Pantoro Ltd

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

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

Map of Grants Creek and Nicolsons projects
Ore from Grants Creek could potentially be trucked to the Nicolsons plant

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.”

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

3 min read