Proactiveinvestors Australia Pantoro Ltd https://www.proactiveinvestors.com.au Proactiveinvestors Australia Pantoro Ltd RSS feed en Wed, 26 Jun 2019 10:11:15 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Pantoro managing director accepts permanent role with company ]]> https://www.proactiveinvestors.com.au/companies/news/222012/pantoro-managing-director-accepts-permanent-role-with-company-222012.html Pantoro Ltd’s (ASX:PNR) managing director Paul Cmrlec has accepted a permanent role with the company as it focuses on transitioning to become a mid-tier miner in the Australian gold industry.

Being offered the permanent position follows the company agreeing to acquire 50% of the 4.4-million-ounce Central Norseman Gold Project (CNGP) in WA.

Cmrlec previously served as managing director of Pantoro via a fixed term contractual arrangement with an entity that he is associated with.

The employment conditions of operations director Scott Huffadine have also been refreshed.

READ: Pantoro does transformational deal for 4.4-million-ounce gold project

Chairman Mike Jefferies said the board was delighted that Cmrlec had accepted a permanent position with the company.

“Paul and fellow executive director Scott have been the drivers in establishing and growing operations at Halls Creek, and recently assessing and negotiating the entry into Norseman, which is a province scale, world-class gold project in Western Australia,” he said.

“Together, Paul and Scott bring many years of experience across a broad range of projects and commodities, and we have every confidence that they will continue to deliver strong value for our shareholders over the coming years.”

Employment conditions have been set by the board in line with industry standards for equivalent positions at similarly sized mining and exploration companies.

The CNGP presents an outstanding opportunity for Pantoro as it focuses on transitioning to be a mid-tier miner.

Planned development of the CNGP in conjunction with the well-developed expansion of the Hall’s Creek project together provide exciting growth potential for Pantoro in the medium term.

READ: Pantoro secures $43 million to acquire interest in 4.4-million-ounce gold project

Pantoro recently completed a fully underwritten $43 million share placement at 20 cents per share to sophisticated and professional investors.

This capital raising attracted investment from specialist funds in North America, UK, Asia and Australia, as well as from Pantoro’s existing shareholder base.

Proceeds will be partially utilised to fund the major acquisition of the CNGP and to recommence gold production at the project.

READ: Pantoro’s high-grade drilling demonstrates continued upside at Nicolsons Gold Mine in WA

With the addition of the CNGP, Pantoro will have two of the highest-grade underground and surface JORC resources relative to its peers.

From a valuation perspective, the acquisition creates value for Pantoro investors on an enterprise valuation JORC resource multiple.

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Thu, 13 Jun 2019 10:09:00 +1000 https://www.proactiveinvestors.com.au/companies/news/222012/pantoro-managing-director-accepts-permanent-role-with-company-222012.html
<![CDATA[News - Pantoro secures $43 million to acquire interest in 4.4-million ounce gold project ]]> https://www.proactiveinvestors.com.au/companies/news/220560/pantoro-secures-43-million-to-acquire-interest-in-44-million-ounce-gold-project-220560.html Pantoro Ltd (ASX:PNR) has successfully completed its fully underwritten $43 million share placement at 20 cents per share to sophisticated and professional investors.

The well-supported capital raising attracted investment from specialist funds in North America, UK, Asia and Australia, as well as from Pantoro’s existing shareholder base.

Funds raised in the placement will be partially utilised to fund the major acquisition of the Central Norseman Gold Project (CNGP) and to recommence gold production.

READ: Pantoro does transformational deal for 4.4-million ounce gold project

Pantoro’s managing director Paul Cmrlec said: “The company has had a fantastic response to the acquisition and joint venture of the Norseman gold project with specialist gold funds and generalist funds from around the globe participating in the placement.

“We have also seen strong support from our existing shareholders.

“We would like to welcome our new shareholders to the register and thank our existing loyal shareholders for their ongoing support.”

Large tenure could host multiple million-ounce deposits

A joint venture will be formed with the vendor which Pantoro will manage with a focus on returning the 4.4-million ounce CNGP to production status.

For over 75 years, Norseman operated continuously and produced in excess of 5.5 million ounces of gold as one of the highest grade, large scale projects in Western Australia
The project is considered to be highly prospective with discovery potential for multiple 1+ million ounce deposits.

Pantoro considers a number of the existing 35 JORC resources to be near-development ready and aims to establish operations supporting production of 100,000 ounces per annum.

The goal will be to expand this to 200,000 ounces per annum over the following 2-4 years.

Cmrlec added “With capital upgrades and production growth in place at Halls Creek, Pantoro is in an excellent position to support the transition to production at Norseman utilising placement funds, the company’s existing cash balance and ongoing cashflow from operations.

“Pantoro intends to immediately commence work at Norseman, focussed on project definition and recommencement of production as soon as possible.”

Top-tier underground and surface resources

With the addition of the CNGP, Pantoro will have two of the highest grade underground and surface JORC resources relative to its peers.

From a valuation perspective, the acquisition creates value for Pantoro investors on an enterprise valuation (EV) JORC resource multiple.

Pantoro shifts from being one of the highest valued stocks per JORC resource ounce to being less than half the industry average.

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Mon, 20 May 2019 15:04:00 +1000 https://www.proactiveinvestors.com.au/companies/news/220560/pantoro-secures-43-million-to-acquire-interest-in-44-million-ounce-gold-project-220560.html
<![CDATA[News - Pantoro does transformational deal for 4.4-million ounce gold project ]]> https://www.proactiveinvestors.com.au/companies/news/220260/pantoro-does-transformational-deal-for-44-million-ounce-gold-project-220260.html Pantoro Ltd (ASX:PNR) has signed a binding agreement to acquire 50% of the Central Norseman Gold Project (CNGP) in the Eastern Goldfields of Western Australia.

A joint venture will be formed with the vendor which Pantoro will manage with a focus on returning the 4.4-million ounce project to production status.

Consideration will be a mixture of cash, shares and expenditure with near-term payments being $10 million cash on completing the deal and Pantoro sole funding the first $50 million of expenditure.

This is a compelling deal for Pantoro which is getting a near-term gold mine with existing infrastructure for A$39 per JORC Resource ounce when gold is trading at around A$1,800 per ounce.

After two years of searching, CNGP the “clear standout”

Pantoro’s managing director Paul Cmrlec said: “Following an extensive review of acquisition opportunities during the past two years, CNGP was a clear standout for Pantoro with large, high grade Mineral Resources, and extensive infrastructure already in place at company, local shire and national government infrastructure levels.

“The acquisition cost of less than $40 per attributable mineral resource ounce is an enviable metric which provides Pantoro with the opportunity to add significant shareholder value in the immediate term.

“It is rare to find a project which provides a large, high grade mineral resource which is infrastructure rich in our own back yard.”

Large tenure could host multiple million-ounce deposits

CNGP comprises 146 near-contiguous mining tenements covering over 1,000 square kilometres.

The project is considered to be highly prospective with discovery potential for multiple 1+ million ounce deposits.

Pantoro considers a number of the existing 35 JORC resources to be near-development ready and aims to establish operations supporting production of 100,000 ounces per annum.

The goal will be to expand this to 200,000 ounces per annum over the following 2-4 years.

READ: Pantoro’s high-grade drilling demonstrates continued upside at Nicolsons Gold Mine in WA

Cmrlec said: “With existing operations in Western Australia, Pantoro’s intimate knowledge of legislation and operational requirements is a clear advantage in recommencing gold production from the area.

“There are many synergies with Pantoro’s acquisition and development of the Halls Creek Project approximately five years ago.

“Both projects have outstanding mineral resources which are amongst the highest grade in Australia, and mineralisation styles are very similar allowing Pantoro to leverage its project skills that has been highly successful in applying at Halls Creek.”

Capital intensive infrastructure already in place

He added: “Like Halls Creek, CNGP is infrastructure rich with a major national highway adjacent to the project, active railway infrastructure servicing the Esperance port 200 kilometres to the south, a sealed air strip, a regional hospital and schooling to year 12.

“At the CNGP level, there is a processing plant which last operated in 2016, road infrastructure with formed roads to all mineral resource areas, an accommodation camp and housing, a fully operational power station, water supply infrastructure and several office and work shop complexes.

“Access to the existing infrastructure provides value to the CNGP, and will ultimately reduce the development cost considerably, just as it did in the development of Halls Creek.

“Our team will immediately focus work on defining, developing and operating a large scale gold production hub within the next 12 to 18 months.”

$43 million placement underway to fund transaction

The transaction and development of CNGP is to be funded using a combination of existing cash reserves, ongoing cash flow from gold operations, a $20 million share issue, and a $43 million fully underwritten placement.

The placement will see around 215 million shares issued at 20 cents.

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Wed, 15 May 2019 09:42:00 +1000 https://www.proactiveinvestors.com.au/companies/news/220260/pantoro-does-transformational-deal-for-44-million-ounce-gold-project-220260.html
<![CDATA[News - Pantoro’s high-grade drilling demonstrates continued upside at Nicolsons Gold Mine in WA ]]> https://www.proactiveinvestors.com.au/companies/news/219745/pantoros-high-grade-drilling-demonstrates-continued-upside-at-nicolsons-gold-mine-in-wa-219745.html Pantoro Ltd (ASX:PNR) has demonstrated continued upside at its Niolsons Gold Mine near Halls Creek in WA, posting high-grade drilling results from the Johnston Lode at the south end of the Nicolsons.

Prior to this drilling program the mineral resource modelled in the area was not sufficient grade to be included in the ore reserve and mine plan due to wider spaced drilling in the deeper zones of this area.

Recent drilling has targeted these high-grade areas, as knowledge of the ore system's plunge-and-dip characteristics have been better defined by mine development.

 

Schematic long section of the Johnston Lode highlighting drill assays since the last mineral update

  READ: Pantoro builds cash as production upgrade takes shape

Pantoro’s managing director Paul Cmrlec said these new outstanding results, combined with the recent high-grade intersections in the Anderson lode to the north of the mine, confirm the continuing high-grade nature of the Nicolsons ore system at depth.

Cmrlec said: “The results will be included in the annual mineral resource and ore reserve update to be completed at June 30, 2019 and will contribute to the ongoing growth of the mine.

“Operations in the Wagtail North underground mine continues to access new ore development faces in the Wagtail and Rowdies ore bodies and the Wagtail South open pit cutback is progressing to plan.

“With ore production increasing from both of the Wagtail mining areas and Nicolsons mine operating in steady state the Halls Creek Operations are in strong position to meet the planned 80,000 ounces per annum production rate by the middle of this year.”

READ: Pantoro drill results extend high-grade gold to new depths at Nicolsons

New results include:

2.45 metres at 73.09 g/t gold, including 0.6 metres at 289.7 g/t;

2.95 metres at 51.47 g/t;

1.9 metres at 35.89 g/t;

1.7 metres at 11.6 g/t;

2.20 metres at 16.85 g/t; and

0.8 metres at 43.63 g/t.

The results demonstrate the continuity of mineralisation at depth in the Johnston Lode and follow the recent drill program completed in the Anderson Lode in the northern end of the mine.

 

Schematic long section of the Anderson Lode highlighting drill assays received since the last mineral resource update

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Tue, 07 May 2019 11:58:00 +1000 https://www.proactiveinvestors.com.au/companies/news/219745/pantoros-high-grade-drilling-demonstrates-continued-upside-at-nicolsons-gold-mine-in-wa-219745.html
<![CDATA[News - Pantoro builds cash as production upgrade takes shape ]]> https://www.proactiveinvestors.com.au/companies/news/218818/pantoro-builds-cash-as-production-upgrade-takes-shape-218818.html Pantoro Ltd (ASX:PNR) is delivering strong margins with cost reductions at its Nicolsons Gold Project in the Halls Creek region of WA and this is placing the company in a strong cash position.

The company had $23.2 million in cash and gold at the end of the March quarter compared with $21 million at the end of the previous quarter and this comes at a time of extensive development works.

Operating cashflow for the quarter was $7.8 million, and free cashflow after major capital project and exploration costs was $1.9 million.

READ: Pantoro’s gold production at Halls Creek exceeds feasibility study target

Managing director Paul Cmrlec said: “The continuing cash build during the quarter has been pleasing given the extensive mine development works that are ongoing both in underground and open pit mine extensions.

“The site team is to be commended for the tight cost management displayed throughout the period which was an excellent outcome considering that two underground mines and an open pit cut back are now in operation.”

On track for production target

There were 11,280 ounces of gold produced during the March quarter and the AISC was $1,217.

Pantoro remains on track to achieve its increased annual production target rate of plus-80,000 ounces around the middle of 2019.

At Wagtail underground mine capital development continued during the quarter with ore development on the 2200 level and access drives approaching Rowdies and Wagtail North on the 2185 level by March 31.

The decline face position was around 45 metres from the third level access on the 2170 level.

READ: Pantoro upgrades Wagtail mineral resource and ore reserve as mine development continues

Wagtail North’s underground ore reserve was increased by 20% to 74,000 ounces following inclusion of Rowdies drilling results into the resource estimate.

This continues the ongoing upgrades that Pantoro has achieved at Nicolsons throughout the operations life since mining began in 2015.

Outstanding grades have been returned in early ore development on the 2200 Level at Wagtail with 2,996 tonnes at 10.84 g/t recorded.

Wagtail South cutback underway

Approval for the Wagtail South cutback was achieved ahead of expectation on February 18, 2019, and work began immediately.

Wagtail South is expected to be cashflow positive from June 2019.

Cmrlec said: “The company has done the hard work in preparing for anticipated production upgrades, with all major items now in place, and access to ore at both Wagtail North underground and Wagtail South open pits increasing each month that the development continues.”

Ore sorting continues to achieve impressive results and during the quarter this was used primarily for lower grade material.

As ore supply increases from Wagtail, the full benefit of ore sorting will be realised.

READ: Pantoro drill results extend high-grade gold to new depths at Nicolsons

Pantoro has also received impressive results from drilling down plunge and entirely outside of the mineral resource at Nicolsons.

These include:

3.55 metres at 95.89 g/t, including 1-metre at 317.0 g/t; 2.43 metres at 53.64 g/t, including 0.75 metres at 114.0 g/t; and 4.60 metres at 49.52 g/t. ]]>
Thu, 18 Apr 2019 15:27:00 +1000 https://www.proactiveinvestors.com.au/companies/news/218818/pantoro-builds-cash-as-production-upgrade-takes-shape-218818.html
<![CDATA[News - Pantoro drill results extend high-grade gold to new depths at Nicolsons ]]> https://www.proactiveinvestors.com.au/companies/news/216589/pantoro-drill-results-extend-high-grade-gold-to-new-depths-at-nicolsons-216589.html Pantoro Ltd (ASX:PNR) has received results from extension drilling finding very high-grade gold outside the resource boundary at its Nicolsons underground gold mine in Western Australia.

The results of up to 317 g/t gold are among the highest drilled at the project and in Australia over recent years.

Notably, the results compare favourably with the grades being reported from Kirkland Lake Gold’s (ASX:KLA) Fosterville mine, Victoria's largest producing gold operation.

As Nicolsons is an operating mine with development plans to access these new zones, high-grade gold production is set to continue.

Highlights from drilling included 3.55 metres at 95.89 g/t gold including 1-metre at 317 g/t gold, 2.43 metres at 53.64 g/t gold, and 4.6 metres at 49.52 g/t gold.

