Mr. Luquman Shaheen reports

PANORO MINERALS LTD. ANNOUNCES INITIATION OF DRILL TARGETTING GEOPHYSICS SURVEY AT THE CHAUPEC TARGET OF THE COTABAMBAS COPPER PROJECT, PERU

Panoro Minerals Ltd. has commenced a detailed 3-D geophysical survey at zone 1 of the Chaupec target. The objective of the survey is to finalize drill targets for the proposed exploration program. The Chaupec target contains skarn and porphyry-type mineralization located within cluster 2 at the 100-per-cent-owned Cotabambas copper project.

The survey will be completed at the northern area of zone 1, where sills of quartz monzonite composition intrude wide altered bodies of limestones and skarn composed by piroxenes, garnets, magnetite, chlorite and epidot. The associated mineralization is composed of copper oxides, chalcopyrite, chalcocite and bornite sulphides outcropping at surface. The package of sills/skarn is exposed along an area of approximately 450 metres by 600 metres along the contact of the diorite over thrusting the limestones of the Ferrobamba formation. Details of the Chaupec target can been found on Panoro press release of Aug. 28, 2018.

The geophysics fieldwork will include induced polarization (IP), magnetometry and gravity, as summarized as follows:

• 3-D ground magnetometry, including 20 lines of one-kilometre length each, at 25-metre spacing:
  • Previous ground magnetometry was completed in the area at spacing of between 100 metres and 200 metres, with readings each being 10 metres to 20 metres. These surveys served to infer limits of the main packages of limestones, diorite and sills/skarn. The current survey will include continuous readings along the lines and will be concentrated on the sill/skarn package.
• IP 3-D, including 10 lines of one-kilometre length, spacing of 50 metres between lines and with stations of 25 metres, 50 metres, 75 metres and 100 metres multidipole:
  • Previous IP surveys in the area were completed with 100-metre spacing and readings each being 50 metres. The survey will permit identification of charged and resistive bodies with a resolution of 25 metres and to approximately 300-metre depth.
• Gravity survey, including 110 points distributed over the same grid as for the magnetometry and IP.

The goal of the survey is to identify structural controls, directions and thicknesses of the skarn bodies which reported high copper, silver and gold anomalies on the surface rock sampling. The survey will be complemented with additional detailed mapping to finalize the location, orientation and depth of proposed drill holes of the exploration program.

About Panoro Minerals Ltd.

Panoro Minerals is a uniquely positioned Peru-focused copper exploration and development company. The company is advancing its two advanced-stage copper projects:

• Cotabambas copper-gold-silver project;
• Antilla copper-molybdenum project.

The company also has two early-stage projects being financed and/or advanced with partners:

• Kusiorcco copper project, financed by Hudbay Minerals;
• Humamantata copper project, financed by JOGMEC.

Luis Vela, a qualified person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.

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