Report to:
Panoro Minerals Ltd.
Technical Report and Resource Estimate of the Antilla Copper-Molybdenum Project, Peru
Document No. 1397600100-REP-R0001-06
Report to:
PANORO MINERALS LTD.
TECHNICAL REPORT AND RESOURCE ESTIMATE OF THE ANTILLA COPPER-MOLYBDENUM PROJECT, PERU
EFFECTIVE DATE: DECEMBER 16, 2013 AMENDED DATE: JULY 7, 2014
Prepared by Paul Daigle, P.Geo. Jianhui (John) Huang, Ph.D., P.Eng. PM/admin
350 Bay Street, Suite 200, Toronto, Ontario M5H 2S8 Phone: 416-368-9080 Fax: 416-368-1963
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T A B L E O F C O N T E N T S
1.0 SUMMARY .......................................................................................................... 1 1.1 INTRODUCTION AND PROPERTY DESCRIPTION ............................................................... 1 1.2 GEOLOGY AND MINERALIZATION .................................................................................. 1 1.3 EXPLORATION AND DRILLING ...................................................................................... 2 1.4 RESOURCE ESTIMATE ................................................................................................. 3 1.5 RECOMMENDATIONS .................................................................................................. 4
2.0 INTRODUCTION .................................................................................................. 6 2.1 TERMS OF REFERENCE AND PURPOSE OF REPORT ........................................................ 6 2.2 INFORMATION AND DATA SOURCES .............................................................................. 6 2.3 TETRA TECH QP SITE VISIT ......................................................................................... 6
3.0 RELIANCE ON OTHER EXPERTS ......................................................................... 7
4.0 PROPERTY DESCRIPTION AND LOCATION ......................................................... 8 4.1 LOCATION ................................................................................................................. 8 4.2 PROPERTY DESCRIPTION ......................................................................................... 10
4.2.1 ANTILLA JV AGREEMENT, 2010 ............................................................... 11 4.3 SURFACE RIGHTS ................................................................................................... 11 4.4 ENVIRONMENTAL LIABILITIES ................................................................................... 11
5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY ................................................................................................ 13 5.1 ACCESSIBILITY ........................................................................................................ 13 5.2 CLIMATE ................................................................................................................ 13 5.3 LOCAL RESOURCES ................................................................................................. 14 5.4 INFRASTRUCTURE ................................................................................................... 14 5.5 PHYSIOGRAPHY ...................................................................................................... 14
6.0 HISTORY ........................................................................................................... 16 6.1 SOUTHERN PERU COPPER S.A., 1999 ..................................................................... 16 6.2 CORDILLERA DE LAS MINAS S.A., 2002 TO 2005 .................................................... 16
7.0 GEOLOGICAL SETTING AND MINERALIZATION ................................................. 17 7.1 GEOLOGICAL SETTING ............................................................................................. 17
7.1.1 REGIONAL GEOLOGY ............................................................................... 17 7.1.2 PROPERTY GEOLOGY ............................................................................... 19 7.1.3 STRUCTURAL GEOLOGY............................................................................ 23
7.2 MINERALIZATION .................................................................................................... 23 7.2.1 MINERALIZATION STYLE ........................................................................... 23 7.2.2 TRACE ELEMENTS ASSOCIATED WITH MINERALIZATION ............................... 25
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7.2.3 HYDROTHERMAL ALTERATION ASSOCIATED WITH MINERALIZATION ............... 25 7.2.4 STRUCTURAL CONTROLS ON MINERALIZATION ............................................ 27 7.2.5 ZONATION OF MINERALIZATION ................................................................. 27
8.0 DEPOSIT TYPES ................................................................................................ 33
9.0 EXPLORATION ................................................................................................... 36 9.1 GEOLOGICAL MAPPING ............................................................................................ 36 9.2 GEOCHEMISTRY ...................................................................................................... 36 9.3 GEOPHYSICS .......................................................................................................... 37 9.4 OTHER EXPLORATION TARGETS, 2013 ..................................................................... 42
10.0 DRILLING .......................................................................................................... 46 10.1 DRILLING, 2003 TO 2010 ..................................................................................... 46
10.1.1 CDLM DRILL CAMPAIGNS FROM 2003, 2004 AND 2005 ........................ 48 10.1.2 2008 PANORO DRILL CAMPAIGN ............................................................. 48
10.2 GEOTECHNICAL LOGGING...................................................................................... 50 10.3 GEOLOGICAL LOGGING ............................................................................................ 50
11.0 SAMPLE PREPARATION, ANALYSES AND SECURITY ........................................ 52 11.1 CDLM DRILL CAMPAIGNS FROM 2003, 2004 AND 2005 ....................................... 52 11.2 PANORO 2008 DRILL CAMPAIGN ............................................................................ 52 11.3 CDLM ASSAYING ................................................................................................... 53 11.4 PANORO 2008 DRILL CAMPAIGN ASSAYING ............................................................. 53
11.4.1 QUALITY ASSURANCE/QUALITY CONTROL DATA .......................................... 54 11.4.2 PETROGRAPHIC STUDY, 2008 ................................................................. 56
11.5 DENSITY DETERMINATIONS ...................................................................................... 56
12.0 DATA VERIFICATION ......................................................................................... 59 12.1 TETRA TECH DATA VERIFICATION .............................................................................. 59
12.1.1 COLLAR DATA ......................................................................................... 59 12.1.2 LITHOLOGY DATA .................................................................................... 59 12.1.3 ASSAY DATA ........................................................................................... 59 12.1.4 DOWNHOLE SURVEY DATA ....................................................................... 59
12.2 SITE VISIT .............................................................................................................. 60 12.2.1 PROJECT SITE AND DRILLHOLE LOCATIONS ................................................ 60 12.2.2 CORE STORAGE WAREHOUSE, CUSCO ....................................................... 64 12.2.3 CHECK SAMPLES .................................................................................... 65
13.0 MINERAL PROCESSING AND METALLURGICAL TESTING ................................. 68 13.1 LAURION, 2006 ..................................................................................................... 68 13.2 INSPECTORATE, 2011 ............................................................................................ 68 13.3 CERTIMIN, 2013 ................................................................................................... 69
13.3.1 INTRODUCTION ....................................................................................... 69 13.3.2 HEAD ASSAY........................................................................................... 69 13.3.3 PRELIMINARY COMMINUTION TEST WORK ................................................. 69 13.3.4 FLOTATION TEST WORK ........................................................................... 69 13.3.5 OTHER TEST WORK ................................................................................. 77
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13.3.6 DISCUSSIONS ......................................................................................... 79
14.0 MINERAL RESOURCE ESTIMATES .................................................................... 80 14.1 DATABASE ............................................................................................................. 80
14.1.1 SPECIFIC GRAVITY ................................................................................... 80 14.2 EXPLORATORY DATA ANALYSIS ...................................................