READ: Pantoro upgrades Wagtail mineral resource and ore reserve as mine development continues

Pantoro’s managing director Paul Cmrlec said: “These outstanding results clearly demonstrate that the extremely high grades that we have enjoyed in the upper levels at Nicolsons continue down plunge.

“As has always been the case at Nicolsons, the Mineral Resource is limited only by the drilling which has been able to be undertaken to date.

“Our geological knowledge of the ore system is continually improving, and these very high grade results show that mining at Nicolsons is likely to continue well beyond the current Ore Reserve to substantial depths.”

Resource and Reserve updates later in 2019

Drilling at Nicolsons continues to be primarily focused on gold inventory growth and supporting mine life extensions.

Pantoro intends to update its Mineral Resource and Ore Reserve statements later in 2019.

Similarities to the Mother Lode – a good sign

Several of the holes completed display very high grade sulphide mineralisation with lead, zinc and silver.

Notably, this is similar in nature to the very high grade Mother Lode which substantially boosted production at Nicolsons in the upper levels of the mine.

Results show ore zones continues more than 450 metres below surface

Results demonstrate continuity of the ore zone to more than 450 metres below the surface.

Furthermore, there are no geological indicators which suggest bounding of the ore at depth further supporting Pantoro's belief that the mine will be around for many years to come.

Positively, these very high-grade results over good strike lengths suggest that the orebody is maintaining its strike dimensions down plunge.

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Mon, 18 Mar 2019 10:31:00 +1100 https://www.proactiveinvestors.com.au/companies/news/216589/pantoro-drill-results-extend-high-grade-gold-to-new-depths-at-nicolsons-216589.html
<![CDATA[News - Pantoro upgrades Wagtail mineral resource and ore reserve as mine development continues ]]> https://www.proactiveinvestors.com.au/companies/news/215868/pantoro-upgrades-wagtail-mineral-resource-and-ore-reserve-as-mine-development-continues-215868.html Pantoro Ltd (ASX:PNR) has upgraded the mineral resource and ore reserve of the Wagtail Gold Mine within its Halls Creek Project in Western Australia.

Wagtail’s mineral resource increased by 17% to 632,000 tonnes at 7.3 g/t gold containing 147,300 ounces and its ore reserve was up 20% to a total of 393,000 tonnes at 5.9 g/t for 74,000 ounces.

The new resource estimate was updated to include drilling completed since the May 2018 resource and reserve estimate, which demonstrated the continuation of high-grade ore at depth within the system.

Only the Rowdies ore zones at Wagtail were updated, with Wagtail South and North remaining unchanged since May.

READ: Pantoro’s gold production at Halls Creek exceeds feasibility study target

Pantoro managing director Paul Cmrlec said starting ore development at Wagtail late last quarter was an important milestone in the company’s goal of achieving a plus-80,000 ounce per annum run-rate in the near-term.

He said: “Development at Wagtail North continues to progress well and re-commencement of open pit mining will accelerate the achievement of our objectives.

“The outstanding drilling results that we have seen beneath the previous mineral resource at Rowdies has delivered a significant upgrade to Wagtail’s mineral resources and we are confident that this growth trend will continue at Wagtail just as it has at Nicolson’s during the past four years.”

Pantoro's project area

  READ: Pantoro hits more high-grade gold at Grants Creek and Nicolsons

The company expects to continue expanding Wagtail’s resource and reserve as development within the mine provides additional drilling platforms to access the orebody along strike and at depth.

Approvals required for the Wagtail South open pit cut back have been received and open pit crews are mobilising to site as initial preparatory siteworks begin.

Underground development at Wagtail North is also progressing and decline development has reached the access for the second ore level.

READ: Pantoro increases gold production at Halls Creek operations

Exploration drilling at the Halls Creek Project is ongoing, with Pantoro drilling high-grade gold at the Perseverance and Wilsons Reef prospects in January.

Results included up to 6 metres at 4.96 g/t gold from 66 metres, including 1 metre at 11.2 g/t from Perseverance and 2 metres at 3.34 g/t from 40 metres at Wilsons Reef.

The prospects are in the newly-acquired Grants Creek Project about 60 kilometres north of Halls Creek.

Previous high grades from Perseverance feature 5 metres at 9.25 g/t from 38 metres, including 1 metre at 37.1 g/t, and 3 metres at 7.55 g/t from 12 metres, including 1 metre at 10.61 g/t.

The company has started modelling maiden mineral resource estimates for Perseverance and the Star of Kimberley deposits.

Pantoro aims to define mineralisation suitable for open put mining by the end of 2019 and will take steps required for the grant of a mining lease after completing the resource estimate.

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Tue, 05 Mar 2019 20:29:00 +1100 https://www.proactiveinvestors.com.au/companies/news/215868/pantoro-upgrades-wagtail-mineral-resource-and-ore-reserve-as-mine-development-continues-215868.html
<![CDATA[News - Pantoro’s gold production at Halls Creek exceeds feasibility study target ]]> https://www.proactiveinvestors.com.au/companies/news/213021/pantoros-gold-production-at-halls-creek-exceeds-feasibility-study-target-213021.html Pantoro Ltd’s (ASX:PNR) mining operations performed well during the December 2018 quarter with strong cash flows from the Halls Creek Project in Western Australia.

The Halls Creek Project includes the Nicolsons and Wagtail mines and a pipeline of exploration/development prospects in the Kimberley Region.

READ: Pantoro increases gold production at Halls Creek operations

Pantoro’s mining operations returned to expected production levels throughout the December quarter with 12,657 ounces produced, representing a 33% increase quarter on quarter.  All in sustaining costs (AISC) for the quarter were A$1,140 per ounce.

The company is currently producing gold at levels exceeding its feasibility study targets and has expanded to a production rate of 50-55,000 ounces of gold per annum.

Nicolsons Underground Mine

The Nicolsons mine provided the majority of the ore feed during the quarter, with a minor contribution from Wagtail.

Stoping and development performed well with 71,301 tonnes at 6.44 g/t gold for 14,763 ounces, including 54,841 tonnes at 7.87 g/t gold for 13,876 ounces of high-grade ore.

Project area

Ore was from a number of sources including development, cut and fill stoping, uphole benching, and airleg mining. The transition of mining methods has achieved the desired results.

Low grade stocks are being opportunistically upgraded utilising the ore sorter when there is capacity to do so.

READ: Pantoro hits more high-grade gold at Grants Creek and Nicolsons

Drilling to the north and below the current resource envelope has continued to return high grades, with excellent results returned from up to 100 metres north and 130 metres below the current development.

Development on the 1985 level is nearing completion with expected results achieved.

Wagtail Underground Mine

Pantoro received the final approvals required to commence underground mining at Wagtail in May 2018. Works commenced immediately upon approval and the first decline development round was fired on June 19, 2018.

Wagtail is being developed with a similar development philosophy to that employed at Nicolsons during the early development of the mine.

Isometric view of Wagtail mine

A small crew is advancing the decline on a 24 hour per day basis. The operations team achieved first ore development during December 2018 and will continue to ramp up ore supply from the mine as additional ore headings become available.

Ore mined to date has substantially exceeded modelled grades, and a full reconciliation will be undertaken once the first level has been completed.

Processing plant

The Nicolsons processing plant continued to operate reliably during the December 2018 quarter with 53,309 tonnes processed at an average grade of 7.87 g/t gold and a recovery of 93.7%.

Minor improvements to the recently upgraded crushing circuit are ongoing and when completed will see processed ore increase to about 60,000 – 63,000 tonnes per quarter.

The ore sorter is operational and performing to expectation.

READ: Pantoro drills high-grade gold at newly acquired Grants Creek

Pantoro acquired two regional projects during the 2017/2018 financial year, named Grants Creek, and Mary River.

The projects are about 100 kilometres and 25 kilometres from Nicolsons respectively and are highly prospective for the discovery of additional ore suitable for processing at Nicolsons.

Both projects are within trucking distance of the Nicolsons plant.

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Tue, 22 Jan 2019 17:24:00 +1100 https://www.proactiveinvestors.com.au/companies/news/213021/pantoros-gold-production-at-halls-creek-exceeds-feasibility-study-target-213021.html
<![CDATA[News - Pantoro hits more high-grade gold at Grants Creek and Nicolsons ]]> https://www.proactiveinvestors.com.au/companies/news/212192/pantoro-hits-more-high-grade-gold-at-grants-creek-and-nicolsons-212192.html Pantoro Ltd (ASX:PNR) has received further high-grade gold hits from its first drilling program at the Grants Creek project within the company’s Halls Creek project in Western Australia’s north.

Encouraging results of up to 6 metres at 4.96 g/t gold from 66 metres, including 1-metre at 11.2 g/t, have been received from Perseverance prospect and 2 metres at 3.34 g/t from 40 metres at Wilsons Reef.

High-grade gold has also been intersected in ongoing drilling at the operating Nicolsons underground mine.

READ: Pantoro drills high-grade gold at newly acquired Grants Creek

Pantoro’s managing director Paul Cmrlec said: “We are highly encouraged by the results from the first drill program at Grants Creek.

“These are the first three zones to be tested with modern drilling in this historical gold field which extends for several kilometres, demonstrating the untested potential of the area.”

Prospects at the Grants Creek project north of Halls Creek.

The new result from Perseverance is from one of the deepest holes drilled to date and supports continuing significant ore widths and high grades at depth at the prospect.

It adds weight to previous Perseverance results of up to 5 metres at 9.25 g/t from 38 metres, including 1-metre at 37.1 g/t.

Multiple veins at Wilsons Reef

Drilling at Wilsons Reef has confirmed multiple mineralised veins.

Other first pass results are 3 metres at 3.15 g/t from 20 metres, 2 metres at 2.10 g/t from 2 metres and 0.3 metres at 5.46 g/t from 4.3 metres.

READ: Pantoro increases gold production at Halls Creek operations

Maiden drilling at Grants Creek began in September 2018 aimed at evaluating the open pit potential at the historical production centres of Perseverance, Star of Kimberley and Wilsons Reef.

Resource estimate modelling

The company has started modelling maiden mineral resource estimates for the Perseverance and Star of Kimberley deposits.

Pantoro aims to define mineralisation suitable for open pit mining at Grants Creek by the end of 2019 and will take steps required for the grant of a mining lease after completing the resource estimate.

Ore could potentially be trucked to the Nicolsons plant southwest of Grants Creek.

Strong Nicolsons results

At the operating Nicolsons project ongoing exploration and development continues to return significant results at the northern end of the Anderson Lode.

Recent exploration has been focused on extension of the ore zones being mined underground.

As well as the 4.65-metre intersection, the drilling also returned 0.55 metres at 41.8 g/t.

These results are up to 100 metres north of existing working in the Anderson Zone and up to 450 metres below surface, which is about 130 metres below the current workings.

Drilling from existing development in the Hall Lode has identified high-grade mineralisation in a parallel lode in the footwall of current workings with results including 1.94 metres at 18.82 g/t.

READ: Pantoro substantial holder Robmar Investments increases ownership to more than 20%

Cmrlec said: "Nicolsons continues to provide additional high-grade intersections at depth, and mining at Wagtail is progressing well with strong grades noted in early development.

“Operations at Halls Creek are well positioned to continue to deliver expected outcomes during 2019.”

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Wed, 09 Jan 2019 12:33:00 +1100 https://www.proactiveinvestors.com.au/companies/news/212192/pantoro-hits-more-high-grade-gold-at-grants-creek-and-nicolsons-212192.html
<![CDATA[News - Pantoro increases gold production at Halls Creek operations ]]> https://www.proactiveinvestors.com.au/companies/news/212004/pantoro-increases-gold-production-at-halls-creek-operations-212004.html Pantoro Ltd (ASX:PNR) has returned to expected gold production levels at its Halls Creek gold operations in Western Australia, producing 12,657 ounces during the fourth quarter of 2018.

Production increased by 33% quarter-on-quarter and all-in sustaining costs for the quarter are expected to be $1,120-$1,160.

READ: Pantoro drills high-grade gold at newly-acquired Grants Creek

The rate of annualised production for the quarter was more than 50,000 ounces with production mostly coming from the Nicolsons underground mine.

A minor contribution was made from the Wagtail underground mine which will be ramped up to increase overall Hall’s Creek production.

 

Development work at Nicolson’s has drilled about 450 metres below surface and confirmed the continuation of high-grade ore within the northerly plunge of the ore body, about 130 metres below the current workings.

Wagtail development has intersected the ore zone on the 2200 level with ore development underway.

The Wagtail North portal.

 

READ: Pantoro shares Nicolsons Gold Project drilling highlights from Kimberley

Ore mined at Wagtail is expected to progressively increase through 2019 as additional ore drives are developed and production begins.

Adits developed at Wagtail South have identified additional high-grade ore which supports a cutback of the current open pit ahead of establishing the Wagtail’s second underground access.

The company has applied for approvals required to undertake the cutback and expects to start mining during the first half of 2019 pending final approvals.

READ: Pantoro substantial holder Robmar Investments increases ownership to more than 20%

Pantoro recently intersected high-grade gold at its Grants Creek project, also in the Halls Creek area.

Results feature 5 metres at 9.25 g/t gold from 38 metres at the Perseverance prospect and 2 metres at 11.04 g/t from 46 metres at the Star of Kimberley prospect.

Notably, Grants Creek was only recently acquired and is part of Pantoro’s strategy to consolidate prospective ground in the region.

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Sun, 06 Jan 2019 20:38:00 +1100 https://www.proactiveinvestors.com.au/companies/news/212004/pantoro-increases-gold-production-at-halls-creek-operations-212004.html
<![CDATA[News - Pantoro substantial holder Robmar Investments increases ownership to more than 20% ]]> https://www.proactiveinvestors.com.au/companies/news/211539/pantoro-substantial-holder-robmar-investments-increases-ownership-to-more-than-20-211539.html Pantoro Ltd (ASX:PNR) substantial holder Robmar Investments Pty Limited has purchased nearly 27.8 million shares through predominantly on-market trades as well as the exercise of options and a share placement.

The increase brings Robmar Investment’s total holding to 177,703,170 shares which represents 20.7% ownership in Pantoro.

READ: Pantoro drills high-grade gold at newly-acquired Grants Creek

Pantoro recently intersected high-grade gold at its Grants Creek Project in the Halls Creek area of Western Australia.

Results feature 5 metres at 9.25 g/t gold from 38 metres at the Perseverance prospect and 2 metres at 11.04 g/t gold from 46 metres at the Star of Kimberley prospect.

Notably, Grants Creek was only recently acquired and is part of Pantoro’s strategy to consolidate prospective ground in the region.

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Thu, 20 Dec 2018 00:58:00 +1100 https://www.proactiveinvestors.com.au/companies/news/211539/pantoro-substantial-holder-robmar-investments-increases-ownership-to-more-than-20-211539.html
<![CDATA[News - Pantoro drills high-grade gold at newly acquired Grants Creek ]]> https://www.proactiveinvestors.com.au/companies/news/208280/pantoro-drills-high-grade-gold-at-newly-acquired-grants-creek-208280.html Pantoro Ltd (ASX:PNR) has received initial exploration results grading up to 37 g/t gold from its 100% owned Grants Creek Project in the Halls Creek area of Western Australia.

Results feature 5 metres at 9.25 g/t gold from 38 metres at the Perseverance prospect and 2 metres at 11.04 g/t gold from 46 metres at the Star of Kimberley prospect.

