Pantoro Ltd (ASX:PNR) has confirmed a new high-grade discovery at Panda within the Norseman Gold Project in WA with results of up to 5 metres at 24.84 g/t from 33 metres and 9 metres at 10.84 g/t from 25 metres including 5 metres at 18.11 g/t.
The company highlighted the potential discovery of high-grade mineralisation at Panda in March 2020 with initial results including 5 metres at 15.91 g/t.
Panda is 250 metres west of the 413,000-ounce Scotia mineral resource on a parallel but previously untested structure.
"Exceeding expectations"
Managing director Paul Cmrlec said the Panda discovery demonstrated ‘significant’ exploration potential at the Norseman Gold Project outside of existing resource areas.
“The Panda discovery is testament to Pantoro’s focused and systematic approach to exploration at the project and we expect our drilling to provide further positive outcomes as programs continue to progress.
“Our resource development drilling across all project areas to date has returned outstanding results from multiple deposits and the project continues to meet and exceed our expectations in all areas.
“The discovery further validates Pantoro’s dual strategy at Norseman of progressing existing resources to mine ready status and exploring for new discoveries on high potential targets.”
Shares higher
Shares have been as much as 12% higher to 18.5 cents intra-day, up from 6.9 cents at close on March 23.
All drill intersections are from less than 100 metres vertical depth and other results include:
- 2 metres at 10.57 g/t from 108 metres;
- 9 metres at 2.63 g/t from 103 metres, including 4 metres at 4.57 g/t from 106 metres;
- 4 metres at 8.26 g/t from 48 metres;
- 3 metres at 6.29 g/t from 26 metres;
- 2 metres at 8.62 g/t from 32 metres;
- 2 metres at 4.23 g/t from 40 metres;
- 7 metres at 2.56 g/t from 80 metres; and
- 1-metre at 9.55 g/t from 47 metres.
Completion of 37 holes
Following the Panda lode discovery, 37 holes have been drilled and have defined a shallow plunging lode system similar to that seen in the adjacent Scotia lodes.
Mineralisation is hosted within a shear zone in a gabbro host and the ore body has now been defined over a strike of 130 metres.
Further drilling will focus on targeting extensions to mineralisation along strike and down dip to help ascertain the potential of the discovery in providing additional open-pit feed for the Scotia Mining Centre in the near-term.
Further work is planned to test the lode system along strike and at depth.
Norseman background
Pantoro announced the acquisition of 50% of the Norseman project in May 2019 and completion occurred on July 9, 2019.
The company manages the unincorporated joint venture and is responsible for defining and implementing work programs, as well as the day-to-day management of the operation.
Norseman Gold Project is in WA's Eastern Goldfields at the southern end of the highly productive Norseman-Wiluna greenstone belt and is about 200 kilometres south of Kalgoorlie and 200 kilometres north of Esperance.
The current resource is 4.4 million ounces of gold on a 100% basis with many of the resources defined to date remaining open along strike and at depth and many have only been tested to shallow depths.