Panoro and Jogmec terminate Peru JV
TSX-V-listed Panoro Minerals said on Thursday that it had agreed with joint venture (JV) partner Japan Oil, Gas and Metals National Corporation (Jogmec), to terminate the interim agreement for the JV of the Humamantata project, in Peru.
The agreement was completed in 2018, providing for Jogmec to earn up to a 60% project interest. Exploration at the project has identified four porphyry, hydrothermal breccia and skarn targets with anomalous grades of copper, silver and gold extending for more than 1.5 km along strike.
Permitting completed at the project includes approval of the environmental permit, water permit and archeological permit. Access agreements with private land owners are also complete.
"We are pleased that Panoro and Jogmec worked together to identify very prospective mineralised targets while substantially completing the permitting required to start drilling.
“Unfortunately, budget constraints and schedule delays, resulting from the Covid-19 pandemic, do not permit Jogmec to continue funding the next phase of exploration,” said Panoro president and CEO Luquman Shaheen.
About $2.4-million has been invested in the exploration work to date.
The Humamantata project is strategically located in southern Peru, in the vicinity of the Las Bambas Copper Mine (MMG), the Constancia Copper Mine (Hudbay) and other important copper projects such as Haquira (First Quantum), Antilla (Panoro) and Cotabambas (Panoro).
The company retains a 100% interest in the Humamantata project and will be assessing other JV or partnership agreements to continue advancing the exploration programmes.
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