Pantoro Ltd (ASX:PNR) has delivered its ninth consecutive quarter of increased gold production from the wholly-owned Nicolsons Gold Project in Western Australia.
Key highlights from the September quarter 2017 include a total of 13,282 gold ounces being produced compared with 11,828 ounces in the June quarter, a 12% increase.
Tonnage processed for the quarter increased to 58,723 tonnes at a grade of 7.60 g/t gold.
The average annualised run rate of 230,000 tonnes per annum has now been achieved for six months.
Paul Cmrlec, managing director, commented:
"The Halls Creek Project continues to meet our planned production growth with an annualised rate of more than 53,000 ounces achieved during this quarter.
"The board is particularly pleased with the ongoing high-grade results achieved in drilling beneath the Wagtail open pits, and in extensions to the Nicolsons Mine lodes.
"We are now drilling up to 7,000 metres in exploration holes per month, and look forward continued growth in our gold inventory both from the existing mines and in the new regional drill targets which are now active."
Pantoro's financial position has improved with the debt position reduced by 1,500 gold ounces to 3,500 gold ounces.
The company's cash and gold position grew to be valued at $14.6 million at the end of the quarter.
Increased exploration investment
The increased production has facilitated continued growth in the exploration effort on site with two underground and two surface drill rigs now operating.
Drilling is focused on mine extensions at Nicolsons and Wagtail and new regional targets.
The regional exploration drilling commenced during the quarter on the first new drill targets.
Reconnaissance programs have recently been completed at the Midnight, Edison and Springvale prospects.
Assays are pending.