- Pantoro (PNR) intersects up to 141.57 grams of gold per tonne (g/t) from the Norseman Gold Project in Western Australia
- Drilling was completed on the Mainfield Mining Centre with focus on the un-mined blocks outside of the existing underground mineral resource
- According to Managing Director Paul Cmrlec, Pantoro is on track to significantly enhance the outcomes of the phase one feasibility study
- Pantoro has ended the day 4.88 per cent in the green with shares trading at 21.5 cents
Pantoro (PNR) has intersected up to 141.57 grams of gold per tonne (g/t) from the Norseman Gold Project.
The Norseman Project lies in the eastern goldfields of Western Australia at the southern end of the Norseman-Wiluna greenstone belt, roughly 725 kilometres east of Perth.
It has a mineral resource of 4.2 million ounces of gold and an ore reserve of 602,000 ounces of gold.
Drilling was completed on the Mainfield Mining Centre and results provide confidence that the Mainfield will extend mine life and Norseman.
Focus was on the unmined blocks outside of the existing underground mineral resource of 1.27 million tonnes at 13.1g/t gold for 540,000 ounces.
The Mainfield Mining Centre was discovered in 1894 and was the primary source of ore for historical operations.
It was continuously mined for over 100 years and has historically produced around three million ounces.
Significant new results include 5.7 metres at 35.85g/t gold including 1.4 metres at 141.57g/t gold, one metre at 23.5g/t gold; and 0.45 metres at 21.9g/t gold.
Managing Director Paul Cmrlec stated that the results demonstrate the high-grade nature of the mineralisation at Norseman.
“The iconic Mainfield was not considered in the phase one feasibility, and addition of mineral resource and ore reserves from this area are expected to increase mine life and head grades,” Mr Cmrlec commented.
“Ore within Mainfield can be highly nuggety, with a mix of very high grade, and lower grade holes as we have seen in this first campaign eventuating in outstanding production outcomes historically.
“Proving up high grade ounces in Mainfield was an objective set by Pantoro at the time of acquisition of the project, and our work programs are on track to significantly enhance the outcomes of the phase one feasibility study.”
Pantoro has ended the day 4.88 per cent in the green with shares trading at 21.5 cents in a $288.8 million market cap.