Pantoro seeks $45 million war chest for Norseman gold exploration
Pantoro says this capital raise is all about growth as it works to accelerate the Norseman gold play towards production.
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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Pantoro says this capital raise is all about growth as it works to accelerate the Norseman gold play towards production.
Pantoro is continuing to make strong progress with construction work at Norseman as it targets first gold production in August 2022.
“These new results from what was an opportunistic campaign following initial results continue to demonstrate widespread mineralisation at Lamboo with consistency from surface to significant depths," says MD.
Drilling at Norseman has continued to focus on the Scotia Mining Centre where they are preparing to upgrade mineral resources and Ore Reserves at Scotia late in the current quarter.
Ongoing drilling at the Scotia Mining Centre at Norseman continues to return strong results at depth and along strike ahead of a planned mineral resource and ore reserve update during the March 2022 quarter.
“This result confirms that PGE mineralisation along with coincident nickel and cobalt is widespread throughout the basal contact of the Lamboo Ultramafic System," says MD.
“This new partnership is an outstanding outcome for Pantoro to maximise the value of a key mineral asset at Norseman," says MD.
Results to date give strong confidence that the upcoming mineral resource and ore reserve update will be “significant” and add further high-grade ounces and mine life to the Phase One mine plan.
Promisingly, the program has identified the occurrence and mineralogical association for a number of platinum group metals and gold at the prospect.
After advising that there would be no further drilling until after the wet season, a rig and crew have been identified in the region and drilling resumed on the weekend.
Pantoro is up 26.09%. PNR’s maiden step-out drill program on the prospective Lamboo ultramafic basal contact at its 100%-owned Halls Creek Project in WA, has returned platinum group element results described as "outstanding".
The Lamboo PGE deposit is rapidly shaping up as a large discovery on the doorstep of the company's Halls Creek gold operations in Western Australia.
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The project is serviced by first-class infrastructure at the site, local shire and national infrastructure levels with everything required to commence mining already in place.
Managing director Paul Cmrlec said construction at Norseman opened “a new chapter” in the world-class Eastern Goldfields.
"We've had some tough days - throughout the worst drought in regional NSW in recorded history, then the bushfires, floods, the mice plague, and then the global pandemic of COVID hitting not only the regions, but our state, the nation and th
The company has focused initial project planning on six initial mining areas containing multiple deposits that are amenable to both open pit and underground mining.
Pantoro looks forward to substantially completing its construction program at Norseman during the 2022 financial year.
The Global Credit Investments facility combined with Pantoro’s existing cash balance and ongoing cashflow from the Halls Creek operations fully underwrite construction and operational obligations at the Norseman Project.
The resource, which is inclusive of a 110,000-ounce ore reserve, maintains the company’s strong momentum at the Norseman Gold JV Project with further upside potential.