South Pit Drilling Continues to Intersect High-Grade Mineralization, Cotabambas Project, Peru
Panoro’s step-outs widen the bulk porphyry zone but dilute high-grade tenor compared to the CB-228 anchor intercept.
Panoro Minerals Ltd. (PML) has reported assay results from two step-out drill holes, CB-229 and CB-230, at the South Pit of its Cotabambas project in Peru. The company stated that the results confirm high-grade continuity from the surface to depths exceeding 1,100 meters and along 600 meters of strike.
Key intervals reported include:
- CB-229: 303.30 m at 0.14% Cu, 0.13 g/t Au, 1.30 g/t Ag, 0.0020% Mo, or 0.25% CuEq1 with recoveries and 0.29% CuEq3 without recoveries, from 349.90 m to 653.20 m.
- Including: 69.90 m at 0.27% Cu, 0.32 g/t Au, 1.83 g/t Ag, 0.0015% Mo, or 0.52% CuEq1 / 0.62% CuEq3.
- CB-230: 808.15 m at 0.22% Cu, 0.10 g/t Au, 1.53 g/t Ag, 0.0037% Mo, or 0.31% CuEq1 / 0.35% CuEq3, from 296.35 m to 1,104.50 m.
- Including: 156.50 m at 0.38% Cu, 0.22 g/t Au, 2.95 g/t Ag, 0.0007% Mo, or 0.55% CuEq1 / 0.64% CuEq3.
- Including: 48.10 m at 0.57% Cu, 0.25 g/t Au, 4.08 g/t Ag, 0.0005% Mo, or 0.76% CuEq1 / 0.87% CuEq3.
- First endo-skarn intersection: 33.90 m at 0.27% Cu, 0.07 g/t Au, 0.99 g/t Ag, 0.0076% Mo, or 0.33% CuEq1 / 0.38% CuEq3.
Panoro Minerals Ltd. (PML), a pre-production developer with a market capitalization near C$589 million and a substantial resource base, has seen its stock re-rate strongly from C$0.29 to nearly C$2.00 over the past year. This surge was particularly pronounced following the June 2026 results from drill hole CB-228.
The market is currently valuing the potential for the South Pit’s high-grade component to be materially expanded at or above the tenor established by CB-228. However, two recent step-out results fail to reproduce that high-grade profile. While these new intercepts add strike and depth, they do so at significantly lower grades, particularly in the case of CB-229.
Under the expectation anchor rule, the anchor result is embedded, and the new grade-width substance is materially weaker:
- CB-228 high-grade core: 162 m at about 1.18% CuEq1.
- CB-230 best comparable: 156.5 m at 0.55% CuEq1.
- CB-229 best comparable: 69.9 m at 0.52% CuEq1.
This represents a substantive miss on grade, rather than simply a shorter interval. The wider low-grade intercepts do not offset the degradation of the high-grade shoot, as the high-grade component is what underpins the project’s capital-efficient development thesis.
Panoro Minerals Ltd. (PML) is a Canadian exploration and development company focused on the 100%-owned Cotabambas copper-gold-silver project in the Apurimac region of southern Peru.
The company’s resource estimates include an Indicated category of 507.3 Mt at 0.33% Cu, 0.20 g/t Au, and 2.42 g/t Ag, alongside an Inferred category of 496.0 Mt at 0.27% Cu, 0.17 g/t Au, and 2.53 g/t Ag. A high-grade Indicated component comprises 129.0 Mt at 0.70% Cu, 0.44 g/t Au, and 4.12 g/t Ag, while a high-grade Inferred component consists of 93.1 Mt at 0.59% Cu, 0.41 g/t Au, and 5.31 g/t Ag.
Panoro Minerals is currently pre-revenue. For the six months to June 30, 2026, the company reported a net loss of US$9.39M, cash holdings of US$17.57M, and total current liabilities of US$27.45M. The June 2026 MD&A notes the company raised about US$23.2M in H1 2026 and continues to rely on equity financing.