Pantoro Gold Ltd (ASX:PNR, OTC:PNTOD) has updated its Mineral Resource and Ore Reserve statement for the Norseman Gold Project, reporting higher underground inventories that extend mine life at key operations.
The company’s consolidated Mineral Resource now stands at 43.19 million tonnes grading 3.3 g/t gold for 4.60 million ounces, while its Ore Reserve is 12.78 million tonnes at 2.1 g/t for 859,000 ounces.
Pantoro said gains at the OK and Scotia underground mines offset mining depletion across the broader project, underpinning long-term production at one of Western Australia’s most historic goldfields.
OK and Scotia underground strengthen position
At the OK Underground Mine, the updated Ore Reserve has grown to 504,000 tonnes at 7.1 g/t gold for 116,000 ounces, representing a 13.5% year-on-year increase after mining depletion.
The OK Underground Mineral Resource has also expanded, now at 627,000 tonnes at 12.3 g/t for 248,000 ounces — up 12% on last year. Notably, 98,000 ounces have been upgraded to the Measured category at an average grade of 14.4 g/t gold.
Meanwhile, the Scotia Underground Ore Reserve now totals 1.49 million tonnes at 4.1 g/t for 197,000 ounces, fully replacing depletion during the reporting period and extending mine life. The Scotia Mineral Resource sits at 3.51 million tonnes at 4.0 g/t for 449,000 ounces, with grades lifted from 3.7 g/t to 4.0 g/t year-on-year.
Broader project adjustments
Mining during the year was concentrated on the Green Lantern, Scotia and Slippers open pits, along with the OK and Scotia underground operations, with the Scotia underground mine coming online in May 2024.
Other updates include:
- Revisions to the Gladstone-Everlasting, Slippers and Desirables open pits, incorporating new block model and grade control data.
- Adjustments to surface stockpiles following open pit mining up to May 31, 2025.
- Removal of all Mineral Resources and Ore Reserves attributable to the Halls Creek Project, which was divested in November 2024.
Pantoro said a major surface and underground drilling program, initiated in mid-2024, remains ongoing and will continue to feed into future resource and reserve growth.
Strong platform for growth
The company emphasised that the new estimates — prepared under the JORC 2012 code — reflect the benefits of its investment in underground development and drilling.
With three operating open pits and two underground mines in production, Pantoro is positioning the Norseman Project as a cornerstone of its WA operations.
Pantoro described Norseman as “one of the highest-grade goldfields in Australia” and said it remains focused on consistent operational performance and targeted exploration to drive long-term growth.