Pantoro Ltd (ASX:PNR) has revealed its annual resource and reserve statement for the Halls Creek Project in Western Australia as at May 31 2020.
The Halls Creek mineral resource now stands at 1,602,000 tonnes at 6.6 g/t gold for 339,000 ounces, maintaining the inventory in line with the previous year’s result after mining depletion.
The Halls Creek ore reserve now stands at 1,023,000 tonnes at 4.6 g/t gold for 150,000 ounces.
Pantoro achieved outstanding resource and reserve growth at Wagtail during the period following high-grade infill and extension drilling results.
The resource and reserve for Halls Creek remain consistent with the 2019 report after accounting for mine depletion during the financial year 2020.
Halls Creek has consistently reported resources in excess of 300,000 ounces of gold for the last four years while mine depletion has exceeded ~200,000 ounces since the commencement of operations.
This pleasing result provides Pantoro with confidence it will continue to replenish the resource inventory at Halls Creek and provide a platform for continued ore reserve growth.
Pantoro managing director Paul Cmrlec said: “The Nicolsons project at Halls Creek continues to produce real cashflows which rival many much larger operations throughout the industry.
“Pantoro will continue to focus on maximising cashflow from Halls Creek to support the company’s growth plans as a priority above all else.
“Halls Creek has been a great area for Pantoro since we first developed Nicolsons mine in 2015.
“Over the five years of operation, Ore Reserves inclusive of mine depletion have grown by over 400%, and this latest update sets the scene for continued growth into the future.”
Extending the resource down plunge
The Wagtail ore reserve has been extended to 260 metres below surface, with the mineral resource extending to about 300 metres below surface.
Drilling programs are ongoing to continue the extension of the resource down plunge.
The resource and reserve for the Norseman Gold Project will be reported separately as part of the definitive feasibility study (DFS) currently being finalised.