Notably, Grants Creek was only recently acquired and is part of Pantoro’s strategy to consolidate prospective ground in the region.

READ: Pantoro shares Nicolsons Gold Project drilling highlights from Kimberley

Pantoro’s managing director Paul Cmrlec said: “The exploration results from the first drill targets at Grants Creek highlight the huge potential of the broader Halls Creek goldfields which are virtually untested by modern exploration.

“These new results demonstrate the near-term potential for high-grade ore sources outside of the Nicolsons Project area.

Only commercial processing plant in the area

“Pantoro owns the only commercial scale processing plant in the area, with the closest facility (which is not currently operating) approximately 300 kilometres to the south.

“The Grants Creek project presents a large number of prospects to be tested, with historical mining, surface rock chip sampling and soil geochemistry demonstrating the occurrence of gold mineralisation over several kilometres of strike.”

Perseverance and Star of Kimberley were historical production centres

Drilling aimed to evaluate the open pit potential at the historical production centres of Perseverance and Star of Kimberley.

Highlights from the first batch of results include:

Perseverance
5 metres at 9.25 g/t gold from 38 metres including 1 metre at 37.1 g/t gold;
3 metres at7.55 g/t gold from 12 metres including 1 metre at 10.61 g/t gold;
3 metres at 7.79 g/t gold from 62 metres including 1 metre at 14.7 g/t gold;
2 metres at 5.55 g/t gold from 12 metres;
2 metres at 5.56 g/t gold from 61 metres; and
2 metres at 5.19 g/t gold from 29 metres.

Star of Kimberley
2 metres at 11.04 g/t gold from 46 metres including 1 metre at 20.3 g/t gold;
2 metres at 6.53 g/t gold from 24 metres;
2 metres at 6.04 g/t gold from 24 metres; and
2 metres at 5.36 g/t gold from 10.3 metres.

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Thu, 01 Nov 2018 13:47:00 +1100 https://www.proactiveinvestors.com.au/companies/news/208280/pantoro-drills-high-grade-gold-at-newly-acquired-grants-creek-208280.html
<![CDATA[News - Pantoro shares Nicolsons Gold Project drilling highlights from Kimberley ]]> https://www.proactiveinvestors.com.au/companies/news/207335/pantoro-shares-nicolsons-gold-project-drilling-highlights-from-kimberley-207335.html Pantoro Ltd (ASX:PNR) has encountered up to 11 g/t gold, 2.13 g/t platinum group elements and 0.65% nickel at its Edison prospect, within its wider Nicolsons Gold Project near Halls Creek in Western Australia.

The company said follow up drilling at Edison and the Paddock Well deposits had produced “encouraging results”.

READ: Pantoro directors increase their stake in the company

Edison is about 45 kilometres southwest of Halls Creek, with the 400-metre coincident magnetic and gold-in-soil anomaly striking northeast.

Pantoro said at Edison “drilling has returned significant gold, platinum group element (PGE) and nickel values in the basal portion of the Lamboo igneous complex”.

The company highlighted other economic projects in the Kimberley region, such as Savannah Nickel Mine and the Panton Sill PGE project.

READ: Pantoro drills 31 metres of gold in maiden program at Mary River

High-grade interceptions from the Edison prospect included:

2 metres at 2.41 g/t gold from 13.3 metres;

1 metre at 11 g/t gold from 22 metres;

2 metres at 3.0 g/t gold from 1 metres;

1 metre at 7.9 g/t gold from 13 m;

2 metres at 3.7 g/t gold from 4 m;

2 metres at 3.28 g/t gold from 63 m;.

17 metres at 2.13 g/t PGE and 0.65% nickel;

17 m at 1.58 g/t PGE; and

21.4 metres at 1.93 g/t PGE and 0.55% nickel.

READ: Pantoro delivers 20% increase in gold reserve, lays platform for continued growth at Nicolsons

Pantoro reported efforts to test potential extensions had returned more encouraging results at Paddock Well.

These included:

4.35 metres at 5.42 g/t gold and 83 g/t silver and 4.59 % lead-and-zinc from 103.15 metres, including 2 metres at 8.63 g/t gold from 105.5 metres;

1.64 metres at 5.25 g/t gold and 39.1 g/t silver and 2.88% lead-and-zinc from 102.06 metres;

2.2 metres at 3.37 g/t gold and 19.41 g/t silver from 91.5m, including 0.7 metres at 8.72 g/t gold; and

0.25 metres at 14.96 g/t gold from 70.5 metres.

Hyena prospect was also drilled, returning 0.5 metres at 4.47 g/t gold in a diamond-drilled quartz vein.

The company said of its drilling: “The continued success supports the potential for additional gold mineralisation across the entire Nicolsons tenement area, particularly along strike of the active Nicolsons and Wagtail mines.”

Earlier this year, the company increased Nicolsons ore reserves by 20% to 964,000 tonnes at 7.1 g/t for 219,000 gold ounces, despite mining depletion.

The company’s total resource now stands at 1.5 million tonnes at 8.3 g/t for 393,000 ounces of gold, a 4% increase after mining depletion and pillar exclusion.

Pantoro’s proven ore reserve of 75,000 ounces within Nicolsons underground inventory reflects large developed ore stock in the mine.

The company's target production is 80,000 to 100,000 ounces of gold a year.

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Wed, 17 Oct 2018 23:19:00 +1100 https://www.proactiveinvestors.com.au/companies/news/207335/pantoro-shares-nicolsons-gold-project-drilling-highlights-from-kimberley-207335.html
<![CDATA[News - Pantoro directors increase their stake in the company ]]> https://www.proactiveinvestors.com.au/companies/news/206446/pantoro-directors-increase-their-stake-in-the-company-206446.html Pantoro Ltd (ASX:PNR) has had its directors increase their stake in the company pursuant to a share purchase plan announced on 6 September 2018.

Last month, the company raised $13 million via the placement of shares at 20 cents each to professional and sophisticated investors.

The new funds will give Pantoro operational flexibility to efficiently execute its planned production growth and mine life extension activities.

READ: Pantoro eyes annualised production of 80,000 gold ounces in the first half of 2019

These activities are to include accelerated development activities at the newly-established Wagtail Underground Mine in Western Australia’s Halls Creek in the East Kimberley region.

Accelerating the gold efforts will help the company maximise early-production activities to exceed 80,000 ounces per annum next calendar year.

The resource at the project is 574,000 tonnes at 6.8 g/t gold for 126,000 ounces.

About $4 million will be directed to efforts at Wagtail.

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Fri, 05 Oct 2018 14:37:00 +1000 https://www.proactiveinvestors.com.au/companies/news/206446/pantoro-directors-increase-their-stake-in-the-company-206446.html
<![CDATA[News - Pantoro invites shareholders to participate in raising capital of up to $16 million ]]> https://www.proactiveinvestors.com.au/companies/news/204885/pantoro-invites-shareholders-to-participate-in-raising-capital-of-up-to-16-million-204885.html Pantoro Ltd (ASX:PNR) invites eligible shareholders to participate in its capital raising which will generate up to $16 million to execute planned production growth and mine life extension at its Halls Creek gold operations in WA.

The company has already raised $13 million in a placement at an issue price of 20 cents per share to existing and new domestic and international professional and sophisticated investors.

READ: Pantoro to raise up to $16 million from investors and shareholders

Existing eligible shareholders have been invited to take part in a share purchase plan (SPP) at the same offer price as the placement.

The SPP, which is not underwritten, allows for the purchase of shares up to a value of $15,000 per shareholder.

 

Pantoro aims to raise up to $2 million with the ability to accept oversubscriptions for an additional $1 million.

Closing date for SPP is September 28, 2018, and the date scheduled for allotment and issue of new shares is October 5, 2018.

The company has stated that the funds would give it operational flexibility to “efficiently execute its planned production growth and mine life extension activities”.

READ: Pantoro eyes annualised production of 80,000 gold ounces in the first half of 2019

This will include around $4 million to accelerate development at the newly-established Wagtail Underground Mine, which forms part of the Halls Creek project in the East Kimberley region.

Accelerating efforts will help the company maximise early production activities in its aim to exceed annual production of 80,000 ounces of gold in 2019.

READ: Pantoro delivers 20% increase in gold reserve, lays platform for continued growth at Nicolsons

Pantoro also plans to allocate about $3 million for a drilling program to start shortly at the Grants Creek Project.

Another amount of around $3 million will be used to continue exploring at the Mary River and Nicolsons projects.

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Fri, 14 Sep 2018 12:20:00 +1000 https://www.proactiveinvestors.com.au/companies/news/204885/pantoro-invites-shareholders-to-participate-in-raising-capital-of-up-to-16-million-204885.html
<![CDATA[News - Pantoro to raise up to $16 million from investors and shareholders ]]> https://www.proactiveinvestors.com.au/companies/news/204409/pantoro-to-raise-up-to-16-million-from-investors-and-shareholders-204409.html Pantoro Ltd (ASX:PNR) has received $13 million in commitments from professional and sophisticated investors for a capital raising and hopes to raise a further $2-3 million from its shareholders.

The debt-free company’s two capital raisings could net it $15-16 million cash, with the share-buys priced at 20 cents a share.

READ: Pantoro eyes annualised production of 80,000 gold ounces in the first half of 2019

Pantoro is targeting $2 million from shareholders registered to Australian and New Zealand address and will accept up to $1 million in oversubscriptions to the raising.

A formal offer may be announced next week.

The company reported yesterday the funds would give it operational flexibility to “efficiently execute its planned production growth and mine life extension activities”.

These activities are to include acceleration development activities at the newly-established Wagtail Underground Mine in Western Australia’s Halls Creek in the East Kimberley region.

Accelerating the gold efforts will help the company maximise early-production activities to exceed 80,000 ounces per annum next calendar year.

The resource at the project is 574,000 tonnes at 6.8 g/t gold for 126,000 ounces.

About $4 million will be directed to efforts at Wagtail.

READ: Pantoro drills 31 metres of gold in maiden program at Mary River

The company also plans to put about $3 million in to a drilling program to start early this month at Grants Creek Project.

Pantoro also intends to continue exploring at the Mary River and Nicolsons projects, and spend about $3 million.

West Perth-based Pantoro will direct funds to working capital and “balance sheet flexibility” so the total spend is about $5 million, less costs of issue.

Any oversubscriptions will also be put into working capital.

The company’s share price closed at 20 cents today.

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Fri, 07 Sep 2018 17:03:00 +1000 https://www.proactiveinvestors.com.au/companies/news/204409/pantoro-to-raise-up-to-16-million-from-investors-and-shareholders-204409.html
<![CDATA[News - Pantoro enters trading halt ahead of capital raising ]]> https://www.proactiveinvestors.com.au/companies/news/204082/pantoro-enters-trading-halt-ahead-of-capital-raising-204082.html Pantoro Ltd (ASX:PNR) has been granted a trading halt by the ASX pending the release of an announcement regarding a capital raising.

The halt will remain in place until the earlier of the start of normal trading on Thursday, September 6, or when the announcement is released to the market.

READ: Pantoro eyes annualised production of 80,000 gold ounces in the first half of 2019

Pantoro recently outlined that it expects to produce about 4,000 to 4,500 ounces of gold per month from the Nicolsons Mine in Western Australia from September 2018 onwards.

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Tue, 04 Sep 2018 10:59:00 +1000 https://www.proactiveinvestors.com.au/companies/news/204082/pantoro-enters-trading-halt-ahead-of-capital-raising-204082.html
<![CDATA[News - Pantoro eyes annualised production of 80,000 gold ounces in the first half of 2019 ]]> https://www.proactiveinvestors.com.au/companies/news/203657/pantoro-eyes-annualised-production-of-80000-gold-ounces-in-the-first-half-of-2019-203657.html Pantoro Ltd (ASX:PNR) is expected to produce about 4,000 to 4,500 ounces of gold per month from the Nicolsons Mine in Western Australia from September 2018 onwards.

A large proportion of the proven reserve lies in the upper levels of the southern Johnston Lode, where stoping has now commenced.

Development at Wagtail has continued to progress, with about 250 metres of development required to commence production on the first ore level.

READ: Pantoro delivers 20% increase in gold reserve, lays platform for continued growth at Nicolsons

Wagtail is expected to produce ore from development during the December 2018 quarter and is an important addition to the ore profile growth targeted by Pantoro.

The benefit of the ore sorting will be fully realised once ore delivered from Wagtail and Nicolsons to the ROM (run-of-mine) exceeds the mill capacity.

With both mines operating, production is scheduled to reach an annualised run rate of 80,000 ounces during the first half of calendar year 2019.

Operations update

Stoping operations at the Nicolsons Underground Mine during the quarter to date have resulted in lower gold production than scheduled, primarily due to the transition from one stoping method to another.

While mine schedules have generally been achieved in terms of tonnes mined, total gold extracted from the mine has been below expectation due to the dilution issues during the transition.

READ: Pantoro high-grade drill results bode well for mine life extension

A total of 3,225 gold ounces was produced in July, with a similar production now expected during August.

Production for the September quarter is expected to be 10,000 to 11,000 ounces.

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Tue, 28 Aug 2018 15:04:00 +1000 https://www.proactiveinvestors.com.au/companies/news/203657/pantoro-eyes-annualised-production-of-80000-gold-ounces-in-the-first-half-of-2019-203657.html
<![CDATA[News - Pantoro drills 31 metres of gold in maiden program at Mary River ]]> https://www.proactiveinvestors.com.au/companies/news/202339/pantoro-drills-31-metres-of-gold-in-maiden-program-at-mary-river-202339.html Pantoro Ltd (ASX:PNR) has achieved immediate success from its maiden drilling program at the Mary River Gold Project located 20 kilometres from the Nicolsons Project in Western Australia.

The eight hole program which included five diamond drill holes and three reverse circulation (RC) holes featured 31.65 metres at 1.78 g/t gold.

Aeromagnetic surveys and additional drilling will be Pantoro’s next steps at the emerging Mary River project.

READ: Pantoro delivers 20% increase in gold reserve, lays platform for continued growth at Nicolsons

Pantoro’s managing director Paul Cmrlec said: “The initial exploration results from Mary River are an exciting development for the company.

“The entire 15 kilometre strike length of the Mary River line of workings remains untested with no drilling to speak of completed previously.”

Drilling demonstrates potential of area

Cmrlec added: “Pantoro owns and operates the only gold processing plant in the Kimberley Region, and has been able to secure many of the historical mining areas around Halls Creek in recent times.

“This drilling has again demonstrated the untapped potential of the region and provides Pantoro with a growth opportunity not often seen in a developed mining jurisdiction such as WA.”

No equity capital raisings since construction

Notably, Pantoro is debt free and cash flow positive having produced 52,203 ounces of gold in FY2018 from its flagship Nicolsons gold operation.

Due to the successful development and operation of Nicolsons, Pantoro has not had to raise funds by issuing equity since construction in 2015.

Pantoro aims to continue delivering value for shareholders as it targets an increased gold production run rate of 80,000 to 100,000 ounces per annum in CY2019.

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Tue, 07 Aug 2018 15:48:00 +1000 https://www.proactiveinvestors.com.au/companies/news/202339/pantoro-drills-31-metres-of-gold-in-maiden-program-at-mary-river-202339.html
<![CDATA[News - Pantoro delivers 20% increase in gold reserve, lays platform for continued growth at Nicolsons ]]> https://www.proactiveinvestors.com.au/companies/news/202062/pantoro-delivers-20-increase-in-gold-reserve-lays-platform-for-continued-growth-at-nicolsons-202062.html Pantoro Ltd (ASX:PNR) has delivered a 20% increase in ore reserve to 964,000 tonnes at 7.1 g/t for 219,000 gold ounces (after mining depletion) at the Nicolsons Gold Project in Western Australia.

