Source:
Company | Interest | Ownership |
Panoro Minerals Ltd.
|
25 %
|
Indirect
|
Calisto Cobre Resources Corp.
|
75 %
|
Indirect
|
On December 3, 2021, Panoro Minerals Ltd. (the Company) sold 75% of its interest in Antilla Copper, S.A. (“Antilla Copper”), a subsidiary of the Company. Payment #1 was received of $CA 10.0M ($US 7.3M) on closing in December 2021.
On March 11, 2024, Panoro Minerals Ltd. received approximately CA $2.7M (Payment #2) from Calisto Cobre Resources Corp. (formerly Heeney Capital Acquisition Company) as per terms of the Company’s sale in December 2021 of 90% of the shares of Antilla Copper S.A.
Payment #3 of $CA 7.0M ($US 5.2M) from Calisto is payable within 12 months of Calisto obtaining drilling permits and completing land access agreements at the Antilla Project. Payment #4 will be due after Calisto completes a study of the Antilla Project with Panoro receiving 13% of the estimated Net Present Value, less the $CA 20M ($US 14.8M) total of Payments #1, #2 and #3. In addition, Panoro will retain a 10% interest in the Antilla Project plus a 2% NSR royalty.
Contractors
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Summary:
The mineralization identified to date on the property is consistent with a supergene enrichment blanket hosted in a sandstone-quartzite package of Soraya Formation associated with an Andean-type copper-molybdenum porphyry system.
The most important mineralization encountered to date on the property is a tabular body of fracture-controlled and disseminated chalcocite and chalcopyrite with minor molybdenite-coated fractures overlain by a barren, leached zone of variable thickness. The tabular zone strikes 50 degrees and dips 20 degrees to the east over an area 1.2 kilometres long and 1.2 kilometres wide. The supergene chalcocite mineralization has a true thickness of 40 to 80 metres. Associated with the chalcocite mineralization is weak sericitization, chloritization, and silicification of arenite and quartzite. The strongest chalcocite mineralization is associated with brittle faults. Below the chalcocite mineralization, low grade disseminated chalcopyrite, bornite, and molybdenite mineralization occurs. Altered, weakly-mineralized porphyritic felsic intrusives are associated with the hypogene mineralization. Unaltered, unmineralized porphyritic dikes cut the mineralization.
The most economically significant mineralization encountered to date on the property is fracture-controlled and disseminated chalcocite. The chalcocite occurs as:
1. Sooty or scaly coatings 1 millimetre wide, filled to partially open fractures;
2. Sooty coatings on r ........
Summary:
The mining operations proposed for the Antilla project are typical of open pit, truck-and-shovel heap leach mining methods for year-round operations in mountainous terrain. Truck-and-shovel mining operations are assumed to be completed by a contract miner utilizing their own mining fleet.
The mine operations are organized into three departments: mine maintenance, technical services, and direct mining. Mine maintenance accounts for the supervision and planning of the mine maintenance activities. Technical services account for the technical support from mine engineering, planning, geology, and surveying functions. Direct mining accounts for the drilling, blasting, loading, hauling, and pit maintenance activities in the mine.
Operations are assumed to run 365 days per year, 24 hours per day, seven days a week, on a 12-hour shift rotation.
The production schedule targets 20,000 tonnes/day of leach material, resulting in 7.3 million annual tonnes of crushed leach material placed on the leach pad. Marginally economic leach material is stockpiled to increase leach material grades. The stockpile is reclaimed in later years of the mine schedule when it is economically beneficial to do so. Mine waste rock is used to construct site infrastructure where applicable or is placed in the Rock Storage Facility to the west of the pit area.
The Antilla mining operations will be undertaken by contract miners who will supply and maintain their own fle ........
Flow Sheet:
Crushing Plant
The crushing plant considers a multi-stage circuit to reduce the ROM ore to approximately 100% minus 1” inch. The crushed ore will be stockpile, then loaded onto dump trucks and transferred to the heap leach plant using a front-end loader and 20 tonne dump trucks.
Flow Sheet:
Summary:
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Source:
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Projected Production:
Commodity | Product | Units | Avg. Annual | LOM |
Copper
|
Payable metal
|
M lbs
| 46 | 787 |
Copper
|
Cathode
|
M lbs
| 48 | 819 |
Operational Metrics:
Metrics | |
Daily ore mining rate
| 20,000 t * |
Daily processing rate
| 19,944 t * |
Daily processing capacity
| 20,000 t * |
Annual mining rate
| 16,952 kt * |
Annual ore mining rate
| 7.3 Mt * |
Annual processing rate
| 7.3 Mt * |
Stripping / waste ratio
| 1.38 * |
Waste tonnes, LOM
| 163,439 kt * |
Ore tonnes mined, LOM
| 118,667 kt * |
Total tonnes mined, LOM
| 294,868 kt * |
Tonnes processed, LOM
| 118,667 kt * |
* According to 2018 study.
Reserves at October 19, 2015:
Reported at a cut-off grade of 0.175 CuEq%; assuming an open pit extraction scenario, a copper price of US$3.25 per pound and a molybdenum price of US$ 9.00 per pound, and a metallurgical recovery of 90% for copper and 80% for molybdenum.
Category | Tonnage | Commodity | Grade |
Indicated
|
291,800 kt
|
Copper
|
0.34 %
|
Indicated
|
291,800 kt
|
Molybdenum
|
0.01 %
|
Indicated
|
291,800 kt
|
Copper Equivalent
|
0.36 %
|
Inferred
|
90,500 kt
|
Copper
|
0.26 %
|
Inferred
|
90,500 kt
|
Molybdenum
|
0.007 %
|
Inferred
|
90,500 kt
|
Copper Equivalent
|
0.28 %
|
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