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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Historically, the Norseman Gold Project areas have produced over 5.5 million ounces of gold since operations began in 1935, and is one of, if not the highest grade fields within the Yilgarn Craton.
Earlier in August, Pantoro received firm commitments from sophisticated and professional investors for a share placement to raise about $50 million.
The SPP, which closed on August 26 2020, received valid applications totalling around $7 million.
Scotia Mining Centre, around 25 kilometres south of Norseman, hosts a number of resource areas in close proximity and several zones where high-grade mineral occurrences have not yet been classified.
The company has already raised $50 million to accelerate exploration at the 50%-owned Norseman Gold Project in Western Australia.
The Norseman Gold Project is in the Eastern Goldfields of Western Australia, at the southern end of the highly productive Norseman-Wiluna greenstone belt.
Since acquiring a 50% in interest in the Norseman Gold Project in May 2019, the company has sole funded around $23 million of the first $50 million of project expenditure.
A feasibility study for the Norseman JV Project is on track for completion at the end of the current quarter.
Drilling is ongoing with results to be compiled in an updated mineral resource estimate and mining study to be incorporated into a project-wide definitive feasibility study.
The Panda deposit is within the company’s Norseman Gold Project where the current mineral resource sits at 4.4 million ounces of gold.
The initial eight diamond drill program at Sailfish prospect has returned high-grade results highlighting the growing potential of the Norseman project.
A simple three to four-year commencement strategy will pave the way for a long-life operation at the Norseman Gold Project.
The objective of the drill program is to extend the depth of defined mineralisation in the 02 Lode below the 22 Level and to infill Star of Erin Lode mineralisation.
Deeper drilling at Scotia confirms the potential for high-grade underground mining following the initial open pit phase.
Further drilling at Panda will be focused on targeting extensions to mineralisation along strike and down dip.
The company is focused on establishing a clear production development plan for the Norseman Gold Project to support a restart of operations.
The company is encouraged by exploration successes at the Norseman Gold Project in Western Australia.
The OK Underground mine comprises three developed lodes, the Main Lode, the O2 Lode and the Star of Erin Lode.
The company has activated its emergency contingency plan to protect staff, communities and the continuity of its operations in the Kimberley.
In February the company received high-grade drilling results at the Norseman Gold Project which indicated possible extensions to deposits.
