The new target Zone 4 represents the north continuity of Zone 1 in Chaupec, but displaced 900m to the west.

The second new target, Tamburo is located 900 to 2,000m to the east of Zone 1 in Chaupec, where the mapping; currently underway, has found three skarn areas. Tamburo is part of a 9km corridor in east-west direction, containing six Porphyry/Skarn mineralized zones and target areas including the: