Panoro Minerals - President and CEO, Luquman Shaheen
President and CEO, Luquman Shaheen
Source: All About Shipping
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  • Panoro Minerals (TSXV:PML) is remobilising field staff and contractors to resume exploration work at its Humamantata property in Southern Peru
  • The work was suspended earlier this year, following the onset of the COVID-19 and subsequent restrictions
  • Continued exploration will include geologic mapping of the whole property, a geochemistry survey and a total of 2,400 metres of diamond drilling
  • Separately, the company’s CEO, Luquman Shaheen, will receive now a portion of his salary through the issuance of common shares
  • Panoro Minerals (PML) is currently steady and is trading at C$0.10 per share 

Panoro Minerals (TSXV:PML) is remobilising field staff and contractors to resume exploration work at its Humamantata property in Southern Peru.

Operations at the property were suspended earlier this year following the outbreak of COVID-19 and the subsequent implementation of widespread restrictions.

However, with the situation beginning to improve and government-imposed policies starting to relax, Panoro is gearing up to recommence its exploration program.

To date, 70 of Humamantata’s total 3,600 hectares have been mapped. The company plans to continue the geologic mapping over the entirety of the project, along with a geochemistry survey to collect roughly 1,200 rock samples over different targets. 

So far, 76 of these samples have been collected, with laboratory analysis to come.

The program will also include both two and three-dimensional geophysics, including an induced polarisation survey over the whole property, as well as magnetometric and gravity surveys.

In addition, Panoro intends to undertake 2,400 metres of diamond drilling over three separate targets. Two to three holes will be drilled at each target, with each hole planned for a depth of approximately 300 metres.

Under the terms of a joint venture agreement signed in October 2018, the exploration program is fully funded by the Japan Oil, Gas and Metals National Corporation (JOGMEC).

Luquman Shaheen, President and CEO of Panoro Minerals, said he is happy to be restarting exploration at the Humamantata Project.

“The Humamantata Project presents a number of interesting mineralized areas of both copper porphyry and skarn type mineralisation.

“Together with our partner JOGMEC, we look forward to advancing the proposed program of the Humamantata project which is strategically located in the south of Peru in close proximity to a number of large scale open pit copper mines,” he added.

Separately, Luquman has renegotiated an employment agreement, under which a portion of his salary will be satisfied through the issuance of Panoro’s common shares on a quarterly basis.

For the quarter from March 1 to May 31, the company issued a total of 218,750 shares to Luquman at a price of C$0.08 each. All the shares are subject to a four-month hold period, and the share price for future issuances will be determined at the end of each quarter.

Panoro Minerals (PML) is currently steady and is trading at $0.10 per share, as of 11:52pm EDT.

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