Panoro Minerals resumes exploration at Antilla operation
JOHANNESBURG (miningweekly.com) – Canada-based Panoro Minerals has completed the transfer of all assets from its former joint venture (JV) partner and resumed exploration activities at its 100%-owned Antilla copper and molybdenum project, in Peru.
This followed confirmation of the termination of the project JV and its related agreements by an arbitration committee, in September, in cooperation with Panoro’s former partner.
By December, all legal encumbrances on the project had been removed.
Panoro had completed an inventory of all drill core and assets at the project site and had re-engaged the indigenous community of Antilla, which agreed to a rental agreement for the company's campsite area, the company reported on Monday.
The copper explorer planned to carry out an update of the resource estimate for the project in the first half of the year, which would begin after the company had relogged all drill core samples and verified the quality assurance and quality control protocols from the 2010 drill programme.
This programme included some 2 200 m of infill drilling of the high-grade pit area, which needed to be integrated into the geological model and resource estimate.
“Following the completion of the resource estimate update, we will review the timing to start further drilling and a preliminary economic assessment for Antilla,” the company said.
A metallurgical test programme would also be completed during the first half of the year.
"The Antilla project is a very interesting potential midsized copper mine located in a very important part of a significant copper-producing nation. The potential moderate project scale should constrain capital cost uncertainty – a concern throughout the copper mining industry,” Panoro president and CEO Luquman Shaheen said.
The Antilla project featured a 154.4-million-ton inferred resource.
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