Pantoro Ltd (ASX:PNR) has delivered a 776% upgrade in underground ore reserves at Scotia Mining Centre that lifts overall reserves at the Norseman Gold Project in Western Australia by 49% to 900,000 ounces.
Scotia Underground reserves now stand at 1.26 million tonnes at 4.5 g/t gold for 184,000 ounces with the latest drill program focused on Scotia Deeps resulting in a 776% upgrade since completion of a definitive feasibility study (DFS) in October 2020.
The Norseman Project overall reserve now stands at 12.9 million tonnes at 2.2 g/t for 900,000 ounces. Increases in the reserve and Life of Mine plan at Norseman will directly contribute to further mine life extension at the project in which Pantoro holds a 50% interest.
Scotia resource up 119%
Pantoro has also updated the mineral resource for Scotia Mining Centre which now stands at 12.4 million tonnes at 2.3 g/t gold for 906,000 ounces, a 119% increase since Pantoro acquired the project in July 2019.
The current Life of Mine (LoM) plan for the Scotia Underground mine, inclusive of blocks in the inferred resource category now stands at 1.44 million tonnes at 5.1 g/t for 214,000 ounces with mineralisation remaining open in all directions.
There is also further upside as the Scotia deposit remains open to the north and at depth with no known geological features that could cause the orebody to terminate. Drilling along strike is ongoing.
“Excellent growth”
Pantoro managing director Paul Cmrlec said: “The sustained drilling campaign at the Norseman Gold Project continues to deliver excellent growth ahead of the recommencement of production in the third quarter of 2022.
“The Scotia Mining Centre has provided a large portion of this early growth and remains open along strike and at depth.
“Pantoro expects ongoing upgrades from additional drilling at the Scotia Mining Centre for the foreseeable future."
Drilling at Scotia
The Scotia Deposit is a key part of the phase one DFS completed in October 2020, and since that time Pantoro has completed an extensive infill and extensional drilling program.
Subsequently, drilling during 2021/2022 has targeted the underground mineral resources at the Scotia deposit.
Notably, Pantoro’s drilling is designed to achieve spacing suitable for ore reserve calculation further refining understanding of the controls on mineralisation.
Mainfield mineral resource
Pantoro has completed additional work including verification of existing drill core and mineral resource modelling at O’Brien’s deposit within the Mainfield Mining Centre.
The O’Brien’s deposit is due west of the Bullen underground mine with underground access substantially completed during previous operations.
Notably, the development of O’Brien’s will provide good access to drilling platforms for the high-grade Crown Reef in the Mainfield.
The updated O’Brien’s mineral resource estimate is 130,000 tonnes at 9.5 g/t gold for 40,000 ounces, while O’Brien’s underground reserve stands at 130,000 tonnes at 5.0 g/t gold for 21,000 ounces.
Forward plan
Cmrlec adds: “The current drilling focus is on conversion of inferred mineral resources at Green Lantern and extension to the north of Scotia, and additional ore reserve updates are expected later in 2022.
“Definition of economic ore reserves in the O’Brien’s deposit provides another strategic entry point for redevelopment of the Mainfield, along with the St Patricks mine defined during the Phase 1 DFS.
“Additional drilling focus will return to the Main Field in the second half of 2022.
“Construction activities at Norseman remain on track, with preliminary open pit mining activity now underway at Scotia, and work at the OK underground Mine to commence during April.”