Pantoro Ltd (ASX:PNR) has received its first set of drill results from the Gladstone-Everlasting deposit within its 50%-owned Norseman Gold Project in Western Australia.
Drilling in and around the existing JORC resource has confirmed the continuity of gold mineralisation.
Highlights include 4 metres at 8.26 g/t gold, 3 metres at 9.95 g/t gold, 9 metres at 11.16 g/t gold, 2 metres at 28.94 g/t gold, and 15 metres at 4.58 g/t gold.
Drilling is targeting the resource and potential extensions down to 120 metres below surface.
Results continue to exceed expectations
Pantoro’s managing director Paul Cmrlec said: “Drilling has progressed as expected at Norseman and these latest results from Gladstone-Everlasting again highlight the high quality near term production opportunities already existing within the project.
“To date, we have released results from Princess Royal/Slippers, Daisy South and now Gladstone Everlasting.
“All areas tested to date have met or exceeded our expectations.”
To date, 5,500 metres of the planned 8,000-metre reverse circulation (RC) and diamond drilling program has been complete.
Gladstone-Everlasting mined 13 years ago
The Gladstone-Everlasting deposit was mined in two shallow pits 13 years ago producing an average gold grade of 4.60 g/t gold.
The deposit already has a 252,000-ounce gold resource grading 2.9 g/t gold.
It is one of three deposits within the Norseman Gold Project that Pantoro aims to fast-track into production utilising the existing nearby processing infrastructure within the project.
A recent scoping study estimated the cost to re-establish the processing plant at Norseman to be about $25 million.
Follow-up drilling planned at Princess Royal/Slippers
Pantoro noted that following the initial strong results from the Princess Royal/Slippers Prospect, follow-up drilling is planned prior to the end of December following completion of the Daisy South program.
Drilling will continue into 2020 on these programs as well as moving onto the other deposits identified in the start-up program.
The near-term development gold mining targets within the 4.4-million ounce Norseman Project are noted on the map below.