Pantoro Eyes Mineralised Extensions to Norseman Deposits

THE DRILL SERGEANT: Pantoro (ASX: PNR) reported latest drilling results from the Scotia, Daisy South and Gladstone-Everlasting deposits at the company’s Norseman gold project in Western Australia.

Pantoro has been RC and diamond drilling at Norseman since August 2019 with approximately 23,000 metres completed to date.

The company expects the programs to be substantially completed during the March quarter 2020 in advance of Mineral Resource estimates and Ore Reserve calculation.

The current Mineral Resource at Norseman is 4.4 million ounces of gold (PNR interest 50%).

Many of the Mineral Resources defined to date remain open along strike and at depth, and many of the Mineral Resources have only been tested to shallow depths.

The recent drilling has returned intersections, which the company considers to confirm thick high-grade mineralisation outside of existing Mineral Resources at Scotia, Gladstone-Everlasting and Daisy South.

The existing open pits at Gladstone and Scotia were historically mined at average grades of greater than four grams per tonne gold.

Pantoro sees these representing large volume, high-grade surface mining opportunities with outstanding metrics relative to many of its peers within the Australian resource sector.

5 metres at 15.91 grams per tonne gold;
8.7m at 9.89g/t gold;
2m at 10.62g/t gold; and
2m at 6.55g/t gold.

Daisy South
3m at 12.13g/t gold;
4m at 4.32g/t gold;
3m at 4.93g/t gold; and
1m at 40.7g/t gold.

7m at 8.67g/t gold;
3m at 4.57g/t gold; and
7m at 3.08g/t gold.

The result of 5m at 15.91g/t at Scotia is located approximately 250m west of the current Mineral Resource, which Pantoro believes may represent the discovery of a new high-grade parallel lode system, not previously identified by shallow sterilisation drilling.

The company has additional drilling to further define the structure.

The new results from the Everlasting deposit have been interpreted to indicate a southern extension to mineralisation which has not been previously tested.

Southern extensions to the Everlasting deposit remain open to the south.

The company considers the Daisy South results indicate an extension to the lode system further North toward the previously mined Daisy pit as these new results are within an interpreted structural step north of the main Daisy south orebody where drilling recently identified a large dilation.

“The initial drill out of these first targets is nearing completion and work relating to Mineral Resource estimation and conversion to Ore Reserves is expected to commence during the current quarter,” Pantoro said in its ASX announcement.