The company’s total resource now stands at 1.5 million tonnes at 8.3 g/t for 393,000 ounces of gold, a 4% increase after mining depletion and pillar exclusion.

Notably, the proven ore reserve of 75,000 ounces within the Nicolsons underground inventory reflects the large developed ore stock in the mine.

The developed stocks support the planned production ramp up to 80,000 to 100,000 gold ounces per annum.

 

Pantoro managing director Paul Cmrlec said: “The Nicolsons project continues to deliver for Pantoro, with continued success in the definition of additional mineral resource and ore reserve replacing depleted ore and continuing to grow the overall gold inventory.

“With the Wagtail decline development progressing, the site operations team is focused on increasing the volume of ore delivered to the ROM and utilising the ore sorter to deliver production growth targets of 80,000 to 100,000 ounces per annum.”

READ: Pantoro on track to achieve gold production rate of up to 100,000 ounces per year

The production schedule for Wagtail remains on track, with ore development scheduled to commence in the December 2018 quarter.

At Nicolsons, the development focus is in the Johnston Lode in the coming six months, with extensive capital infrastructure already in place as ore can be accessed from the existing north decline.

Pantoro’s planned drilling programs during the coming year will focus on the growth of the resource and ore reserve inventory within existing mines and within regional programs.

Well-developed ore stocks

Cmrlec added: “The focus on development during the past two years has resulted in strong developed ore stocks which bodes well for continued growth at the mine.

“With the ongoing exploration effort both within the existing mines and in the wider project areas, we are confident that mineral resource inventories will continue to grow.”

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Thu, 02 Aug 2018 14:25:00 +1000 https://www.proactiveinvestors.com.au/companies/news/202062/pantoro-delivers-20-increase-in-gold-reserve-lays-platform-for-continued-growth-at-nicolsons-202062.html
<![CDATA[News - Pantoro on track to achieve gold production rate of up to 100,000 ounces per year ]]> https://www.proactiveinvestors.com.au/companies/news/200804/pantoro-on-track-to-achieve-gold-production-rate-of-up-to-100000-ounces-per-year-200804.html Pantoro Ltd (ASX:PNR) has achieved full year gold production of 52,203 ounces at the Nicolsons mine, within its targeted range of 50,000 – 55,000 ounces.

Nicolsons is located within the company’s multi-faceted Halls Creek Project in the Kimberley Region of Western Australia.

The Nicolsons processing plant continued to operate reliably with 54,998 tonnes processed during the quarter at an average recovery of 92%.

Processed tonnes were slightly below the previous quarter due to minor delays associated with tie in of the new ore sorter and crushing circuit.

The minimal disruption was an excellent result considering the magnitude of the upgrade.

Notably, Pantoro held $14.9 million in cash and gold at the end of the quarter following the final debt repayment early in April.

The Nicolsons operation is well positioned to substantially grow Pantoro’s cash position now that several major projects and their associated expenditure requirements have been completed.

Installation and commissioning of the Steinert ore sorter was completed during June.

READ: Pantoro commissions new equipment to step up gold production at Nicolsons

The ore sorter will be the primary facilitator of continued production increases during the coming year.

Pantoro is expected to realise the full benefit from the ore sorter as ore development and production from the Wagtail underground mine ramps up.

READ: Pantoro high-grade drill results bode well for mine life extension

Wagtail development is progressing well in accordance with the site plan. The first substantial ore development is expected during the December 2018 quarter.

Importantly, a combination of Wagtail ore with the existing Nicolsons feed is expected to result in the ore sorter and processing plant being fully utilised by the end of the year.

In May 2018, Pantoro reported the maiden underground indicated and inferred resource of 126,000 gold ounces and a probable ore reserve of 62,000 gold ounces at Wagtail.

READ: Pantoro has an upgraded gold resource as it prepares to ramp up mining and production

An annual resource and ore reserve update for Nicolsons is expected to be completed during the coming weeks.

Managing Director Paul Cmrlec said “The June 2018 quarter was a defining period in the preparation for continued growth at Nicolsons.

“The operations team achieved an excellent outcome in delivering several major capital projects while maintaining production at the mine.

“The project’s undertaken are key to our growth plans, and we look forward to delivering production rates of 80,000 to 100,000 ounces per annum in the near term.”

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Mon, 16 Jul 2018 11:56:00 +1000 https://www.proactiveinvestors.com.au/companies/news/200804/pantoro-on-track-to-achieve-gold-production-rate-of-up-to-100000-ounces-per-year-200804.html
<![CDATA[Media files - Pantoro Ltd in the process of upgrading to produce up to 100,000 gold ounces per year ]]> https://www.proactiveinvestors.com.au/companies/stocktube/9762/pantoro-ltd-in-the-process-of-upgrading-to-produce-up-to-100000-gold-ounces-per-year-9762.html Tue, 03 Jul 2018 17:29:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/9762/pantoro-ltd-in-the-process-of-upgrading-to-produce-up-to-100000-gold-ounces-per-year-9762.html <![CDATA[News - Pantoro high-grade drill results bode well for mine life extension ]]> https://www.proactiveinvestors.com.au/companies/news/199090/pantoro-high-grade-drill-results-bode-well-for-mine-life-extension-199090.html Pantoro Ltd (ASX:PNR) has received new high-grade drill results from the Rowdies deposit within the Halls Creek Gold Project in Western Australia.

Notably, the intersections which included 2.15 metres at 42.33 g/t gold, were drilled outside the recent Ore Reserve area for the Wagtail Mine.

This demonstrates strong potential for continued expansion of the deposit.

READ: Pantoro commissions new equipment to step up gold production at Nicolsons

Pantoro’s managing director Paul Cmrlec said: “These new results are a clear demonstration of the continuation of high grade mineralisation beyond the current Ore Reserve at Wagtail.

“The similarities to Nicolsons are compelling, and the actual scale of this deposit will be revealed as we access the first ore levels and deeper drilling platforms.

“As we said of the Nicolsons deposit several years ago, we believe that the drilling completed at Wagtail to date is accessing the tip of the iceberg.”

Current quarter production 10,600 to 11,400 ounces

Due to a number of factors, production during the current quarter is expected to be in the range of 10,600 to 11,400 ounces compared with 13,385 ounces in the previous quarter.

Production during the quarter has been affected by several short-term factors which are not expected to affect operations in subsequent quarters.

Pantoro will recover a portion of the production missed during April and May during June, however, the 13,000 ounces target for the quarter is unlikely to be met.

Full year production still within target range

Total production for the full year is expected to exceed 50,000 ounces and is within the target range set for the year.

Cmrlec added: “Whilst production during this quarter is slightly below our long-term plan, the site is in great shape with a large capital re-investment in the operation during the quarter set to deliver the production upgrades and unit cost reduction that we have planned for.

“Projects undertaken during the quarter include a major processing capacity increase through installation of the ore sorter, development of a new surface ventilation raisebore at Nicolsons, a major tailings facility lift and commencement of mining works at Wagtail.

Remain focused on attaining 80,000 to 100,000 ounces per annum

“All of these projects under-pin delivery of our overall development strategy during the coming quarters and we remain focused on attaining an 80,000 to 100,000 ounce per annum production rate by the end of 2018, with the first full period at the extended rate in the March 2019 quarter as previously advised.”

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Tue, 19 Jun 2018 12:16:00 +1000 https://www.proactiveinvestors.com.au/companies/news/199090/pantoro-high-grade-drill-results-bode-well-for-mine-life-extension-199090.html
<![CDATA[News - Pantoro commissions new equipment to step up gold production at Nicolsons ]]> https://www.proactiveinvestors.com.au/companies/news/198917/pantoro-commissions-new-equipment-to-step-up-gold-production-at-nicolsons-198917.html Pantoro Ltd’s (ASX:PNR) recently installed ore sorter and crushing circuit at the Nicolsons Project in Western Australia has been commissioned and is operating to expectation.

The ore sorter assists the site to achieve increased production by removing waste from the mill feed which is currently operating at full capacity, and replacing it with additional ore.

The new crushing circuit has demonstrated a reliable operation at about 90 tonnes per hour, which easily exceeds mill capacity with and without the ore sorter in operation.

The ore sorter has displayed expected performance in work completed to date with current sorting outcomes consistent with the test work completed prior to purchasing the unit.

Pantoro will continue to optimise the circuit and ore sorter operations in conjunction with Steinert, the equipment manufacturer.

As more material is processed through the circuit it is considered that additional fine tuning may result in further improvements to sorted ore grades.

READ: Pantoro has consistent strong gold production in March quarter

Pantoro managing director Paul Cmrlec said: “The new crushing and ore sorting facilities at Nicolsons are a fantastic addition to the processing circuit.

“The fixed crushing capacity removes the need to maintain mobile crushers on site, substantially reducing costs.

“The extensive capital investment undertaken during the quarter has placed the operation in a position to achieve production and cash generation growth targets during the coming year.”

READ: Pantoro has an upgraded gold resource as it prepares to ramp up mining and production

The company recently updated the indicated and inferred resource at its Wagtail underground mine to 574,000 tonnes at 6.8 g/t gold for 126,000 ounces.

Combined with the 370,000 ounces gold resource for Nicolsons (May 2017), Pantoro can now rapidly progress mining at Wagtail in parallel with Nicolsons.

The first development round at Wagtail Underground is expected to be undertaken early next week.

Recent drilling continues to assist with further potential upgrades for both Wagtail and Nicolsons, with the drilling returning some of the deepest high-grade intersections received to date at the project.

Cmrlec added “We remain focussed on achieving production rates of 80,000-100,000 ounces per annum during the first quarter of calendar year 2019.

“With processing upgrades in place, the focus is now squarely on ramping up production rates from both Nicolsons and Wagtail”.

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Fri, 15 Jun 2018 16:23:00 +1000 https://www.proactiveinvestors.com.au/companies/news/198917/pantoro-commissions-new-equipment-to-step-up-gold-production-at-nicolsons-198917.html
<![CDATA[News - Pantoro has an upgraded gold resource as it prepares to ramp up mining and production ]]> https://www.proactiveinvestors.com.au/companies/news/197760/pantoro-has-an-upgraded-gold-resource-as-it-prepares-to-ramp-up-mining-and-production-197760.html Pantoro Ltd (ASX:PNR) has updated the indicated and inferred resource at its Wagtail underground mine in Western Australia’s Kimberley region to 574,000 tonnes at 6.8 g/t gold for 126,000 ounces.

The maiden underground probable ore reserve is 62,000 ounces at an average grade of 5.4 g/t gold.

The Nicolsons site has a track record of positive reconciliations, and the company is confident that it will see substantial increases in the Wagtail ore reserve as development proceeds.

This has been the case at Nicolsons underground mine, and in the Wagtail open pits. The company has reported many very high grade drilling results from Wagtail including:

• 2.34 metres at 63.12 g/t gold, including 0.9 metres at 83.65 g/t gold;
• 1.75 metres at 20.19 g/t gold, including 0.98 metres at 34.4 g/t gold;
• 0.8 metres at 17.51 g/t gold;
• 1 metres at 18.51 g/t gold;
• 1.05 metres at 14.77 g/t gold; and
• 0.6 metres at 22.30 g/t gold.

These results suggest that some zones of very high grade mineralisation will be encountered underground.

Pantoro’s mineral resource and ore reserve are made up of ore lodes from the Wagtail South, Wagtail North and Rowdies deposits.

READ: Pantoro extends gold mineralisation at Wagtail underground mine

The first ore development at Wagtail underground is expected early in the December 2018 quarter.

The ore reserve is to be accessed by decline development with portals in both the Wagtail North and Wagtail South open pits.

Pantoro is commencing from the Wagtail North Open pit, with development from the Wagtail South pit shortly afterward.

Site work has commenced

The company has now received final environmental approvals from the Department of Mines, Industry Regulation and Safety, with all other required approvals in place.

Work has commenced to support the open pit walls in the area around the underground decline portal locations. The company will commence development once the support works are completed.

Installation of the ore sorter and associated infrastructure for the processing plant upgrade is nearing completion.

The ore sorter and all associated infrastructure are expected to be fully operational by the end of this month.

READ: Pantoro has consistent strong gold production in March quarter

The company produced a solid 13,385 ounces of gold in the March quarter from its 100% owned Nicolsons Gold Mine within the Halls Creek Project.

Pantoro managing director Paul Cmrlec said: “The development of an underground mine at Wagtail has formed part of our long-term growth strategy for the Nicolsons project for some time.

“While the current Mineral Resource and Ore Reserve is relatively modest, it displays many similarities to the pre-mining model at Nicolsons.

“Mining Wagtail in parallel with Nicolsons will allow optimisation of mill feed including the use of the ore sorter which is in the final stages of installation and commissioning.”

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Mon, 28 May 2018 12:33:00 +1000 https://www.proactiveinvestors.com.au/companies/news/197760/pantoro-has-an-upgraded-gold-resource-as-it-prepares-to-ramp-up-mining-and-production-197760.html
<![CDATA[News - Pantoro has consistent strong gold production in March quarter ]]> https://www.proactiveinvestors.com.au/companies/news/194577/pantoro-has-consistent-strong-gold-production-in-march-quarter-194577.html Pantoro Ltd (ASX:PNR) produced a solid 13,385 ounces of gold in the March quarter from its 100% owned Nicolsons Gold Mine within the Halls Creek Project in Western Australia.

The quarter continues on from a similar December production figure resulting in an annualised production rate of about 55,000 ounces per annum.

Notably, this rate is expected to increase with the implementation of the Steinert ore sorter.

Aiming for 80-100,000 ounces per annum

The ore sorter will be the main driver to continued production increases during the coming year.

Pantoro is aiming for production rates of 80-100,000 ounces per annum by the end of 2018.

READ: Pantoro is a low-cost gold producer with plenty of growth opportunities

Pantoro’s managing director Paul Cmrlec said: “The Nicolsons team has again delivered another consistent operational result during the March quarter, enabling the company to make the final payment to CBA early in April.

“The operations team is clearly focussed increasing production from the Nicolsons underground mine and establishing ore supply from the soon to be developed Wagtail mine to optimise feed to the ore sorting circuit by the end of the year.

“With the company now operating debt free, we look forward to the next 12 months as a period of strong cash flow generation as we benefit from the delivery of these major projects.”

The March quarter highlighted the reliability of operations

Nicolsons' processing plant continued to operate reliably at 240,000 tonnes per annum.

56,729 tonnes were processed at an average grade of 7.96 g/t gold and an average recovery of 92.2%.

Taking the Wagtail pits underground

Works at the Wagtail open pits to establish access to underground portal positions have been completed.

Pantoro is expecting all regulatory approvals to be finalised allowing commencement of underground development at Wagtail this month.

READ: Pantoro extends gold mineralisation at Wagtail underground mine

Recent drilling programs by Pantoro continue to reveal the potential of both the Nicolsons underground mine and the new Wagtail underground mine.

A drilling program targeting the Rowdies and Wagtail ore bodies returned strong results of up to 2.34 metres at 63.12 g/t gold, including 0.9 metres at 83.65 g/t.

