Panoro Minerals Ltd. (TSX-V: PML) (Lima: PML) (Frankfurt: PZM) (OTCQB: POROF) is pleased to announce results of additional drill holes from its 16,970 m drill program, the aim of which is to expand the total resource with emphasis on the high-grade component and upgrade the inferred category resources to indicated category at the Company’s Cotabambas Cu/Au/Ag Project in southern Peru. The principal conclusion from the results of Drillholes CB-201, CB-202 and CB-203 are summarized as follows, see Figure 1 for drillhole locations:

• Drillhole CB-201 results delineate the continuity of mineralization approximately 150 m to the north of the South Pit in the gap area between the two pits as well as extending mineralization continuity from approximately 200 m depth to near surface;
• Drillhole CB-202 results delineate the extension to approximately 250 m depth of previously intersected mineralization and extends mineralization to the south of the current South Pit limits. The mineralization is open at depth with the potential for increasing grades at depth and proximity to the porphyry stock; and
• Drillhole CB-203 extends mineralization to approximately 500 m depth and extends mineralization to the eastern limit of the South Pit.

Discussion of Results

The purpose of drillholes CB-202 and CB-203 was to add new mineral resources to the south-eastern and north-eastern extremes of the South Pit, respectively and at depth. The scope of CB-201 was to explore the possible connection between the South and North pits. See locations of the holes on the map in Figure 1. The principal mineralization intersections are listed in the table below.

Drillhole CB-201 is a step out hole executed to explore the western and near surface continuity of the mineralization previously intersected by CB-05 (106.5 m averaging 0.44% Cueq, including 68.5m averaging 0.62% Cueq). The hole CB-201 intersected 22.9 m of mixed mineralization grading 0.40% Cueq suggesting the higher grades may be expanded at depth and below CB-05. The plan is to complete a new drillhole from platform S-17 to explore the mineral continuity below CB-05. This battery of drillholes is targeting the expansion of the mineral resources to join the South and the North Pits. See Figure 2.

Drillhole CB-202 was a step out hole directed to explore the high-grade continuity at depth, targeting the area 100 m below the mineralization intersected in previous hole CB-20. The hole intersected copper primary mineralization along 237.6 m averaging 0.25% Cu, 0.20 g/t Au and 1.65 g/t Ag (0.43% Cueq) including 108.35 m grading 0.36% Cu, 0.31 g/t Au and 2.50 g/t Ag (0.63% Cueq), and including also 52.8 m averaging 0.48% Cu, 0.44 g/t Ag, 3.50 g/t Ag (0.87% Cueq). The mineralization in both drillholes is developed into a quartz monzonite dike of 35 m width and extending into the diorite in the footwall host rock. The potassic alteration is developed also in both lithologic domains. The primary mineralization is composed of chalcopyrite and minor pyrite into a pervasive quartz stockwork. Figure 3 shows the copper and gold grades increasing at depth. A new step out hole is planned from the platform S-5, targeting the cupula of the porphyry stock and potential for wide high-grade zones of mineralization. CB-202 represents the furthest south drillhole in the South Pit, intersecting new mineralization, the extension of which will be tested with additional drilling.

Drillhole CB-203 is a step out hole located 100 m to the east of the previously executed CB-196. and represents the northern most mineralization intersected in the north extreme of the South Pit. The hole CB-203 intersected a copper primary mineralization within the diorite host rock from depths of 112.6 m to 706.4 m, including an interval of almost 190 m averaging 0.29% Cu, 0.23 g/t Au, 1,72 g/t Ag (0.49% Cueq). The higher copper and gold grades were intersected within the diorite located near the cupula of the quartz monzonite porphyry stock and intersected at depth with chalcopyrite stockwork and potassic alteration. See Figure 4.

The bottom of the PEA South Pit is located between 230 and 300 m below ground surface. Drilling to date indicated the potential to incorporate new mineral resources at depth and along strike related with the structurally controlled porphyry mineralization. The intersections shown in Figure 2 and Figure 3 extend to the north and southern extremes of the South Pit. The previously intersected mineralization in the area was at elevations between 3400 m and 3500 m whereas CB-203, shown in Figure 4, intersected mineralization down to elevations of 3100 m. The results are confirming the interpretations in the current exploration model indicating the potential to expand the resource at depth and along strike. The South pit is interpreted as an early and different porphyry pulse of Cu-Ag mineralization rich in gold, as suggested by geochronology studies and the lower copper:gold and silver:gold ratios than in the North pit.

The Company started the 2022 campaign in April and continues drilling in the South and North pits with three drill rigs, targeting the addition of new mineral resources and the upgrade of inferred resources to indicated category. The re-logging for the geologic modelling update and the expansion of the South pit still in progress.

A PEA has been completed for the Cotabambas Project, the key results are summarized below:

Summary of Cotabambas Project PEA Results

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 PEAs 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.