Panoro Minerals (PML.V) after trade Monday released assay results from drillhole CB-228, the first hole completed under the phase 1 expansion drilling program at the South Pit of the Cotabambas Project in Peru's Apurimac Region.
The company said drillhole CB-228 intersected 317.6 metres grading 1.04% copper equivalent (CuEq), including intervals of 162 meters at 1.54% CuEq, 85.9 meters at 1.36% CuEq, and 66.1 meters at 1.92% CuEq. These intervals occur within a broader interval of 487.4 meters grading 0.80% CuEq.
The company also said it is expanding its drilling program to 45,000 meters, with a second drill hole currently underway at the South Pit. A second drill rig is expected to arrive in June, followed by two additional rigs later this summer.
Panoro also plans to launch an extensive deep and shallow geophysics program to support the drilling exploration of the high-grade continuity at depth and to the southwest. The expanded exploration is fully funded following the completion of a C$21 million equity financing, it added.
"We are excited by the results from our first expansion hole drilled on the South Pit at Cotabambas. The results validate our thesis that the high-grade mineralization continues at depth, which should allow us to potentially expand resources at Cotabambas meaningfully," Chief Executive Luquman Shaheen said.
Panoro shares closed down $0.01 to $1.19 on the TSX Venture Exchange.