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Tue, 10 Apr 2018 14:11:00 +1000 https://www.proactiveinvestors.com.au/companies/news/194577/pantoro-has-consistent-strong-gold-production-in-march-quarter-194577.html
<![CDATA[News - Pantoro extends gold mineralisation at Wagtail underground mine ]]> https://www.proactiveinvestors.com.au/companies/news/194289/pantoro-extends-gold-mineralisation-at-wagtail-underground-mine-194289.html Pantoro Ltd (ASX:PNR) has extended the depth and strike of gold mineralisation at the Wagtail underground mine in Western Australia’s Kimberley region.

A drilling program targeting the Rowdies and Wagtail ore bodies has returned strong results of up to 2.34 metres at 63.12 g/t gold, including 0.9 metres at 83.65 g/t.

Overall strike length appears to be slightly longer than at the nearby Nicolsons mine and drilling to date suggests that the same grades and widths can be expected.

The mine that is being developed is about 1 kilometre south of the processing plant at Nicolsons.

Extension to Nicolsons ore system

Managing director Paul Cmrlec said: “Ongoing drilling at Wagtail has returned fantastic results along the entire known strike of the ore bodies.

“This demonstrates that we are dealing with an extension to the Nicolsons ore system.”

READ: Pantoro debt-free after making early final repayment to CBA

Extensional exploration drilling has been ongoing at Wagtail since late 2016.

One of the deepest holes drilled to date targeting the Rowdies mineralisation returned 1 metre at 18.51 g/t gold from 261.45 metres downhole, or 222 metres vertically below the surface.

This intersection is only 400 metres south of the South Decline being mined at Nicolsons.

It confirms that Wagtail mineralisation is a continuation of the ore system being mined at Nicolsons and is structurally controlled by the Archer Fault.

Other results include 1.75 metres at 20.19 g/t including 0.98 metres at 34.4 g/t, 0.8 metres at 17.51 g/t, 1.05 metres at 14.77 g/t, 0.8 metres at 20.3 g/t and 0.8 metres at 35.6 g/t.

Updated resource estimate

Pantoro is completing an updated mineral resource estimate and ore reserve calculation for Wagtail.

This is expected to be available during the current quarter and the results to date indicate this will be a strong share price catalyst.

The company is up almost 4% to 32 cents in early trade after reaching a 12-month high of 33 cents last month.

“This is a very busy period in the continued growth at the project,” Cmrlec said, “with production ramping up at Nicolsons, mining commencing at Wagtail and the installation of ore sorting in the processing plant well advanced.

“The combination of these advancements will see the site reach its expanded production rate target of 80,000-100,000 ounces per annum by the end of 2018.”

READ: Pantoro reveals high-grade gold depth extensions in drilling at Nicolsons

Open pit mining was completed at Wagtail in December 2017 and Pantoro is focused on starting underground mining via portals in the Wagtail North and Wagtail South open pits.

The portal positions have been prepared for development, and additional equipment required to begin decline development is on site.

Pantoro expects that underground mining at Wagtail will start by the end of this month once regulatory approvals are finalised.

The Nicolsons operations are within the Halls Creek Project in Western Australia’s north.

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Thu, 05 Apr 2018 11:58:00 +1000 https://www.proactiveinvestors.com.au/companies/news/194289/pantoro-extends-gold-mineralisation-at-wagtail-underground-mine-194289.html
<![CDATA[News - Pantoro is a low-cost gold producer with plenty of growth opportunities ]]> https://www.proactiveinvestors.com.au/companies/news/194216/pantoro-is-a-low-cost-gold-producer-with-plenty-of-growth-opportunities-194216.html Pantoro Ltd (ASX:PNR) is producing gold from its 100% owned Nicolsons Gold Mine within the Halls Creek Project in Western Australia.

Notably, the December quarter of 2017 marked Pantoro’s tenth consecutive quarter of increased production from Nicolsons.

Furthermore, the company expects to continue production increases later in 2018 facilitated by improved ore sorting and underground development.

Commenced production in September 2015

Pantoro commenced gold production from Nicolsons in September 2015 following six months of construction which involved commencement of a new underground mine.

The existing processing facility was repaired and refurbished and surface infrastructure including the tailings storage facility was built.

After producing 13,841 ounces in the December 2017 quarter, Pantoro is currently producing gold at levels exceeding its feasibility study targets.

The company has expanded to a production rate of 55,000 ounces per annum and is well on its way to growing its annual production to 80-100,000 ounces per annum.

READ: Pantoro AISC below A$1000 ($US780) in another record breaking quarter of production

A competitive advantage of Pantoro relative to other comparable ASX gold producers is its cost of production.

Significantly, the company's all-in sustaining costs (AISC) per ounce fell below the A$1,000 mark to A$990 ($US 780) for the December 2017 quarter.

With the gold price already reaching up to A$1,750 per ounce in 2018, Pantoro has secured its position in the market as a high-margin, debt-free gold producer.

Taking the Wagtail pits underground

While the majority of ore has been mined from the Nicolsons underground mine, open pit mining has also been undertaken at the project.

Mining at the Wagtail open pits was completed in December 2017 as scheduled after which time work to establish underground access points commenced.

Pantoro is finalising approvals documentation and intends to start development and mining immediately after the wet season in April 2018.

Mineral resource modelling is underway at Wagtail, with a new mineral resource and ore reserve expected to be published before underground mining begins.

READ: Pantoro reveals high-grade gold depth extensions in drilling at Nicolsons

In March 2018, Pantoro identified deep high-grade gold extensions at the Nicolsons underground mine.

Extensional drilling revealed the deepest intersection received to date in the Anderson Lode at 410 metres below the surface and 130 metres below the current ore reserve.

Best results included 16.9 metres at 7.20 g/t gold, including 8.35 metres at 12.04 g/t; 1 metre at 11.80 g/t; and 3.8 metres at 58.36 g/t, including 2.4 metres at 91.7 g/t.

Mineralisation out-performing ore reserve

Development at Nicolsons continues to identify zones of very high-grade mineralisation which significantly out-perform the ore reserve in a manner similar to results in the northern side of the mine.

Pantoro will continue to explore deeper at Nicolsons with approved drill programs in place to systematically target the ore body to depths greater than 600 metres below surface.

Processing plant expansion underway

After undertaking ore sorting test work Pantoro has purchased a state-of-the-art ore sorter from STEINERT Australia.

The machine is expected to be operational by April 2018.

The ore sorter, as well as other processing upgrades, support Pantoro’s expectations to achieve a production run rate of 80-100,000 ounces per annum by the end of CY2018.

READ: Pantoro debt-free after making early final repayment to CBA

Pantoro became debt-free in April 2018 after making its final repayment under the gold pre-payment facility with the Commonwealth Bank of Australia (ASX:CBA).

Competitively priced hedge contracts in place

During April 2018, the company entered into new hedging contracts with CBA up to October 2019.

The company hedged 2,000 ounces per month to underwrite operating costs while ensuring strong leverage to the gold price.

Notably, Pantoro has already hedged a total of 38,000 ounces to be delivered at a competitive average price of A$1,724 per ounce, which compares favourably with the hedge price of peers.

READ: Pantoro makes strategic move to expand portfolio in gold producing region

The greater project region has only been sporadically assessed over a number of years, and is considered to be grossly under-explored.

First pass exploration results from early-2018 at a number of targets has highlighted the potential of the Nicolsons project area which has remained essentially untapped until now.

READ: Pantoro high-grade gold hits highlight regional potential of Nicolsons project

These new results combined with other recent successes lay the foundations for Pantoro’s continued growth in the Halls Creek region.

The widespread results confirm that extensive gold mineralisation exists throughout the 15-kilometre strike length of the Nicolsons tenement area.

2018 exploration program targeting new resources

Work completed to date has allowed Pantoro to plan its 2018 exploration program.

The initial focus will be on further expansion of the Nicolsons and Wagtail ore reserves.

Resource definition at Grants Creek, Paddock Well and Western Reef exploration prospects will begin following the wet season, with one drill rig to be committed to this work.

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Wed, 04 Apr 2018 16:14:00 +1000 https://www.proactiveinvestors.com.au/companies/news/194216/pantoro-is-a-low-cost-gold-producer-with-plenty-of-growth-opportunities-194216.html
<![CDATA[News - Pantoro debt-free after making early final repayment to CBA ]]> https://www.proactiveinvestors.com.au/companies/news/194102/pantoro-debt-free-after-making-early-final-repayment-to-cba-194102.html Pantoro Ltd (ASX:PNR) is a zero-debt company after making its final repayment under the gold pre-payment facility with the Commonwealth Bank of Australia (ASX:CBA).

The payment was due at the end of April 2018, however the board made the decision to close out the facility repayments early.

READ: Pantoro makes strategic move to expand portfolio in gold producing region

Pantoro managing director Paul Cmrlec said “We are very pleased to have completed repayment of the gold prepayment facility ahead of schedule.

“Pantoro would like to thank CBA for its support during the past three years and looks forward to continuing the relationship through hedging arrangements.”

Additional cashflow to complete processing plant upgrade

The pre-payment facility was utilised to facilitate the construction of the Nicolsons mine within the Halls Creek Project in Western Australia.

Importantly, the closing of the facility will result in an additional free cashflow for Pantoro of about $2.6 million per quarter at the current gold price of A$1,730 per ounce.

This will enable the company to complete the current processing plant upgrade and construction of the new Wagtail underground mine, while continuing existing mining and processing operations at Nicolsons.

READ: Pantoro AISC below A$1000 ($US780) in another record-breaking quarter of production

Pantoro produced a record 13,841 ounces of gold at the Halls Creek Project during the December 2017 quarter, the 10th consecutive quarter of increases.

The company is well positioned to achieve its planned production rate of 80-100,000 ounces per annum later this year.

Productivity and profitability of Nicolsons operation set to rise

The processing plant upgrade, including ore sorting technology is well advanced with the ore sorter and its base in place at site and all required infrastructure ready for installation.

The ore sorter and new tertiary crusher are expected to be operational during April 2018 with commissioning to be completed during the following two weeks.

Cmrlec added “The capital projects currently underway at site will take the Nicolsons operation to a new level of productivity and profitability in the near term, with everything continuing on the planned time line at the present time.”

New contracts to hedge risks in gold price

Pantoro has entered into new hedging contracts with CBA up to October 2019.

The company has hedged 2,000 ounces per month to underwrite operating costs while ensuring strong leverage to the gold price.

Pantoro has already hedged a total of 38,000 ounces to be delivered at an average price of A$1,724 per ounce, which compares favourably with the hedge price of peers.

READ: Pantoro reveals high-grade gold depth extensions in drilling at Nicolsons ]]>
Tue, 03 Apr 2018 13:27:00 +1000 https://www.proactiveinvestors.com.au/companies/news/194102/pantoro-debt-free-after-making-early-final-repayment-to-cba-194102.html
<![CDATA[News - Pantoro reveals high-grade gold depth extensions in drilling at Nicolsons ]]> https://www.proactiveinvestors.com.au/companies/news/193746/pantoro-reveals-high-grade-gold-depth-extensions-in-drilling-at-nicolsons-193746.html Pantoro Ltd (ASX:PNR) has identified deep high-grade gold extensions at the Nicolsons underground mine which forms part of the Halls Creek project in Western Australia.

Extensional drilling has revealed the deepest intersection received to date in the Anderson Lode at 410 metres below the surface and 130 metres below the current ore reserve.

Best results are 16.9 metres at 7.20 g/t gold, including 8.35 metres at 12.04 g/t; 1 metre at 11.80 g/t; and 3.8 metres at 58.36 g/t, including 2.4 metres at 91.7 g/t.

READ: Pantoro high-grade gold hits highlight regional potential of Nicolsons project

Managing Director Paul Cmrlec said: “These latest results from Nicolsons clearly demonstrate the high quality of the asset.

“Mineralisation has been very consistent throughout the mine, which has a strike length approaching 1 kilometre.

“The current round of drilling has extended the known mineralisation to around 410 metres below the surface while the current mine depth is only 250 metres.”

Focused on growth of resources and reserves

Pantoro has focused its underground exploration on the growth of mineral resources and ore reserves for the past year with two drill rigs operating.

Drilling has been focused beneath the Hall and Anderson lodes to the north and the Johnston Lode to the south.

 

Core from underground drilling at the Anderson Lode.

The work is aimed at supporting the long-term sustainability of the company’s planned annual production growth to 80-100,000 ounces.

READ: Pantoro AISC below A$1000 ($US780) in another record-breaking quarter of production

“Pantoro is very well positioned to achieve its planned production rate of 80-100,000 ounces per annum late this year,” Cmrlec said.

Very high-grade mineralisation has been found along the entire known strike length of the mine and it remains open at depth.

At Johnston Lode, development has progressed significantly with 2215, 2200 and 2160 levels extensively developed.

Ore has also been accessed on the 2180 level with development due to start.

Mineralisation out-performs ore reserve

Development continues to identify zones of very high-grade mineralisation which significantly out-perform the ore reserve in a manner similar to results in the northern side of the mine.

Cmrlec said: “We will continue to explore deeper at Nicolsons with approved drill programs in place to systematically target the ore body to depths greater than 600 metres below surface.

Ore reserve updates

“The next ore reserve updates for Nicolsons and Wagtail are expected to be released during the June 2018 quarter.

“The mine is in an exceptional position to substantially increase production with 10 stoping fronts to be available for production during the first half of 2018.

“Manning levels are being increased to achieve the planned ramp up to 25,000 tonnes per month from Nicolsons and installation works for the ore sorter are progressing in line with schedule.”

Halls Creek comprises the operating Nicolsons mine and the Wagtail mine where underground development is advancing after open-pit mining ended late last year.

Phased drill programs designed to test continued depth extensions to about 650 metres below surface are underway and will be ongoing throughout 2018.

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Mon, 26 Mar 2018 11:22:00 +1100 https://www.proactiveinvestors.com.au/companies/news/193746/pantoro-reveals-high-grade-gold-depth-extensions-in-drilling-at-nicolsons-193746.html
<![CDATA[News - Pantoro high-grade gold hits highlight regional potential of Nicolsons project ]]> https://www.proactiveinvestors.com.au/companies/news/191114/pantoro-high-grade-gold-hits-highlight-regional-potential-of-nicolsons-project-191114.html Pantoro Ltd (ASX:PNR) continues to highlight the golden potential of its Nicolsons project area in Western Australia by way of high-grade results from the Western Reef regional target.

The results of up to 2 metres at 12.09 g/t gold from 12 metres, including 1 metre at 15.7 g/t, add strength to the company’s broader tenement package at Nicolsons.

During the last six months Pantoro has focused on testing additional targets within the package with encouraging results returned from all prospects drilled.

READ: Pantoro makes strategic move to expand portfolio in gold producing region

Paul Cmrlec, managing director, said: “The first pass exploration results from a number of targets tested during recent months highlight the huge potential of the Nicolsons project area which has remained essentially untapped until now.

“These new results combined with other recent successes lay the foundations for Pantoro’s continued growth in the Halls Creek region.

“Resource expansion drilling success”

“These include outstanding resource expansion drilling success at Nicolsons and Wagtail, as well as the historical high-grade drilling at the recently acquired Grants Creek and Mary River projects.

“Pantoro owns the only commercial scale processing plant in the area, with the closest facility approximately 300 kilometres to the south.

“2018 will see Pantoro continuing to aggressively drill out extensions to Nicolsons and Wagtail, while working to define mineral resources at Western Reef, Paddock Well and Grants Creek.

