Pantoro Ltd

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

The update is based on drilling which showed high-grade continuity of gold mineralisation at Wagtail similar that seen in drilling and mining at the Nicolson’s mine.

The Wagtail mine is about 1 kilometre from the Nicolsons processing plant

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.

Quick facts: Pantoro Ltd

Price: $0.20

Market: ASX
Market Cap: $235.19 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