Cochasayhuas Project

The Cochasayhuas project is a low sulphidation Au-Ag Epithermal type deposit distributed in three vein systems hosted in igneous rocks and sediments. The project is located in the district of Progreso, province of Grau, Department of Apurimac, in Southern Peru. The property comprises 1,800 hectares located at elevations between 3,700 and 4,200 m asl. The access is 260 km by road from Cusco on paved highway to the Las Bambas mine and then 45 minutes to the west on a narrow paved road.

The vein systems are parallel and have almost the same direction containing more than one vein each. The Cochasyhuas vein was mined for gold and silver in the 1990s. Mine operations consisted of underground work extending 225.00 hectares (555.99 acres). There is one known shaft. Subsurface depth reaches a maximum of 400 m and extends 8,500 m in length. The ore mined was composed of galena. The ore body is isometric in a form of unknown dimensions. Associated host rock in this area is diorite from the Oligocene epoch 33.90 to 23.03 million years ago. The Cordillera Oriental of the Andean Mountain System characterizes the geomorphology of the surrounding area.

Exploration Campaigns

The studies completed at Cochasayhuas include exploration campaigns by five different companies from 1903 to 2012.

CompaƱia Cotabambas Aurarias, 1903 - 1952

The property contains the historical San Fernando mine which was in continuous production from 1912 to 1952 and produced 401,000 ounces of gold and 480,000 ounces of silver (SRK, 2007). Production came only from one vein system, the Cochasayhuas vein.

INGEMMET, 1988

In 1988, Balarezo O. et al. was hired by INGEMMET to evaluate the mining potential of Curpahuasi, Progreso and Pataypampa districts located within Grau Province. They provided mine plans and six sample results from the Cochasayhuas mine. One sample collected within the Mararrancho North mine level returned 50.83 g/t over 1 meter.

Cordillera de las Minas, 2000

In 2000, Barba Ruidias collected 136 samples on the Property for Minera Anaconda Peru S.A. He produced a structural geological map including four geological cross sections that displayed the major vein locations and dips. His report also includes the sample results and UTM coordinates. The report shows gold and silver concentrations that locally reach up to 36.8 g/t Au and 180 g/t Ag but average less than 1 g/t Au and 3 g/t Ag.

Desafio Minero S.A.C., 2008

In 2008, Desafio Minero S.A.C. visited the Property for Consorcio Minero Horizonte S.A.C. and delivered a geological report. The Spanish report is mostly a compilation of the accumulated geological observations with new geological mapping. However, no new sampling results are given. Several maps and historical mine plans were also digitized using CAD.

Panoro Minerals, 2008 to Present

In the 2012 campaign, geological survey work was carried out at a 1: 1000 scale, 860 rock chip samples and a 10-hole program with a total of 1687.9 meters.

VeinDrillholeFromToLength
(m)
Au_g/tAg_g/tAs_ppmCu_ppmPb_ppmZn_ppmMineral
Type
San LuisPC-01-1238.7045.556.850.201.0012812172320Au, Ag
San LuisPC-02-120.001.311.310.775.901089179209Au, Ag
San Luis""70.7370.950.220.831250.004799050073100139800Au, Ag, Cu
San LuisPC-06-1267.0767.600.531.7489.60865574856Au, Ag
San Luis""72.0072.100.100.4912.50317750996Au, Ag
San LucasPC-03-1277.2277.370.150.646.3036774568150Au, Ag, Pb
San LucasPC-04-1263.2063.400.200.88132.0021915171221Au, Ag
San Lucas""65.7566.901.152.298.515491170225Au, Ag
San Lucasinclude65.7566.030.284.4924.7062174472347Au, Ag
San LucasPC-05-1268.4068.740.340.630.70122241133Au, Ag
San Lucas""69.0569.900.850.510.6092684160Au, Ag
San LucasPC-07-12141.30142.000.700.917.5033324122500Au, Ag
San Lucas""117.80178.400.600.2430.001949001500016000Au, Ag
San FernandoPC-08-1286.1086.400.303.1020.001702190124136Au, Ag, Cu
San Fernando""104.10104.500.400.823.604021288147Au, Ag

Luis Vela, P. Geo., Vice President of Exploration for Panoro and a "qualified person" under National Instrument 43-101, has reviewed and approved the scientific and technical information.



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