“We will also continue with first pass testing of additional targets within our tenement areas, and will assess additional opportunities in the Kimberley region as they arise.”

READ: Pantoro AISC below A$1000 ($US780) in another record breaking quarter of production

Other high-grade results from Western Reef include 1 metre at 12.1 g/t within a 2 metre intersection at 6.63 g/t from 16 metres, and 1 metre at 4.9 g/t from 13 metres.

First pass drill programs were also completed at Edison, Shifty’s and Midnight prospects.

The first pass drilling returned grades exceeding 1 g/t in all prospects, including 1 metre at 7.11 g/t from 9 metres at Edison.

The widespread results confirm that extensive gold mineralisation exists throughout the 15 kilometre strike length of the Nicolsons tenement area.

Grid-based soil sampling

Pantoro has started a grid-based soil sampling program which will see the entire granted tenement package sampled during 2018.

The program is important for project generation and will be utilised in conjunction with aero-magnetic surveys completed during 2017.

2018 exploration program

Work completed to date has allowed Pantoro to plan its 2018 exploration program.

The initial focus will be on further expansion of the Nicolsons and Wagtail ore reserves.

Resource definition at Grants Creek, Paddock Well and Western Reef will begin following the wet season, with one drill rig to be committed to this work.

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Mon, 05 Feb 2018 13:11:00 +1100 https://www.proactiveinvestors.com.au/companies/news/191114/pantoro-high-grade-gold-hits-highlight-regional-potential-of-nicolsons-project-191114.html
<![CDATA[News - Pantoro makes strategic move to expand portfolio in gold producing region ]]> https://www.proactiveinvestors.com.au/companies/news/190866/pantoro-makes-strategic-move-to-expand-portfolio-in-gold-producing-region-190866.html Pantoro Ltd (ASX:PNR) continues its consolidation of gold prospects in the Halls Creek region of Western Australia by entering a binding agreement to acquire the Mary River Gold Project.

The acquisition, through Pantoro’s wholly-owned subsidiary, Halls Creek Mining Pty Ltd, encompasses most of the historical Mary River Goldfield.

This goldfield, which is 15 kilometres long and 3 kilometres wide, has a mining history dating back to 1885.

“Exciting consolidation of Halls Creek region”

Paul Cmrlec, managing director, said: “Mary River represents an exciting consolidation of the Halls Creek region by Pantoro given its long mining history and close proximity to the Nicolsons processing plant.

“Pantoro owns and operates the only commercial scale gold processing plant in the region and will continue to review opportunities to expand the current operations.

“Pantoro’s landholding has grown significantly through the acquisition of Grants Creek, and now Mary River which we consider to be two of the most prospective historic goldfields in the region.

“Exploration at Mary River will be undertaken in conjunction with continuing programs at Nicolsons and Grants Creek.”

READ: Pantoro AISC below A$1000 ($US780) in another record breaking quarter of production

Consideration for acquisition of the goldfield is $80,000.

The Mary River Project is circa 21 kilometres from Halls Creek and is easily accessible via the Great Northern Highway and the Tanami Road.

The distance by road to Pantoro’s Nicolsons processing plant is circa 50 kilometres.

A large number of small-scale hard rock excavations, along with eluvial and alluvial mines have operated during the Mary River Goldfield’s history.

Large-scale alluvial mining was undertaken as recently as the 1990s.

Largely unexplored by modern techniques

Despite the long mining history in the area, Mary Creek remains largely unexplored by modern techniques.

Few deposits have been drilled and where drilling has been undertaken, it has been extremely limited.

Despite this, historical pre-JORC results available on government databases suggest that very high-grade intersections have been achieved.

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Wed, 31 Jan 2018 10:57:00 +1100 https://www.proactiveinvestors.com.au/companies/news/190866/pantoro-makes-strategic-move-to-expand-portfolio-in-gold-producing-region-190866.html
<![CDATA[News - Pantoro AISC below A$1000 ($US780) in another record breaking quarter of production ]]> https://www.proactiveinvestors.com.au/companies/news/190513/pantoro-aisc-below-a1000-us780-in-another-record-breaking-quarter-of-production-190513.html Pantoro Ltd (ASX:PNR) continues to lower costs breaking another production record at its high-grade gold operation within the Halls Creek Project in Western Australia.

During the December quarter Pantoro produced a record 13,841 ounces of gold at the project, the 10th consecutive quarter of increases.

The majority of this, 41,846 tonnes at 8.76 g/t gold for 11,780 ounces, was from the Nicolsons underground mine with the remainder from Wagtail.

Open pit operations at Wagtail were completed on 21 December 2017 with the company focused on setting up for underground production.

Existing stockpiles of 82,000 tonnes at 3.35 g/t gold for circa 8,900 ounces underwrite a sustained production profile ahead of the new underground project.

During the December 2017 quarter the company’s processing plant operated at an annual rate of 240,000 tonnes for a second consecutive quarter with total throughput of 60,443 tonnes at 7.67 g/t gold and recovery of 92.9%.

READ: Pantoro’s golden run sets new record

Clearly the upgrades undertaken by Pantoro to reach this rate are working well, with excellent reliability in the plant reported.

Significantly, all-in sustaining costs (AISC) per ounce fell below the A$1,000 mark to A$990 ($US 780) for the recent December 2017 quarter.

The record gold production quarter saw costs fall from A$1,019 in the prior September quarter and A$1,165 in the June 2017 quarter.

C1 cash costs were also lower, at A$809 per ounce, down from A$853 in the prior September quarter and A$944 in the June 2017 quarter.

With the AUD gold price currently at A$1,680 per ounce, Pantoro’s gold operation will continue to generate strong cash flows.

Well funded with $15.2 million in cash and gold

Furthermore, Pantoro ended the December quarter in a strong financial position with $15.2 million in cash and gold.

Importantly, Pantoro’s cash balance increased quarter on quarter, even after repaying $2.5 million worth of gold under its pre-pay facility with CBA, and re-investing $2.2 million in exploration.

The company is expected to be debt free after April 2017 and its cash balance should grow rapidly thereafter.

Production set to continue to increase over the next 12 months with 80-100,000 ounces per annum forecast

Pantoro will continue to increase production and reduce costs at the project during 2018.

The Halls Creek Project includes the Nicolsons and Wagtail mines.

It is easy to forget that Pantoro commenced production on a shoe string budget with aspirations of achieving production of 25,000 – 30,000 ounces per annum.

Only 10 quarters since commencement, Pantoro has doubled its targeted output, already expanding to an annual production rate of 55,000 ounces.

The company has stated that it will further increase its production rate to between 80,000 and 100,000 ounces per annum by the end of 2018.

Pantoro has laid out is plans for expansion with the purchase and delivery of a Steinert Multisensor Ore Sorter finalised in the December quarter and plans to increase output from Nicolsons mine in the second half of 2018 in parallel with development of a new underground mine beneath the recently completed Wagtail open pits.

READ: Pantoro bringing in new ore sorter to facilitate expansion of gold production

The ore sorting project includes an upgrade of the crushing circuit to replace the mobile crusher with a fixed unit, and installation of several ore conveyors to accommodate the ore sorter.

Remarkably, the crusher and ore sorting project is only budgeted to cost A$2.2 million – an almost insignificant investment for such a large production increase.

It is expected that the upgraded circuit including the ore sorter will be fully operational in April 2018.

Preparations for Wagtail underground

Preparatory work is well underway and sumps below the planned portal positions and portal platforms have been established in the Wagtail North and Wagtail South open pits.

Pantoro is finalising approvals documentation and intends to start development and mining immediately after the wet season in April 2018.

Mineral resource modelling is underway at Wagtail, with a new mineral resource and ore reserve expected to be published before underground mining begins.

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Thu, 25 Jan 2018 13:45:00 +1100 https://www.proactiveinvestors.com.au/companies/news/190513/pantoro-aisc-below-a1000-us780-in-another-record-breaking-quarter-of-production-190513.html
<![CDATA[News - Pantoro’s golden run sets new record ]]> https://www.proactiveinvestors.com.au/companies/news/189849/pantoros-golden-run-sets-new-record-189849.html Pantoro Ltd (ASX:PNR) has recorded the tenth consecutive quarter of increased production from its Nicolsons Mine in Western Australia.

There were 13,841 ounces produced in the December 2017 quarter, 559 ounces more than the previous quarter and 4,243 ounces more than the corresponding quarter in 2016.

The company expects to continue production increases later in 2018 facilitated by improved ore sorting and underground development.

READ: Pantoro bringing in new ore sorter to facilitate expansion of gold production

After undertaking ore sorting test work Pantoro is purchasing a state-of-the-art ore sorter from STEINERT Australia, which is expected to be operational at Nicolsons by April.

Mining at the Wagtail open pits was completed in December 2017 as scheduled and work to establish underground access points is underway.

READ: Pantoro drills out an underground future at open-pit gold mine

Pantoro aims to have approvals in place to commence underground mining in April 2018.

Paul Cmrlec, managing director, said: “The Nicolsons team has delivered another outstanding operational result during the December quarter.

“Production is expected to remain around current levels for the next two quarters ahead of further substantial increases as underground ore supply from Wagtail and the benefits of ore sorting take effect.”

Reliable plant operations

The processing plant continued to operate reliably at increased production rates during the December quarter.

There were 60,443 tonnes processed at an average grade of 7.67 g/t gold and an average recovery of 92.9%.

The plant has achieved an annual run rate of 230,000 tonnes consistently for the past nine months.

Debt-free by end of April 2018

Pantoro’s debt is being repaid at a monthly rate of 500 ounces and it expects to be debt-free by the end of April 2018.

Cash and gold in hand at the end of the quarter was $15.2 million, up from $14.6 million at 30 September 2017.

Strong news flow

Pantoro has four drill rigs spinning at Nicolsons which will facilitate resource resource and reserve updates in the first half of the year.

Drilling is primarily focused on Nicolsons depth extensions and Wagtail underground definition and extension.

First pass exploration results from other drill targets are expected during the March quarter.

Cmrlec added: “With the outstanding project debt due to be repaid early in 2018, the company is very well positioned to continue its growth trajectory during the coming year.”

Nicolsons is within Pantoro’s 100%-owned Halls Creek Gold Project, 35 kilometres southwest of Halls Creek in the state’s Kimberley Region.

First gold was poured at the project in September 2015.

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Thu, 11 Jan 2018 15:18:00 +1100 https://www.proactiveinvestors.com.au/companies/news/189849/pantoros-golden-run-sets-new-record-189849.html
<![CDATA[News - Pantoro bringing in new ore sorter to facilitate expansion of gold production ]]> https://www.proactiveinvestors.com.au/companies/news/188693/pantoro-bringing-in-new-ore-sorter-to-facilitate-expansion-of-gold-production-188693.html Pantoro Ltd (ASX:PNR) has placed an order for and committed to the installation of a STEINART multi-sensor ore sorter at the Nicolsons gold mine in Western Australia.

The advanced ore sorting technology is expected to return excellent recovery of ore, while substantially increasing feed grade to the mill.

The move comes after the completion of extensive sorting test work on ore from Nicolsons.

Test work indicates high recoveries and more efficient milling

The test work showed overall gold recoveries of 95-98% in test samples depending on ore type.

Once installed, ore sorting is expected to result in a 30-60% reduction in material reporting to the mill.

This, in turn, is expected to result in mill feed grades of 1.5-2.5 times the mined grade.

Paul Cmrlec, managing director, said: “We are confident that the highly advanced ore sorting technology will return excellent recovery of ore, while substantially increasing feed grade to the mill.”

Ore sorter to facilitate expansion up to 100,000 ounces per annum

Ore sorting is expected to facilitate planned gold production increases with only minor additional works required in the processing plant.

Pantoro remains on track to increase gold production to 80,000-100,000 ounces per annum.

The company recently recorded its ninth consecutive quarter of increased gold production from the Nicolsons Mine.

Pantoro remains focussed on continuing to increase ore production from Nicolsons underground mine in the immediate term, and the commencement of underground mining beneath the Wagtail and Rowdies open pits during the first half of 2018.

In addition, the ore sorter will allow Pantoro to process low grade stockpiles which would otherwise lie dormant.

Aggressive drilling continues

The company is continuing its strategy of aggressive underground and surface drilling campaigns aimed at substantially increasing Ore Reserves by the middle of 2018.

This will lay the foundation for ramping up targeted production rates of 80,000-100,000 ounces of gold per annum.

READ: Pantoro drills out an underground future at open-pit gold mine

Recently, Pantoro drilled out extensive high-grade gold mineralisation beneath its Wagtail and Rowdies open pits.

The results importantly confirm Wagtail will be the next underground development for Pantoro alongside its nearby Nicolsons underground gold mine.

Ore sorter installation to be funded from cash flow

Site works are due to commence during the current month, and the ore sorter is planned to be fully operational in April 2018.

Notably, Pantoro intends to complete the installation of the ore sorter and other upgrades using operating cash flows.

The installation of the ore sorter simplifies and substantially reduces the time and cost of the required processing plant upgrade to achieve production goals.

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Wed, 13 Dec 2017 11:51:00 +1100 https://www.proactiveinvestors.com.au/companies/news/188693/pantoro-bringing-in-new-ore-sorter-to-facilitate-expansion-of-gold-production-188693.html
<![CDATA[News - Pantoro drills out an underground future at open-pit gold mine ]]> https://www.proactiveinvestors.com.au/companies/news/186918/pantoro-drills-out-an-underground-future-at-open-pit-gold-mine-186918.html Pantoro (ASX:PNR) has drilled out extensive high-grade gold mineralisation beneath its Wagtail and Rowdies open pits located near Halls Creek in Western Australia.

Intersections include 4.15 metres at 17.99 g/t gold and 3.05 metres at 19.58 g/t gold.

The combined results confirm that Wagtail will be the next underground development for Pantoro alongside its nearby Nicolsons underground gold mine.

Pantoro aims to complete the current drill out of the entire strike length of the system to 200 metres below surface by January 2018.

Mineral Resource and Ore Reserve estimates are expected to be completed by the end of the March 2018 quarter, with the aim of commencing underground development shortly thereafter.

Paul Cmrlec, managing director, commented

“These results provide the confidence that Pantoro requires to commence underground operations as soon as possible.

“With open-pit mining scheduled to be completed by the end of December 2017, it is our intention to commence underground development following the upcoming wet season.

“The addition of Wagtail as a second high-grade underground feed source will underpin Pantoro’s strategy to further increase production from Nicolsons to between 80,000 and 100,000 ounces per annum, and we remain committed to the ongoing drilling programs on site which are focused on delivering continued Ore Reserve growth.”

Drill results

A selection of the latest drill results include:

- 4.15 metres at 17.99 g/t gold from 108 metres;
- 3.05 metres at 19.58 g/t gold from 115.95 metres;
- 1.85 metres at 19.07 g/t gold from 158.4 metres;
- 3.8 metres at 12.21 g/t gold from 176.15 metres;
- 1.95 metres at 23.61 g/t gold from 186.1 metres;
- 2 metres at 9.24 g/t gold from 48 metres;
- 1.95 metres at 15.59 g/t gold from 172.6 metres;
- 4 metres at 10.53 g/t gold from 33 metres;
- 3 metres at 11.00 g/t gold from 30 metres;
- 2 metres at 23.77 g/t gold from 55 metres;
- 1.05 metres at 28.58 g/t gold from 64.7 metres; and
- 2 metres at 13.75 g/t gold from 73 metres.

