Pantoro Ltd (ASX:PNR) (FRA:RKN) has discovered high-grade mineralisation in the first drilling program into the Noganyer Formation, a sedimentary iron formation on the eastern edge of the Scotia Mining Centre at Norseman Gold Project (PNR 50%) in Western Australia.
High-grade results have been returned from an initial 12-hole program and represent the third new discovery since the company started a focused exploration effort in the Scotia area more than 15 months ago.
Drilling to date has only tested 150 metres along strike to date and, importantly, this is the only drilling to effectively test any of the potential eight kilometres of this stratigraphy to the southern extent of the company’s tenure in the Scotia area.
Shares have been up almost 7% to 23.5 cents intra-day on the news while Pantoro's market cap is approximately $309.8 million.
“Excited by new discoveries”
Managing director Paul Cmrlec said: “Scotia is a key component of the recommencement of gold production at the Norseman Gold Project and additional ore sources in the area will only enhance the project outcomes.
“The largely untapped prospectively of the Scotia Mining Centre has been consistently supported through extension of known deposits and discovery of previously untested high-grade mineralisation at Green Lantern, Panda, and now within the sedimentary iron formation on the eastern edge of the project area.
“Our geologists are excited by the new discoveries and it is clear that we don’t yet have a handle on just how big the Scotia Mining Centre may ultimately be when the requisite amount of exploration in the area has been completed.”
Notable results include:
- 14 metres at 12.84 g/t gold, including 2 metres at 68.15 g/t from 34 metres;
- 7 metres at 3.35 g/t from 68 metres;
- 27 metres at 1.89 g/t, including 9 metres at 4.61 g/t from 58 metres;
- 8 metres at 2.27 g/t from 65 metres; and
- 1 metre at 8.34 g/t from 58 metres.
Magnetic survey planned
The Noganyer sedimentary iron formation has hosted a number of open pits at Norseman historically but has not been tested as far south as Scotia.
A high-resolution magnetic survey is planned to be undertaken and data will be utilised in conjunction with Pantoro’s ground mapping in the area to refine additional identified in the company’s exploration program during the last year.
The survey is considered to be appropriate due to the clear evidence that the mineralisation is structurally controlled by closely spaced brittle faults of varying orientations.