Pantoro (ASX:PNR) has received results from the ongoing drilling program underway at the Nicolsons gold mine within the Halls Creek Project located in Western Australia.
A number of high grade intersections have been recorded at depths greater than 300 metres below surface.
These include 2.5 metres at 38.7 g/t gold from 125 metres depth.
Paul Cmrlec, managing director, commented: “Results have demonstrated high grade mineralisation at depths greater than 300 metres below surface, and the strike length of our major ore lodes being significantly extended.
“Ore development at the mine continues to reveal continuous high grade mineralisation as the mine moves deeper and well outside of the current Ore Reserve.”
Drill result details
Results from the latest assays include:
- 1 metre at 32.3 g/t gold from 117 metres;
- 2.5 metres at 38.7 g/t gold from 125 metres;
- 2 metres at 9.34 g/t gold from 92 metres;
- 0.5 metres at 178.0 g/t gold from 194.5 metres;
- 1 metre at 15.8 g/t gold from 175.9 metres;
- 1.2 metres at 34.3 g/t gold from 60.2 metres;
- 0.5 metres at 50.43 g/t gold from 51.1 metres;
- 0.5 metres at 58.54 g/t gold from73.5 metres;
- 1.1 metres at 12.26 g/t gold from 212.4 metres; and
- 1.5 metres at 13.88 g/t gold from 41.88 metres.
Drilling at Nicolsons is ongoing and a number of assays remain outstanding.
Underground drilling during the upcoming six months will be focussed on further depth extensions of all known ore lodes at Nicolsons, as well as testing for new ore zones within the Nicolsons mineralised system.
Extension details
Drilling in the Johnston lode has been a significant success with strike extensions of more than 150 metres to the north, combined with significant depth extensions in the same zone.
Mineralisation in the Johnston lode is completely undrilled and open along strike and at depth.
Drilling in the Hall and Anderson lodes below the current development level has continued to highlight the continuity of high grade mineralisation at depth.
The new results demonstrate mineralisation at 300 metres below surface, circa 100 metres beneath the current Ore Reserve.
Analysis
Drilling results across the Halls Creek Project have been significant throughout the year, particularly underground at the Nicolsons gold mine.
The gold mineralisation intersected outside the current estimated resources provides opportunities for Pantoro to extend the mine life of this cash flow generating operation.
Pantoro recently achieved record gold production during the March quarter despite heavy rains at Nicolsons.
Production was up 8% to 10,348 ounces of gold compared with the December quarter even though output was affected by record rains during the quarter.
Shares are up 120% over the past 12 months and cash and gold at the end of the March quarter was $11.5 million.
With drilling ongoing, more assays results are expected over the short term.