Drilling at Agata Project Underway
New Porphyry Copper Gold Prospect Discovered at Surigao Joint Venture
Vancouver, B.C., November 8, 2005 - Panoro Minerals Ltd. (the "Company") wishes to inform that,
the Operator and Partner of its Surigao Joint Venture Mindoro Resources Ltd. (Mindoro) has
reported that drilling operations at the Joint Venture’s Agata project are now underway. Mindoro
has also announced the discovery of another Porphyry Copper Gold Prospect on the lands of
the Company’s Surigao Joint Venture and Option in the Philippines. Mindoro has made the
following announcement:
“AGATA DRILLING UNDERWAY
Mindoro is pleased to report that drilling is underway on the Agata North prospect, the first of
several porphyry copper-gold prospects to be drill-tested on the Agata Project, Surigao District.
As reported on September 29, 2005, strong and extensive chargeability anomalies were defined
earlier this year by an induced polarization survey, with correlating copper-zinc-gold-in-soil
anomalies, extensive rock alteration and fracturing, and several copper showings. The stacked
anomalies are consistent with a porphyry copper-gold system at depth. A summary compilation
map of the Agata Project is available in the Surigao Maps section of Mindoro's (and
PANORO’S) website.
BOLOBOLO PROSPECT
Mindoro is also pleased to report that strong and extensive propylitic, argillic, phyllic and calcsilicate alteration, characteristic of the alteration halos of a porphyry copper-gold system, have
been located over an extensive area at Bolobolo, as well as three widely-separated float
boulders assaying in the range of one percent copper.
"These finds are strongly suggestive of a porphyry copper-gold system in the Bolobolo area",
said Tony Climie, P. Geol., president of Mindoro. “While we have defined at least eight porphyry
copper-gold prospects on our original Surigao Projects, we have only just commenced due
diligence reconnaissance of our new application tenements, where we expect to find even more
porphyry prospects.”
Mindoro has been active in the Surigao District since 1997 on its Agata, Tapian Main, Tapian
San Francisco and Mat-I projects. Immediately after announcement of the major Boyongan
porphyry discovery by the Anglo-American / Philex Gold Joint venture in 2000, Mindoro applied
for exploration permits for an additional 16,000 hectares of exploration tenements. These
applications were accepted by the Mines and Geoscience Bureau of the Philippines and are
progressing normally towards approval. The Bolobolo prospect is located in one of these
application areas, which now forms part of the Tapian Main Project and is shown on the Surigao
Compilation map accompanying this release on Mindoro’s (and PANORO’S) website.
Porphyry deposits in the Surigao District are controlled by the intersection of northeast-trending
faults with north-northwest trending splays of the major Philippine Fault system. Due diligence
work by Mindoro defined, amongst many other structural targets, one such structural
intersection set in the Bolobolo area. A small ground reconnaissance program was carried out in
the area to determine its potential significance. Altered and mineralized float boulders and
outcrop were located over a wide area at Bolobolo. Samples were submitted to an independent
consulting petrologist for study.
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Within the structural target, widespread propylitic alteration, characteristically the outer halo of a
porphyry system, was defined in volcanics. Within this propylitic halo, outcrops and boulders of
intense argillic, phyllic and calc-silicate alteration were located. Phyllic alteration (quartz-sericitepyrite), which is characteristically proximal to the main mineralized core of porphyry systems, is
intense, structurally controlled, and can be traced over three kilometers and observed up to 200
meters wide.
A mineralized float boulder of calc-silicate located in a stream, contains abundant
disseminations of the copper minerals chalcopyrite and bornite, as well as high-density quartzbornite-magnetite veinlets. A representative grab sample assayed 1.344 percent copper, 17.1
grams per tonne (g/t) silver and 0.01 g/t gold. A float boulder of similar alteration and
mineralization found in a stream, approximately 1.6 kilometers to the south, assayed 0.96 per
cent copper, 4.9 g/t silver and 0.06 g/t gold. Calc-silicate mineralization characteristically occurs
in limestone near Philippine porphyry copper-gold deposits. In a third stream, approximately 3
kilometers to the northeast, a boulder of silicified limestone assaying 1.92 percent copper was
also found.
As operator, Mindoro has recommended to its joint venture partners that detailed evaluations be
carried out at Bolobolo once the Exploration Permit has been granted.
Mindoro holds a 75 percent interest in all the Surigao Joint Venture Projects except Mat-I, where
it holds a ten percent interest but can earn up to a 75 percent interest. A private Philippine
company holds the remaining interest. A Canadian company, Panoro Minerals Ltd., may earn a
40 percent interest in the Projects through phased exploration expenditures.
The Surigao Joint Venture has one of the largest land holdings in the Surigao Gold District
where several significant porphyry copper-gold discoveries have been made in recent years.”
ABOUT PANORO
Panoro Minerals Ltd. is a Canadian mineral exploration company listed on the TSX Venture
Exchange (TSX-V: PML) and on the Frankfurt Stock Exchange (PZM). Panoro's strategic focus
is on exploring for large-potential gold and copper/gold deposits in countries with the
corresponding geological potential and where acceptable political and economic conditions are
present.
For investor inquiries please call 604-684 4246, or
e-mail [email protected] or visit the company’s website at www.panoro.com
On behalf of the board of
Panoro Minerals Ltd.
Helmut H. Wober, P.Eng.,
President and Director
This release was prepared by management of the Company who takes full responsibility for its
contents. The TSX Venture Exchange has not reviewed and does not accept responsibility for
the adequacy or accuracy of this news release.
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SURIGAO GOLD DISTRICT PROJECTS
MINDORO
26,000 hectares in emerging world class porphyry copper-gold district
8 porphyry copper-gold prospects
Luzon
Manila
RESOURCES LTD.
SURIGAO
CITY
Philippine
Fault
n
Hinatuan
Philippine Sea
Mindanao
Mat – I
• gold prospects
Boyungan (Anglo/Philex)
(219 m.t. @ 0.81 % Cu, 0.74 g/t Au)
Bayugo
Siana (Anglo Ashanti/Red 5)
· past production 1m ozs gold
· current resources 1.6m ozs gold
· feasibility stage
Mayag
Tapian San Francisco
• multiple porphyry
copper-gold prospects
• drilling in 2005 / 2006
Masgad
MRL Gold (Mindoro)
Project
Taganito
Tapian Main
• gold targets
• porphyry copper-gold target
• Bolobolo porphyry coppergold prospect
Butuan Bay
Agata
• nickel laterite prospect
Agata
• drilling underway on first porphyry
copper-gold prospect
• geophysics / geology defined 3 porphyry
copper-gold prospects
• gold prospects
Lake
Mainit
Anglo - Philex
Anglo Ashanti Red 5
Madja
Queensland Nickel
(BHP Billiton)
Transpacific - Philex
Climax
North
Target
Assmicor
Target
South
Target
Other
Companies
MINDORO BELIEVES THE
SURIGAO GOLD DISTRICT
WILL BECOME A MAJOR
COPPER-GOLD CAMP
WITHIN THE NEXT
DECADE.
Asiga
Recent porphyry
copper-gold discovery
Porphyry copper-gold
prospects
Gold or gold-copper mine
deposit / significant prospect
Gold or gold-copper prospect
$
Nickel laterite mine /
development project
Faults
Road
N
0
5km