Panoro Minerals Ltd. (TSX-V: PML) (Lima: PML) (Frankfurt: PZM) (OTCQB: POROF)  is pleased to provide an update of its exploration drill program at its 100% owned Cotabambas Cu/Au/Ag Project in Peru.

Drillhole CB-195, the first hole completed of the 2022 program, intersected 195.8m averaging 0.55% Cu, 0.52 Au g/t, 2.88 Ag g/t (0.92% Cueq), including a profile of copper oxides, mixed and hypogene zones. The primary copper sulfides in the hypogene zone include 45.7m grading 0.95% Cu, 0.78 g/t Au and 4.35 g/t Au (1.51% Cueq) into a porphyry stock of quartz monzonite composition.

The drill program commenced with the mobilization of the first drill rig during the last week of April 2022 at the South Pit area. The drill core was logged and sampled on site and samples were prepared and analyzed at ALS Chemex Laboratories in Lima.

The South Pit Area

The South Pit target is located between 400m to 1200m to the south of the proposed North Pit as defined by the September 22, 2015 Preliminary Economic Assessment. The Hole CB-195 tested the mineralized area located between previous Drillholes CB-23 and CB-34, see link1, and was completed to a total depth of 240.2m. The following table details the more significant intersections.

Luquman Shaheen, President & CEO, of Panoro Minerals states, “The results of drillhole CB-195 validate Panoro’s thesis that there exists potential to grow the high-grade component of the Cotabambas Project resource.  The high grades have been intersected near surface with the potential to provide additional high grade to the mine plan early in the proposed mine-life.  Furthermore, the intersection of the high grades in CB-195 at the South Pit also indicate the potential to extend the high grade intersects along strike from the South Pit to the North Pit and to the north of the North Pit, see link 2.  Step out and infill drilling is planned in these areas as part of the on-going exploration program.  The exploration program will continue to the end of the year with an estimated 16,000 m of exploration drilling to be completed.  We look forward to announcing results from drill hole assays as they are received and analyzed.”

See link 3 for cross section at drill hole location.  The hole commenced within a barren lithocap leach capping of volcanic andesite package and diorite intrusive from surface to 35 m, including supergene argillic alteration and traces of copper and manganese oxides.

From 35.0m to 75.5m the hole intersected phyllic and potassically altered quartz monzonite with copper oxide grading 0.40% Cu, 0.37 g/t Au, 2.77 g/t Ag (0.67% Cueq). The copper oxides species are chrysocolla, malachite, tenorite, neotocite and iron oxides.

From 75.5m to 95.0 m the drill hole intersected potassic interleaved with sericite, chlorite, clay (SCC) alterations in the quartz monzonite porphyry hosting a copper mixed zone of 19.5m width averaging 1.01% Cu, 1.15 g/t Au, 5.18 g/t Ag (1.83% Cueq). The mineralogic species are a mix of chrysocolla, tenorite, neotocite, chalcopyrite and pyrite into a framework of quartz veinlets.

Finally, from 95.0m to 230.8m over the quartz monzonite porphyry with potassic/SCC alteration with primary chalcopyrite mineralization of 135.8m width grading 0.53% Cu, 0.48 g/t Au and 2.59 g/t Ag (0.88% Cueq), before re-entering the diorite intrusive host rock. A more strongly mineralized, silicified and potassically altered interval with disseminations and veinlets of chalcopyrite graded 0.95 % Cu, 0.78 g/t Au and 4.35 g/t Ag (1.51% Cueq) over 45.7 meters from 95.0 m to 140.7m.

Drilling has shown that the extensive chalcopyrite mineralization and potassic alteration in the porphyry “center” is surrounded by “proximal” SCC alteration with pyrite>chalcopyrite sulfides and “distal” propylic alteration with disseminated pyrite mineralization into the diorite host rock. The gold and silver values occur overall this lateral zoning and randomly emplaced with the SCC and potassic alteration event.

Most of the high grade intersected by this hole will represent new resources to be added in the block model of the 2015 PEA pit.

Additional drilling continues to test this mineralization to the northeast with the step out hole CB-196, which assays results are in progress and published in a next press release.

About Panoro

Panoro is a uniquely positioned Peru-focused copper development company. The Company is advancing its flagship Cotabambas Copper-Gold-Silver Project located in the strategically important area of southern Peru.

The Company’s objective is to complete a Prefeasibility study in 2023 with work programs commencing in Q1 2022.

At the Cotabambas Project, the Company will first focus on delineating resource growth potential and optimizing metallurgical recoveries. These objectives are expected to further enhance the project economics as part of the Prefeasibility studies during 2022 and 2023.  Exploration and step-out drilling from 2017, 2018 and 2019 have already identified the potential for both oxide and sulphide resource growth.

Summary of Cotabambas Project Resources

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

Summary of Cotabambas Project PEA² 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.