Background

Pantoro recently recorded its ninth consecutive quarter of increased gold production from the Nicolsons Mine within its 100% owned Halls Creek Gold Project, Western Australia.

Production at Nicolsons has increased in every quarter since the first gold pour in September 2015.

READ NOW: Pantoro records ninth consecutive quarter of record gold production ]]>
Wed, 08 Nov 2017 15:47:00 +1100 https://www.proactiveinvestors.com.au/companies/news/186918/pantoro-drills-out-an-underground-future-at-open-pit-gold-mine-186918.html
<![CDATA[News - Pantoro records ninth consecutive quarter of record gold production ]]> https://www.proactiveinvestors.com.au/companies/news/186301/pantoro-records-ninth-consecutive-quarter-of-record-gold-production-186301.html Pantoro (ASX:PNR) increased gold production by 12% in the September quarter to 13,282 ounces from the Nicolsons Mine within its 100% owned Halls Creek Gold Project, Western Australia.

Production at Nicolsons has increased in every quarter since the first gold pour in September 2015.

Significantly the Nicolsons processing plant has achieved a run rate of 230,000 tonnes per annum consistently for the past six months.

Drilling during the past quarter has been successful in extending mineralisation at the Nicolsons underground mine and at the Wagtail underground target.

The company ended the September quarter with $14.6 million in cash and gold after loan repayments.

Acquisition of Grants Creek Project

Subsequent to the end of the quarter, Pantoro reached an agreement to acquire the Grants Creek Project north of Halls Creek.

Grants Creek has been drilled a number of times during the 1980s, 1990s and 2000s with high-grade results similar to those seen at Nicolsons achieved in a number of programs.

Grants Creek effectively doubles the company’s landholding in the area and provides good near-term potential to provide supplementary ore feed for the Nicolsons processing plant.

Halls Creek Project

Pantoro has rapidly grown its production profile at Nicolsons, and is increasing its exploration effort in order to secure further growth.

The company is actively drilling depth extensions at Nicolsons, underground mining targets at Wagtail, and a number of regional exploration targets.

The company strategy is to continue profitable production while substantially growing the Ore Reserve to facilitate further growth at the operation.

Taking Wagtail open-pits underground

Both Wagtail North and Wagtail South were mined during the quarter and Pantoro plans complete the current phase of open pit mining in December 2017.

The development focus for Wagtail is now commencement of underground mining following completion of the open pits.

Drilling of underground targets is now being undertaken 24 hours per day with an objective to drill the zone between the base of the open pits and 200 metres below surface while completing open pit mining.

Papua New Guinea projects

In addition to the Halls Creek Project, Pantoro’s exploration portfolio in Papua New Guinea (PNG) is prospective for the discovery of world-class gold and copper deposits.

The 380 square kilometre Garaina Project is Pantoro’s main exploration target in PNG alongside the Widubosh Project, both located in the Morobe Province.

Pantoro has discovered a large surface copper and gold anomaly at the Garaina Prospect, which has been further delineated by geophysical surveys, grid-based geochemical assays, surface costean sampling and drilling.

The discovery has potential to be developed into a large-scale deposit through further exploration, however, Halls Creek remains as Pantoro’s sole focus at the present time.

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Fri, 27 Oct 2017 10:21:00 +1100 https://www.proactiveinvestors.com.au/companies/news/186301/pantoro-records-ninth-consecutive-quarter-of-record-gold-production-186301.html
<![CDATA[News - Pantoro snaps up asset with potential for high-grade gold ore feed ]]> https://www.proactiveinvestors.com.au/companies/news/185603/pantoro-snaps-up-asset-with-potential-for-high-grade-gold-ore-feed-185603.html Pantoro Ltd (ASX:PNR) has been producing gold from the Nicolsons project since September 2015, and recently delivered more records.

READ NOW: Pantoro delivers gold production record

The company is now looking to increase its footprint in the area, and has entered into a binding agreement to acquire the Grants Creek Gold Project near Halls Creek in Western Australia.

Grants Creek is located 60 kilometres north of Halls Creek and includes a number of advanced prospects with first mining recorded during the 1880’s.

Paul Cmrlec, managing director, commented:

"The Grants Creek gold project presents a compelling addition to our Halls Creek Project where Pantoro owns the only gold processing plant within a 300 kilometre radius.

"Once administrative matters have been fully resolved, Pantoro intends to complete field reconnaissance ahead of confirmatory drilling within the already defined areas of mineralisation.

"The project is only 100 kilometres from Nicolsons via the sealed Great Northern Highway, and holds excellent potential to provide additional high-grade ore feed for the project in the near term."

Historial drilling results include: 15 metres at 4.2g/t gold.

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Mon, 16 Oct 2017 11:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/185603/pantoro-snaps-up-asset-with-potential-for-high-grade-gold-ore-feed-185603.html
<![CDATA[News - Pantoro delivers gold production record while drilling reveals new high-grade zones ]]> https://www.proactiveinvestors.com.au/companies/news/185310/pantoro-delivers-gold-production-record-while-drilling-reveals-new-high-grade-zones-185310.html Pantoro Ltd (ASX:PNR) has delivered its ninth consecutive quarter of increased gold production from the wholly-owned Nicolsons Gold Project in Western Australia.

Key highlights from the September quarter 2017 include a total of 13,282 gold ounces being produced compared with 11,828 ounces in the June quarter, a 12% increase.

Tonnage processed for the quarter increased to 58,723 tonnes at a grade of 7.60 g/t gold.

The average annualised run rate of 230,000 tonnes per annum has now been achieved for six months.

Paul Cmrlec, managing director, commented:

"The Halls Creek Project continues to meet our planned production growth with an annualised rate of more than 53,000 ounces achieved during this quarter.

"The board is particularly pleased with the ongoing high-grade results achieved in drilling beneath the Wagtail open pits, and in extensions to the Nicolsons Mine lodes.

"We are now drilling up to 7,000 metres in exploration holes per month, and look forward continued growth in our gold inventory both from the existing mines and in the new regional drill targets which are now active."

Pantoro's financial position has improved with the debt position reduced by 1,500 gold ounces to 3,500 gold ounces.

The company's cash and gold position grew to be valued at $14.6 million at the end of the quarter.

Increased exploration investment

The increased production has facilitated continued growth in the exploration effort on site with two underground and two surface drill rigs now operating.

Drilling is focused on mine extensions at Nicolsons and Wagtail and new regional targets.

The regional exploration drilling commenced during the quarter on the first new drill targets.

Reconnaissance programs have recently been completed at the Midnight, Edison and Springvale prospects.

Assays are pending.

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Tue, 10 Oct 2017 14:10:00 +1100 https://www.proactiveinvestors.com.au/companies/news/185310/pantoro-delivers-gold-production-record-while-drilling-reveals-new-high-grade-zones-185310.html
<![CDATA[News - Pantoro locks in Paul Cmrlec for a longer term as gold production ramps up ]]> https://www.proactiveinvestors.com.au/companies/news/184029/pantoro-locks-in-paul-cmrlec-for-a-longer-term-as-gold-production-ramps-up-184029.html Pantoro Ltd (ASX:PNR) has extended the consulting agreement with managing director, Paul Cmrlec, out until April 2020.

Cmrlec was fundamental in transitioning the company to a gold producer, and its subsequent positive re-rating.

Mike Jefferies, chairman, commented: "Paul has been the primary driver of Pantoro’s success since he has joined.

"I am very pleased that Paul has agreed to continue his dedication to company and I look forward to our continued success under his management."

Pantoro is producing from the wholly-owned Nicolsons Gold Project in Western Australia, where one underground and two open pits are in operation.

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Fri, 15 Sep 2017 10:58:00 +1000 https://www.proactiveinvestors.com.au/companies/news/184029/pantoro-locks-in-paul-cmrlec-for-a-longer-term-as-gold-production-ramps-up-184029.html
<![CDATA[News - Pantoro issues shares from in-the-money option conversion following re-rating ]]> https://www.proactiveinvestors.com.au/companies/news/182885/pantoro-issues-shares-from-in-the-money-option-conversion-following-re-rating-182885.html Pantoro Ltd (ASX:PNR) has raised circa $127,000 from the conversion of 2.1 million $0.06 options, which are deep in the money considering the company's last traded price of $0.235.

Another $100,000 is expected to be raised from the final outstanding 1.9 million options, which expire tomorrow, Friday 25th August 2017.

Pantoro is currently producing gold from its wholly-owned Nicolsons Project in Western Australia.

Over the past two-years the company's market cap has increased five-fold, with its valuation now approaching $200 million.

Pantoro has also built up its balance sheet, holding $11.9 million in cash and gold at the end of June 2017, with debt of 4500 gold ounces.

Production is scalable, with scoping studies to double production to 100,000 ounces per annum completed, with significant expenditure to expand Ore Reserves underway.

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Thu, 24 Aug 2017 09:21:00 +1000 https://www.proactiveinvestors.com.au/companies/news/182885/pantoro-issues-shares-from-in-the-money-option-conversion-following-re-rating-182885.html
<![CDATA[News - Pantoro continues exploration push to extend life of gold mine ]]> https://www.proactiveinvestors.com.au/companies/news/181674/pantoro-continues-exploration-push-to-extend-life-of-gold-mine-181674.html Pantoro (ASX:PNR) has been focused on growing the Mineral Resource over the past 15 months, primarily around the existing underground mine at its 100% owned Nicolson’s Project in Western Australia.

The company produced 11,828 ounces of gold in the June quarter, up 14% on the March quarter and 77% on the previous June quarter.

Gold is being produced from both open pit and underground mining at Pantoro’s Nicolsons gold mine.

Increased production from the operation has allowed Pantoro to commence testing of additional targets within the broader tenement package, with the focus on evaluating a second underground mine beneath the Wagtail open pits which are currently being mined.

Preliminary first pass and follow up drill testing of other prospects has been undertaken during the June 2017 quarter with encouraging results.

Going underground from the Wagtail pits

Drilling beneath the Wagtail open pits continues to return high-grade gold intercepts, with widths and grades similar to Nicolsons.

Combined with the outstanding open pit mining results to date, confidence in the underground mining target at Wagtail continues to grow.

Surface drilling is now be undertaken on a continuous basis (day and night shift) to accelerate the development of underground mining targets beneath the pits.

Pantoro’s objective is to commence underground mining at Wagtail within 12 months.

Drilling is delivering in the Nicolsons underground mine

Drilling at Nicolsons has further extended the known strike length of the Johnston Lode at depth with additional high-grade results

Following the recent Nicolsons resource update, drilling has continued to focus on the potential extensions to the resource particularly at the Johnston lode.

Drilling in the September 2017 quarter will focus on infilling the projected position known as the wedge at the southern end.

New emerging targets

Exploration to date has revealed Paddock Well and Western Reef as potential economic gold zones.

Follow-up drilling at Paddock Well has increased the strike length of high grade mineralisation to 100 metres.

The follow-up program was primarily completed using reverse circulation methods to establish the presence of mineralisation along strike, and additional follow up programs using diamond drilling are demonstrated to be warranted as the next step.

Western Reef was the subject of historical small scale mining in 2001 when circa 1,362 tonnes grading 9.37 g/t gold were reported to have been mined from the top few metres of the outcropping vein.

The old workings were backfilled by the historical operators. First pass shallow reverse circulation drilling has returned encouraging results.

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Mon, 31 Jul 2017 15:35:00 +1000 https://www.proactiveinvestors.com.au/companies/news/181674/pantoro-continues-exploration-push-to-extend-life-of-gold-mine-181674.html
<![CDATA[News - Pantoro boosts June quarter gold production ]]> https://www.proactiveinvestors.com.au/companies/news/180800/pantoro-boosts-june-quarter-gold-production-180800.html Pantoro (ASX:PNR) produced 11,828 ounces of gold in the June quarter, up 14% on the March quarter and 77% on the previous June quarter.

Gold is being produced from both open pit and underground mining at Pantoro’s Nicolsons gold mine within the 100% owned Halls Creek Project located in Western Australia.

Significantly, the upgraded production output has been achieved from cash flow generated by the mine.

Paul Cmrlec, managing director, commented: “Operational results at Nicolsons continue to deliver in accordance with the production ramp up plan.

“Throughput in the mill is now at targeted levels, and both the underground and open pit mines are delivering high grade mill feed.”

June quarter highlights

During the June quarter, 11,828 ounces of gold were produced compared with 10,348 ounces in the prior March quarter, a 14% increase.

Tonnage processed for the period increased to 57,073 tonnes, surpassing the annualised run rate target of 200,000 tonnes per annum.

Based on current throughput, annualised processing rates of 230,000 tonnes per annum are now achievable.

Open pit production operated on day shift only for the period and production further increased with circa 26,174 tonnes mined at a grade of 4.85 g/t gold, plus 5,807 tonnes of low grade stockpiled separately.

Underground production of circa 35,145 tonnes mined at a grade of 7.98 g/t gold plus 5,301 tonnes of low grade stockpiled separately.

Initial ore development in the Johnston Lode from the south decline identified higher grades than anticipated in the resource model. A splay structure named the Bobby Lode was also identified and developed.

Surface stockpiles of ore continued to build with 19,969 tonnes at 5.05 g/t and a further 36,927 tonnes at 1.86 g/t of low grade material for a total of 56,896 tonnes at 2.98 g/t for 5,453 ounces of gold available for processing.

Analysis

Pantoro has entered the September quarter in a comfortable position having recently expanded the resource size and with cash and gold to the value of $11.9 million.

Furthermore, the recently upgraded JORC resource and reserve has provided security for investors in terms of mine life.

Pantoro plans to continue growing its gold inventory during the current financial year.

Ongoing exploration continues to extend the known mineralised zones at the project, and further rapid growth of the Mineral Resource and Ore Reserve is a priority for the company.

The board has approved increased drilling from underground and surface positions during the current financial year, with identification of potential underground ore sources at Wagtail being a priority,

Regional exploration is also advancing following the wet season with additional drill targets defined across tenements utilising geophysical data combined with field mapping and surface sampling.

Pantoro shares are up 35% year to date, currently priced $0.245.

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Thu, 13 Jul 2017 10:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/180800/pantoro-boosts-june-quarter-gold-production-180800.html
<![CDATA[News - Pantoro reveals higher than expected grades of gold ]]> https://www.proactiveinvestors.com.au/companies/news/178741/pantoro-reveals-higher-than-expected-grades-of-gold-178741.html Pantoro (ASX:PNR) has discovered higher than expected grades of gold while developing the Johnstone Lode within the Nicolsons underground gold mine located in Western Australia.

High grade mineralisation was found in zones which are modelled as being relatively low grade in the current JORC resource estimate.

In addition, development has intersected a new splay vein with similar characteristics to the Darcy and Mother Lodes. The new splay vein is named the Bobby Lode.

Paul Cmrlec, managing director, commented: “We are highly encouraged by the significant over-calls seen to date in the Johnston Lode.

“Early development in the south of the mine has already revealed the same structural architecture that we have seen in the northern end of the mine, and being able to develop an additional splay vein is a real win.

“The splay veins are relatively short in the context of the overall system, as they are bounded by the main north-south striking structures, but are very rich and have been major contributors to our gold production.

“It appears that the large upgrades that we have seen in the northern lodes to date are beginning to play out in the southern end of the mine.”


