Pantoro (ASX:PNR) has received high grade gold results from the first drilling program at the Paddock Well prospect located within the Halls Creek Project in Western Australia.
The project hosts the operating Nicolsons gold mine and the Paddock Well prospect is located only three kilometres from the Nicolsons processing plant.
Results include 5 metres at 6.23 g/t gold and grades of up to 40.5 g/t gold.
The mineralised zone remains open to the north and south and at depth.
Follow up drilling at Paddock Well is being planned and will be undertaken during the current quarter.
Paul Cmrlec, managing director, commented: “This initial drill program highlights the strong potential for identification of new high grade ore deposits outside of the known Mineral Resources at the Nicolsons Project.”
Drill result details
The initial 11 hole program returned results including:
- 5 metres at 6.23 g/t gold from 55 metres including 2 metres at 12.67 g/t gold from 58 metres;
- 1 metre at 28.72 g/t gold from 72.6 metres including 0.7 metres at 40.5 g/t gold from 72.6 metres;
- 1 metre at 7.77 g/t gold from 70 metres; and
- 2 metres at 5.46 g/t gold from surface.
Upcoming exploration programs
Pantoro is stepping up its exploration effort at the Halls Creek Project with a detailed aeromagnetic survey of the Halls Creek tenement package completed this month.
Drilling aimed at identifying underground ore sources beneath the Wagtail pits is progressing, and the company will soon undertake an initial drill program at the nearby Shifty’s prospect.
Analysis
Successful exploration results such as these from the Paddock Well prospect are valuable for Pantoro as they show the potential the project has to increase the production profile and mine life.
While mining continues from the Nicolsons underground mine and open pits, Pantoro will continue to extract value from its many drill ready targets in this under-explored region.
Pantoro has delivered results for investors over the past 12 months and is trading up 185% to $0.18.
With healthy cash levels and production ramping up to fund the exploration campaign, Pantoro is leveraged to both gold production and exploration news flow.