Panoro Minerals Ltd. (“Panoro”, the “Company”) announces progress at two of its early stage copper projects in southern Peru. The Kusiorcco and Humamantata exploration projects are both located nearby Hudbay Minerals Inc.’s Constancia Copper Mine in southern Peru.
At the Humamantata Project, Panoro together with its partner, the Japanese Oil, Gas and Metals National Corporation (JOGMEC), have agreed to a proposed exploration plan representing an investment of US$3.0 million to be funded by JOGMEC under the terms of the agreement announced on October 2, 2018. The proposed work program includes:
- Detailed mapping and geochemical sampling;
- Geophysical surveys; and
• Induced Polarization;
• Gravity; and
- Exploration drilling.
The permitting and surface access agreement activities will begin immediately.
At the Kusiorcco Project, Hudbay Minerals Inc. (Hudbay) has advised Panoro that surface access agreements have been completed permitting the advancement of exploration activities. Under the terms of the agreement announced on January 8, 2018, Panoro expects milestone payments to commence in 2019. Milestone payments by Hudbay to Panoro will be payable as follows:
- US$0.5 million upon the execution of agreements with local communities and surface titleholders necessary for Hudbay to access and carry out a drill program on the project;
- US$0.5 million upon completion of Hudbay’s first drill hole on the project;
- US$0.5 million upon completion of Hudbay’s fifth drill hole on the project; and
- US$0.5 million upon completion of Hudbay’s tenth drill hole on the project.
President and CEO of Panoro, Luquman Shaheen, states:
We are pleased to have progress on both the Humamantata and Kusiorcco Projects. These two projects are situated in the key copper development district in Southern Peru and in close proximity to the Constancia Mine. With two quality partners such as Hudbay and JOGMEC, we look forward to new discoveries on two new projects and further enhancing Panoro’s position as a unique copper exploration and development investment opportunity. At the same time, the geophysical survey at the Chaupec Target in Cluster 2 of the Cotabambas Project is advancing well, we expect to mobilise drill equipment to Chaupec as soon as this is completed.