Recent Nicolsons upgrades

Pantoro recently significantly upgraded its JORC Mineral Resources and Ore Reserves at its Nicolsons gold mine within its 100% owned Halls Creek Project in Western Australia.

Resources have been updated in the Nicolsons, Wagtail, and Rowdies deposits and the total combined resource now stands at 1.58 million tonnes at 7.43 g/t for 376,701 ounces of gold.

The total Ore Reserve now stands at 773,252 tonnes at 7.35 g/t for 182,823 ounces of gold, a 62% increase after mining depletion.

Mineralisation remains open at depth in all lodes currently being mined at Nicolsons and Wagtail.

Ongoing drilling programs are continuing aimed at establishing additional Ore Reserve increases in the near term.

The resource and reserve upgrades have shown the potential the Nicolsons gold mine has to prolong its mine life, which in turn increases its value.

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Mon, 05 Jun 2017 12:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/178741/pantoro-reveals-higher-than-expected-grades-of-gold-178741.html
<![CDATA[News - Pantoro upgrades gold resources and reserves at Nicolsons ]]> https://www.proactiveinvestors.com.au/companies/news/178605/pantoro-upgrades-gold-resources-and-reserves-at-nicolsons-178605.html Pantoro (ASX:PNR) has significantly upgraded its JORC Mineral Resources and Ore Reserves at its Nicolsons gold mine within its 100% owned Halls Creek Project in Western Australia.

Resources have been updated in the Nicolsons, Wagtail, and Rowdies deposits and the total combined resource now stands at 1.58 million tonnes at 7.43 g/t for 376,701 ounces of gold.

The total Ore Reserve now stands at 773,252 tonnes at 7.35 g/t for 182,823 ounces of gold, a 62% increase after mining depletion.

Paul Cmrlec, managing director, commented: “Pantoro commenced gold production at Nicolsons less than two years ago.

“Since that time, we have undertaken major production increases and expanded exploration efforts using cashflow generated from the operation.”


Nicolsons JORC upgrade

The new Mineral Resource and Ore Reserve update is calculated as at the 30 April 2017 and replaces the 30 May 2016 estimate.

The Ore Reserve provides a base case life of circa four years, with excellent potential for further increases through drilling and mine development.

Mineralisation remains open at depth in all lodes currently being mined at Nicolsons and Wagtail.

Ongoing drilling programs are continuing aimed at establishing additional Ore Reserve increases in the near term.

When taking total mining depletion of circa 74,000 ounces gold into account, the total known gold endowment for the project is over 451,000 ounces.

Early ore mining on the first two levels in the southern Johnston Lode has already resulted in development of high grade ore from outside of the new Mineral Resource and Ore Reserve.

The results to date suggest that further upgrades, similar to those seen in early development of the northern Hall and Anderson Lodes may eventuate.


Accelerated exploration

The Pantoro board has also approved acceleration of exploration activities across the project areas with additional drilling from both surface and underground.

Exploration activities in the coming year will include increased drilling activity, extensive geochemical sampling programs, and geophysical surveys to identify additional targets across the company’s tenements.


Analysis

The resource and reserve upgrades have shown the potential the Nicolsons gold mine has to prolong its mine life, which in turn increases its value.

Both Nicolsons and Wagtail have consistently outperformed the previous Ore Reserve estimates and Pantoro continues to encounter high grade mineralisation at Nicolsons and Wagtail.

This Mineral Resource and Ore Reserve upgrade has produced a substantial mine life extension and exploration results during the past year have revealed the potential of this project.

Pantoro continues to believe that it has only scratched the surface at Halls Creek with plenty of upside to come.

The approved acceleration of exploration activity will support the company as it continues to seek and define Western Australia’s next major gold mining camp.

Pantoro will continue to aggressively explore with the clear intention to facilitate further production increases through Ore Reserve growth in the near term.

Shares in Pantoro have more than doubled over the past 12 months, currently priced at $0.232.

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Thu, 01 Jun 2017 13:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/178605/pantoro-upgrades-gold-resources-and-reserves-at-nicolsons-178605.html
<![CDATA[News - Pantoro drills bonanza grade gold at Nicolsons ]]> https://www.proactiveinvestors.com.au/companies/news/177402/pantoro-drills-bonanza-grade-gold-at-nicolsons-177402.html Pantoro (ASX:PNR) has drilled out grades of up to 346.7 g/t gold in its latest batch of results from the ongoing underground drilling program at Nicolsons gold mine in Western Australia.

Results include 2.7 metres at 218.8 g/t gold from 134 metres down hole.

The new Mineral Resource and Ore Reserve estimate is expected to be completed during the current quarter.

Paul Cmrlec, managing director, commented: “These outstanding results continue to add further weight to the Mineral Resource and Ore Reserve updates currently being undertaken at Nicolsons.

“We look forward to releasing the updates which will include data from drilling results reported over the past year, and from ore development faces which are now being advanced 200 metres below surface.”


Drill result details

Highlights from the ongoing drilling at the Nicolsons underground gold mine within the Halls Creek Project includes:

- 2.7 metres at 218.8 g/t gold from 134 metres down hole including 1.7 metres at 346.7 g/t;
- 1.15 metres at 90.4 g/t from 147 metres down hole;
- 1.65 metres at 21.9 g/t from 160 metres down hole;
- 1.1 metres at 34.62 g/t from 151 metres down hole;
- 1.05 metres at 15.2 g/t from 118 metres down hole;
- 1.6 metres at 7.05 g/t from 145 metres down hole; and
- 1.8 metres at 7.31 g/t from 91 metres down hole.

Underground drilling has been focussed on further depth extensions of all known ore lodes at Nicolsons, as well as testing for new ore zones within the Nicolsons mineralised system.


Analysis

Drilling results such as these reveal the potential the Nicolsons gold mine has to increase its resource and prolong its mine life, which in turn increases its project value.

Pantoro recently achieved record gold production during the March quarter despite heavy rains at Nicolsons.

Production was up 8% to 10,348 ounces of gold compared with the December quarter even though output was affected by record rains during the quarter.

With drilling ongoing, more assays results are expected over the short term.

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Mon, 08 May 2017 11:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/177402/pantoro-drills-bonanza-grade-gold-at-nicolsons-177402.html
<![CDATA[News - Pantoro drills out more gold mineralisation at Nicolsons ]]> https://www.proactiveinvestors.com.au/companies/news/176345/pantoro-drills-out-more-gold-mineralisation-at-nicolsons-176345.html Pantoro (ASX:PNR) has received results from the ongoing drilling program underway at the Nicolsons gold mine within the Halls Creek Project located in Western Australia.

A number of high grade intersections have been recorded at depths greater than 300 metres below surface.

These include 2.5 metres at 38.7 g/t gold from 125 metres depth.

Paul Cmrlec, managing director, commented: “Results have demonstrated high grade mineralisation at depths greater than 300 metres below surface, and the strike length of our major ore lodes being significantly extended.

“Ore development at the mine continues to reveal continuous high grade mineralisation as the mine moves deeper and well outside of the current Ore Reserve.”


Drill result details

Results from the latest assays include:

- 1 metre at 32.3 g/t gold from 117 metres;
- 2.5 metres at 38.7 g/t gold from 125 metres;
- 2 metres at 9.34 g/t gold from 92 metres;
- 0.5 metres at 178.0 g/t gold from 194.5 metres;
- 1 metre at 15.8 g/t gold from 175.9 metres;
- 1.2 metres at 34.3 g/t gold from 60.2 metres;
- 0.5 metres at 50.43 g/t gold from 51.1 metres;
- 0.5 metres at 58.54 g/t gold from73.5 metres;
- 1.1 metres at 12.26 g/t gold from 212.4 metres; and
- 1.5 metres at 13.88 g/t gold from 41.88 metres.

Drilling at Nicolsons is ongoing and a number of assays remain outstanding.

Underground drilling during the upcoming six months will be focussed on further depth extensions of all known ore lodes at Nicolsons, as well as testing for new ore zones within the Nicolsons mineralised system.


Extension details

Drilling in the Johnston lode has been a significant success with strike extensions of more than 150 metres to the north, combined with significant depth extensions in the same zone.

Mineralisation in the Johnston lode is completely undrilled and open along strike and at depth.

Drilling in the Hall and Anderson lodes below the current development level has continued to highlight the continuity of high grade mineralisation at depth.

The new results demonstrate mineralisation at 300 metres below surface, circa 100 metres beneath the current Ore Reserve.


Analysis

Drilling results across the Halls Creek Project have been significant throughout the year, particularly underground at the Nicolsons gold mine.

The gold mineralisation intersected outside the current estimated resources provides opportunities for Pantoro to extend the mine life of this cash flow generating operation.

Pantoro recently achieved record gold production during the March quarter despite heavy rains at Nicolsons.

Production was up 8% to 10,348 ounces of gold compared with the December quarter even though output was affected by record rains during the quarter.

Shares are up 120% over the past 12 months and cash and gold at the end of the March quarter was $11.5 million.

With drilling ongoing, more assays results are expected over the short term.

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Wed, 12 Apr 2017 15:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/176345/pantoro-drills-out-more-gold-mineralisation-at-nicolsons-176345.html
<![CDATA[News - Pantoro has record gold production despite heavy rains ]]> https://www.proactiveinvestors.com.au/companies/news/176330/pantoro-has-record-gold-production-despite-heavy-rains-176330.html Pantoro (ASX:PNR) has achieved record gold production during the March quarter despite heavy rains at its flagship Nicolsons gold mine within the Halls Creek Project in Western Australia.

Production was up 8% to 10,348 ounces of gold compared with the December quarter even though output was affected by record rains during the quarter.

Cash and gold at the end of the quarter was $11.5 million.

Paul Cmrlec, managing director, commented: “The production ramp up at Nicolsons has rolled on during the quarter with record production despite experiencing a huge amount of rain on site well above long term averages.

“The process plant is now operating at, and often above the targeted 200,000 tonne per annum run rate which should see site production output continuing to increase during the upcoming quarters.”


Quarterly production details

The 100% owned Halls Creek Project in Western Australia hosts the producing Nicolsons underground gold mine and the Rowdies and Wagtail open pits.

Open pit production further increased with 16,467 tonnes mined at a grade of 5.76 g/t gold plus 9,807 tonnes of low grade ore was stockpiled separately.

A total of 16 full shifts and a large number of part shifts were lost in the open pits due to rainfall.

Underground production of 34,927 tonnes was mined at a grade of 8.17 g/t gold plus 7,316 tonnes of low grade ore was stockpiled separately.

The site is well positioned to consolidate the processing plant improvements realised during the quarter with ore stockpiles building as a result of open pit mining.

Additional ore sources are coming on line underground with stoping underway on the 2185 and 2170 levels, and development approaching ore positions in the Johnston Lode.


Drilling underneath Wagtail pits

Initial drill results beneath the Wagtail open pits has revealed continuing high grade mineralisation at depths of up to 150 metres.

Best results included:

- 3.6 metre at 7.67 g/t gold from 133.0 metres including 1.9 metres at 11.7 g/t gold;
- 2.6 metres at 6.46 g/t gold from 138.4 metres including 0.35 metres at 27.1 g/t gold; and
- 1.4 metres at 7.18 g/t gold from 146.2 metres including 0.8 metres at 11.7 g/t gold.

Regional exploration drilling was put on hold during the quarter due to the heavy rainfall experienced.

Drilling from underground positions at Nicolsons was ongoing throughout the period.

Drilling results and a JORC Resource and Ore Reserve update is expected during the current quarter.

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Wed, 12 Apr 2017 07:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/176330/pantoro-has-record-gold-production-despite-heavy-rains-176330.html
<![CDATA[News - Pantoro drills out gold beneath open pits ]]> https://www.proactiveinvestors.com.au/companies/news/174878/pantoro-drills-out-gold-beneath-open-pits-174878.html Pantoro (ASX:PNR) has intersected high grade gold in first phase drilling below the current Wagtail open pits within its Halls Creek Project in Western Australia.

The objective of the drill program was to evaluate the continuity of mineralisation beneath the open pits and to assess potential for underground mining after the open pits are completed.

The drill program has targeted and intersected mineralisation at depths of between 110 and 150 metres below surface including 3.6 metres at 7.67 g/t gold from 133 metres down-hole.

Paul Cmrlec, managing director, commented: “Open pit mining at Wagtail has continued to uncover continuous, high grade veins.

“It is very pleasing to see the initial drilling below the current open pit designs delivering high grades similar to those seen at the Nicolsons mine.”


Drill result details

All holes intersected mineralisation at the targeted zones and the mineralisation remains open at depth and along strike.

Significant intersections include:

- 3.6 metres at 7.67 g/t gold from 133.0 metres including 1.9 metres at 11.7 g/t gold;
- 2.6 metres at 6.46 g/t gold from 138.4 metres including 0.35 metres at 27.1 g/t gold;
- 1.2 metres at 5.11 g/t gold from 126.5 metres;
- 1.4 metres at 7.18 g/t gold from 146.2 metres including 0.8 metres at 11.7 g/t gold; and
- 3.4 metres at 4.36 g/t gold from 168.7 metres including 0.7 metres at 14 g/t gold.

Drilling will continue throughout the remainder of the open pit life with the objective of being able to commence a second underground mine soon after the open pits are completed.


Background

The 100% owned Halls Creek Project in Western Australia hosts the producing Nicolsons underground gold mine and the Rowdies and Wagtail open pits.

First underground production of gold was achieved in September 2015 and the production profile continues to grow as Nicolsons looks to become one of the lowest cost, highest grade underground gold mines in Australia.

The Nicolsons underground mine has consistently overcalled the reserve at an average of 186% on the first three levels mined.

Mining at the Wagtail North, Wagtail South and Rowdies pits commenced during the second half of 2016.

Pantoro are also conducting exploration at prospects within the Halls Creek project to identify new high grade gold deposits outside the known JORC resources.


Analysis

Open pits at Wagtail are designed to a maximum depth of 65 metres so gold intersections at these depths shows the potential for extended mine life through follow-up underground operations.

With mining ongoing at the Nicolsons underground mine and open pits and gold trading at A$1,580 per ounce, Pantoro is producing in a favourable gold market.

Pantoro shares have more than doubled over the past 12 months, currently trading at $0.185.

Drill results are expected to continue with additional drilling aimed at delineating Mineral Resources and Ore Reserves suitable for underground mining ongoing during the ensuing quarters and undertaken in parallel with open pit mining.

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Thu, 16 Mar 2017 10:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/174878/pantoro-drills-out-gold-beneath-open-pits-174878.html
<![CDATA[News - Pantoro director snaps up shares on-market ]]> https://www.proactiveinvestors.com.au/companies/news/172815/pantoro-director-snaps-up-shares-on-market-172815.html Pantoro's (ASX:PNR) non-executive director, Kyle Edwards, has lifted his stake in the company through an on-market purchase.

Edwards purchased 50,000 shares for a consideration of $11,500.

Pantoro delivered record production of 9,598 gold ounces during the December 2016 quarter, a 30% increases on quarter on quarter.

All-in-sustaining-costs (AISC) for the quarter was A$1179 an ounce, and with increased production in the month of December, C1 reduced to A$759 an ounce and AISC to A$988 an ounce.

Gold is produced from the Halls Creek Gold Project in the Kimberly Region of Western Australia.

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Wed, 08 Feb 2017 11:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/172815/pantoro-director-snaps-up-shares-on-market-172815.html