Pantoro hits high open pit and underground grades at Nicolsons

THE DRILL SERGEANT: Pantoro Limited (ASX:PNR) was excited by initial results from the first phase of infill/extension drilling completed on the planned open pits at the Wagtail deposits, as well as further high grade drilling results from the underground drilling of the Mother and Anderson Lodes at the company’s Nicolsons project.

Pantoro said the initial open pit RC drilling results exceeded its expectations, and the company has detailed grade control drilling to follow in the coming weeks.

Best new results include:

Open Pits:
WNRC16012 (Wagtail North)
13 metres at 17.66 grams per tonne gold, including 8m at 26.97g/t gold;
3m at 12.42g/t gold; and
6m at 6.2g/t gold.

WNRC16010 (Wagtail North)
12m at 7.2g/t gold;

WNRC16008 (Wagtail North)
2m at 16.43g/t gold.

Underground:
NGC16032 (Mother Lode)
1.7m at 12.16g/t gold.

NUD16033 (Mother Lode)
3.8m at 5.71g/t gold, including 0.3m at 17.2 g/t gold; and

NUD16037 (Anderson Lode)
3m at 16.4g/t gold.

Pantoro explained the first phase open pit drilling was designed to test the extents of the current model prior to a close spaced infill grade control program, which it expects to be undertaken during September.

The company believes the early results have indicated high-grade mineralisation extending outside of current pit designs.

The Wagtail and Rowdies deposits remain effectively untested at depth, which Pantoro consider to have potential for additional underground developments once the pits are completed.

Results are still outstanding for the majority of the first pass of drilling below the Rowdies pit.

“The demonstrated continuity of the Mother Lode and Anderson at depth is an exciting development for Nicolsons, with continued high grades adding great potential for additional near-term Ore Reserve upgrades,” Pantoro managing director Paul Cmrlec said in the company’s announcement to the Australian Securities Exchange.

“The Mother Lode is completely open below the current drilling depth and further potential depth extensions will be drill tested as suitable underground drill platforms become available.

“In addition, the recent discovery of the Darcy Lode approximately 80 metres north and with very similar properties to the Mother Lode provides a clear demonstration of the potential for the additional discovery of new high-grade structures to substantially increase the gold inventory at the mine.

“Development of the Darcy Lode is underway.

“The initial results from the surface drilling are beyond our expectations, and clearly demonstrate the potential for overcalls in the open pits, similar to those underground at Nicolsons to date.

“We eagerly await results from the remainder of the first phase of the drilling program, and look forward to drill testing depth extensions to these lodes with a view to defining additional underground mine prospects at the site.

“Site works to increase processing plant throughput are underway, and increased production capacity is expected to be in place near the commencement of open pit mining, which is currently planned for October 2016.”

Email: admin@pantoro.com.au

Website: www.pantoro.com.au