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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As new drilling is in areas outside of the existing ore reserve estimate, the new results are expected to have a positive impact on the mineral resource and ore reserve update expected June 30, 2019.
Extensive development works are underway at the Wagtail North underground mine and at Wagtail South open pit.
Drill results featured 3.55 metres at 95.89 g/t gold including 1-metre at 317 g/t gold.
The update is based on drilling which showed high-grade continuity of gold mineralisation at Wagtail similar that seen in drilling and mining at the Nicolson’s mine.
Pantoro ended the December 2018 quarter with $20.8 million in cash and gold. The company remains debt free.
The company has started modelling mineral resource estimates for the Perseverance and Star of Kimberley deposits.
December quarter production was up 33% while Pantoro is debt free and has $18.3 million cash and $2.5 million gold on hand.
The company is pursuing prospective targets nearby to complement its Nicolsons operating mine and gold processing plant.
The first batch of results highlights the potential of the underexplored Halls Creek goldfields.
The company reported encouraging results from follow up drilling at the Edison and Paddock Well deposits.
Pantoro is aiming to increase production activities to meet 80,000 gold ounces production target for 2019.
After raising $13 million in a placement, eligible shareholders are able to take part in a share purchase plan.
The debt-free company will direct the funds towards accelerating its efforts, exploration and working capital.
Pantoro is a low-cost gold producer with growth opportunities.
Production for the September 2018 quarter is expected to be 10,000 to 11,000 gold ounces.
The company’s Nicolson’s gold processing plant is the only one in the region.
A bevy of gold miners and developers will front Diggers audiences this week at the presenters’ podium.
The company is well set to deliver its production growth target of 80,000 to 100,000 ounces per annum.
The June 2018 quarter was a defining period in the preparation for continued growth at Nicolsons.
The company believes drilling at Wagtail has only hit the tip of the iceberg.
