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Pantoro Ltd

Pantoro increases gold production at Halls Creek operations

December quarter production was up 33% while Pantoro is debt free and has $18.3 million cash and $2.5 million gold on hand.

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Pantoro’s operations at the Nicolsons mine in Western Australia

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.

Quick facts: Pantoro Ltd

Price: $0.21

Market: ASX
Market Cap: $241.07 m
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Pantoro Ltd in the process of upgrading to produce up to 100,000 gold ounces...

Pantoro Ltd (ASX:PNR) managing director Paul Cmrlec speaks to Proactive Investors about the gold producer's operations at the multi-faceted Halls Creek Project, in the Kimberley Region of Western Australia. At the original Nicolsons underground mine, new equipment is being deployed to...

on 3/7/18

2 min read