COPPER-GOLD PROJECT, GILGIT, PAKISTAN
Panorama has 90% ownership of the project through an Agreement with a local mining company that holds the licence. Initial exploration work has shown very promising results indicating possible presence of a large deposit of copper and gold.
Northern Pakistan, Gilgit District, close to the border with China. The concession is some 13 kilometres from the town of Gilgit on Karakoram Highway that is about 120 kilometres from the border of China and a 9 hour driving distance from Islamabad (the capital) on Karakoram Highway.
Barit-Hunkui is situated in a highly prospective favourable geological setting in a Greenstone Complex (Triassic) within the defined Kohistan Island Arc Region that is sandwiched between the Asian (up thrusted) plate and the Indian (subducted) plate. Barit is analogous to the copper-gold areas at Kumfor, Kirgystan and the Zar Afshan Valley, Tajikstan/Uzbekistan.
The preliminary report prepared by S. H. Faruqi, former Chief Geologist, Pakistan Mineral Development Corporation indicates that at Barit the mineralised zone has a stratigraphic thickness of over 4,000 feet. At Hunkui, exposed mineralisation is extending over a strike length of 2,000 feet plus by up to 200 feet in width and has been traced in several steeply dipping east/west trending copper bearing sulphide zones. Random surface and channel samples returned grades between 0.59% to 1.77% copper. Samples from outcrop and from two exploration drifts extending between 60m to 90m returned grades between 0.5% to 2.8% copper plus traces of gold.