viewPantoro Ltd

Pantoro hits up to 8.1 metres at 67.29 g/t gold in maiden drilling at Sailfish prospect of Norseman

The initial eight diamond drill program at Sailfish prospect has returned high-grade results highlighting the growing potential of the Norseman project.

Pantoro Ltd - Pantoro reports high grade mineralisation from maiden drilling campaign at Lake Cowan
Drill core from SFDD20_005 at Sailfish showing abundant visible gold

Pantoro Ltd (ASX:PNR) is higher after receiving results of up to 8.1 metres at 67.29 g/t in maiden drilling at Sailfish Prospect on Lake Cowan within its Norseman Gold Project.

Within the 8.1-metre intersection of the eight-hole diamond drill program from 78.6 metres down hole was 0.7 metres at 521 g/t and 0.25 metres at 252 g/t.

Drilling also returned 1.8 metres at 4.25 g/t including 0.95 metres at 7.71 g/t from 171.45 metres downhole.

Shares have been as much as 18% higher to 27 cents intra-day.

“Likely presence of further high-grade gold”

Managing director Paul Cmrlec said: ”These results from our initial eight diamond drill hole program at the Sailfish prospect on Lake Cowan highlights the immense exploration potential of the project, and in particular the likely presence of further very high-grade mineralisation that Norseman has been known for over many decades.

“Our exploration programs in these areas are in their very early stages and it is too early to speculate what the results may mean in the context of the broader project."

There were 3.9 metres of core loss within the 8.1-metre intersection and this is assumed to be 0 g/t in calculation of the weighted average ore interval.

In general, the core loss was adjacent to the very high-grade core intervals within the broader intersection.

Core loss is often contiguous with the very high-grade portions of the broader intersection and while some caution is required around the quality, the sections of bonanza-grade core confirm the insitu presence of very high-grade mineralisation with abundant visible gold.

Increasing drill hole diameter

Cmrlec said: “Our geology team at Norseman continues to work with our key consultants to better understand the geometry and geological setting within the immediate area ahead of additional drilling.

“We are also working with our drilling contractors to increase the drill hole diameter in order to maximise core recovery in our future programs.”

Project location map.

Historical drilling

The initial program was undertaken following a period of extensive historical data review from drilling programs completed by Western Mining in the early 1990s.

Western Mining drilling returned results including:

  • 1.5 metres at 461.47 g/t including 1-metre at 690 g/t from 77 metres downhole and 0.1 metres at 290 g/t from 100.75 metres downhole;
  • 1.4 metres at 21.15 g/t from 137.4 metres downhole; and
  • 0.25 metres at 54 g/t from 96 metres downhole and 1.35 metres at 8.73 g/t from 114.65 metres downhole.

While Sailfish was defined as part of this work, Harlequin was discovered in 1991 with mining ultimately producing around 800,000 ounces at 10 g/t.

Mineralisation at Sailfish is hosted in both the hanging wall basalts, consistent with some of the multiple lodes at Harlequin, and also within the favourable Bluebird Gabbro – which hosts the 1.8-million-ounce North Royal deposit, which was probably the most prolific ore body mined at Norseman historically.

Ongoing Lake work program

As part of the lake exploration work, Pantoro is undertaking a review and reprocessing of the extensive geophysical datasets.

Additional diamond drilling is also underway on another high-priority lake target to further test an existing anomaly with encouraging historical reconnaissance results.

Due to the very high gold grades intersected in hole SFDD20_005 (which has been screen fire assayed), screen fire assay test work will be completed on the lower grade intersections.

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