Pantoro commissions new equipment to step up gold production at Nicolsons
The company is focussed on achieving production rates of 80,000-100,000 ounces per annum during the first quarter of calendar year 2019.
Company
ASX:PNR
Pantoro is focused on unlocking the full potential of its 100%-owned Norseman Gold Project. The Norseman Gold Project is located in the Eastern Goldfields of Western Australia, at the southern end of the highly productive Norseman-Wiluna greenstone belt, and is one of the highest-grade goldfields within the Yilgarn Craton.
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The company is focussed on achieving production rates of 80,000-100,000 ounces per annum during the first quarter of calendar year 2019.
The ore sorter and all associated infrastructure are expected to be fully operational by the end of the month.
The ore sorter and all associated infrastructure are expected to be fully operational by the end of the month.
Gold production is set to continue growing towards 80-100,000 ounces per annum.
“Fantastic results” have been returned from drilling targeting the Rowdies and Wagtail ore bodies.
The company's AISC for the December quarter 2017 was $990 per ounce.
Additional free cashflow of about $2.6 million per quarter at the current gold price.
Deepest intersection received to date in the Anderson Lode at 130 metres below the current ore reserve.
Drilling at the Western Reef target has returned up to 15.7 g/t gold.
The company is consolidating prospects in the Halls Creek area of Western Australia.
Productions costs are decreasing as Pantoro advances towards 100,000 ounces per annum.
New initiatives are expected to continue the production improvements.
The ore sorter will facilitate growing gold production up to 100,000 ounces per annum.
Shares in Pantoro are trading up 7.8% intra-day to $0.205.
The company is financially secure with $14.6 million in cash and gold.
Pantoro has snapped up a new project for a minimal outlay.
The Nicolsons project poured its first gold in September 2015.
Pantoro is producing from the wholly-owned Nicolsons Gold Project.
Pantoro has the potential to lift gold production to 100,000 per annum.
Exploration has been underway for 15 months and drilling is currently ongoing.