Pantoro director supports exploration strategy with on-market purchase
The company has five drill rigs in operation at its Norseman gold project in Western Australia.
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 has five drill rigs in operation at its Norseman gold project in Western Australia.
The company has five drill rigs in operation at Norseman - three on surface undertaking diamond and RC drilling programs focused on resource development; one undertaking exploration on Lake Cowan; and one underground at the OK mine.
The purchase shows support in the company’s exploration strategy at the Norseman Gold Project in Western Australia.
Historically the existing open pits at Gladstone and Scotia were mined at average grades of greater than 4 g/t gold.
The company expects to begin mine planning and ore reserve definition for the Norseman project this quarter with the aim to establish a clear production development plan in support of producing 100,000 ounces per annum and eventually expand
The Daisy South and Gladstone-Everlasting deposits are part of the Gladstone Mining Centre, one of the six key focus areas for Pantoro at Norseman.
Drilling at Scotia is targeting infill and extension of the 413,000-ounce mineral resource to around 150 metres below surface.
The gold producer’s WA projects include its 100%-owned Halls Creek Project in the Kimberley Region and a 50% stake in the Norseman Project south of Kalgoorlie.
Results feature 15 metres at 4.58 g/t gold at the Gladstone-Everlasting deposit, where drilling has been underway since September 2019.
Drilling of the initial production targets is expected to be completed during the first quarter of the 2020 calendar year and will be followed by mine design and approval processes.
Results have been received from a processing plant options review and scoping estimate for the Norseman Gold Project.
Future drilling will be focused on extending the tested strike extent of mineralisation at the Reform mine.
The results make a bold statement for the growth potential of the Wagtail North underground gold mine.
The appointment will ensure development activities at Norseman are on track with two additional drill rigs, for a total of three, due to arrive on-site early this month.
Pantoro’s finances are in good shape with a cash and gold balance of $56 million at the end of FY2019.
The Princess Royal ore system is about 8 kilometres NNE of Norseman in WA and forms part of the North Royal mining centre.
Pantoro is focused on bringing multiple mining centres to mining ready status ahead of production activities to underwrite long-term viability.
Director employment agreements refreshed as Pantoro transitions into a mid-tier gold miner through acquiring 50% of the Norseman project.
The project is considered to be highly prospective with discovery potential for multiple 1+ million ounce deposits.
Shares are now in a trading halt to complete a fully underwritten $43 million placement.