Pantoro Ltd (ASX:PNR) has delivered its maiden mineral resource estimate of 310,000 ounces at Green Lantern deposit, part of the Scotia Mining Centre within the Norseman Gold Project joint venture in WA.
Notably, the company estimates the deposit to contain 6.8 million tonnes at 1.4 g/t gold and it remains open to the south and at depth.
In addition, a maiden ore reserve has been calculated - 2.65 million tonnes at 1.3 g/t gold for 110,000 ounces at a 0.6 g/t cut-off grade – which adds 18% to the global ore reserve.
Additional drilling to expand the resource and convert inferred material into the indicated category and ore reserve is underway at Green Lantern, which is part of the Scotia Mining Centre at Norseman.
“Rapid progression of deposit”
Pantoro managing director Paul Cmrlec said: “Green Lantern is a big, valuable addition to the Norseman Gold Project directly resulting from Pantoro’s exploration program which has operated in parallel with resource development drilling.
“Rapid progression of the deposit from discovery in August 2020 to ore reserve status in approximately one year is an outstanding result.
“We look forward to continuing to grow the resource along strike and converting additional inferred resources to the indicated category with additional drilling.”
Shares higher
Shares have been as much as 7.4% higher to 22 cents intra-day.
Green Lantern mineral resource estimate.
“The Green Lantern open pit will have a low stripping ratio with mineralisation commencing from surface,” Cmrlec said.
“Additional ore reserves at Green Lantern will further enhance the excellent outcomes generated by the Phase One mine plan.
“Detailed work to integrate Green Lantern into the mine plan is underway.
“We look forward to continuing to grow the mine life at Norseman through the definition of additional ore reserves with resource definition continuing in multiple areas.”
Green Lantern deposit
Green Lantern lies about 270 metres to the southeast of the Scotia Open-pit and is open at depth and along strike to the south with no known geological features that could cause the orebody to terminate.
The current life of mine plan includes 1.95 million tonnes at 1.7 g/t of run of mine ore and an additional 1.32 million tonnes at 0.8 g/t of low-grade ore inclusive of inferred mineral resources occurring within the pit shell.
Green Lantern Life of Mine plan including inferred resources inside the optimisation shell.
Promisingly, Green Lantern adds 18% to the Norseman global ore reserve and substantially increases mine life.
The deposit has a low stripping ratio of 7:1 and a discovery cost of $14.40 per ounce from 37,700 metres of drilling.
Green Lantern ore reserve summary.
Drilling results
Drilling results to date present multiple opportunities for further definition of high-grade underground resources at depth, however, underground modelling has not yet been undertaken.
Additional drilling results incorporated into the mineral resource estimate not previously reported include:
- 5 metres at 6.48 g/t gold from 107 metres;
- 4 metres at 7.16 g/t from 115 metres;
- 8 metres at 10.42 g/t from 41 metres including 2 metres at 35.73 g/t from 46 metres;
- 9 metres at 3.05 g/t from 93 metres;
- 20 metres at 1.06 g/t from 19 metres;
- 20 metres at 2.06 g/t from 42 metres;
- 6 metres at 3.35 g/t from 76 metres;
- 4 metres at 5.02 g/t from 107 metres;
- 14 metres at 1.51 g/t from 1-metre;
- 3 metres at 9.52 g/t from 54 metres;
- 8 metres at 2.54 g/t from 48 metres;
- 12 metres at 1.72 g/t from 68 metres; and
- 3 metres at 6.73 g/t from 53 metres.
Scotia production
The Scotia Mining Centre is about 25 kilometres south of Norseman and was discovered in 1893.
Scotia was actively mined from 1987 until 1996 and historic production recorded from the Scotia mine via open pit and underground mining was 811,000 tonnes at 5.9 g/t for 155,000 ounces.
The Scotia Mining Centre hosts a number of mineral resource areas in close proximity, including the dominant Scotia resource and smaller satellite resources at Lady Eleanor, Free Gift, Panda and now Green Lantern.