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- Panoramic Resources (PAN) hits better than expected mineralisation at its Savannah nickel project in the East Kimberley region of Western Australia
- Results from the first four drill holes completed above the 900 Fault peaked at 2.1 per cent nickel, 1.45 per cent copper and 0.11 per cent cobalt
- The company says the grades are “significantly” thicker than predicted in the resource model and expects an increase to the current mineral resource in the area
- Follow up drilling will look to determine the extent of secondary mineralisation and PAN plans to test and upgrade the resource below the 900 Fault in 2023
- Panoramic shares are steady on the market and are trading at 18.5 cents at 2:14 pm AEST
Panoramic Resources (PAN) has hit better than expected mineralisation at its Savannah nickel project in the East Kimberley region of Western Australia.
The company has been undertaking an infill underground resource definition drilling program to test below historical workings and above the 900 Fault.
Results have been received for the first four drill holes completed above the 900 Fault and have returned up to 2.1 per cent nickel, 1.45 per cent copper and 0.11 per cent cobalt with intersections between nine and 15 metres.
Panoramic said the mineralisation intercepted is “significantly” thicker than predicted in the resource model for this area of the orebody.
Given the thicknesses are seen at depth as the orebody approaches the Fault, PAN expects an increase in the current mineral resource in this area.
Managing Director and CEO Victor Rajasooriar said the company is “pleasantly suprised” by the scale of mineralisation seen at Savannah so far.
“These initial Savannah drill results have immediate potential to increase our mineral inventory above the 900 Fault and support the planned opening of a new mining front in the Savannah orebody over the next 12 months to support the current mining operations at Savannah North,” he said.
Drilling is continuing above the 900 Fault, and once complete, the company will update the mineral resource model and mine plan.
Moving in to 2023, PAN hopes to begin testing and upgrade the Savannah resource below the 900 Fault.
“The consistency of the better-than-expected mineralised intercepts and the discovery of a new lens augurs well for intersecting similar thicknesses and grades below the 900 Fault,” Mr Rajasooriar added.
Panoramic shares were steady on the market and were trading at 18.5 cents at 2:14 pm AEST.
