Pantoro agrees to strategic investment in Maximus Resources; continues Green Lantern advancement ahead of MRE
- Pantoro secures $30 million corporate finance facility to support Norseman Gold Project
- Pantoro to take cornerstone position in Maximus Resources
- Pantoro Ltd talks large new PGE system at Halls Creek
Quick facts: Pantoro Ltd
Price: 0.22 AUD
Market Cap: $309.98 m
About the company
Pantoro Ltd (ASX:PNR) is an Australian gold producer with a 100% interest in the Halls Creek Gold Project in the Kimberley Region of Western Australia and 50% in the recently acquired Norseman Gold Project in the Goldfields.
The Halls Creek Project, which includes the Nicolsons and Wagtail Mines and a pipeline of exploration and development prospects, has a mineral resource of 393,000 ounces of gold.
The Norseman Gold Project represents a transformational opportunity through the current resource of 4.4 million ounces with strong potential for increases foreshadowed by exploration success.
How it is doing
The facility is from Global Credit Investments (GCI), a leading Sydney-based private credit firm, providing flexible funding solutions for a range of industries, including resources, across Australia and New Zealand.
This $30 million facility combined with Pantoro’s existing cash balance and ongoing cashflow from its Halls Creek operations fully underwrite the company’s construction and operational obligations at the Norseman Gold Project.
Managing director Paul Cmrlec said: “Pantoro is delighted to have finalised the corporate debt facility with GCI.
Pantoro Ltd (ASX:PNR) has delivered its maiden mineral resource estimate of 310,000 ounces at Green Lantern deposit, part of the Scotia Mining Centre within the Norseman Gold Project joint venture in WA.
Notably, the company estimates the deposit to contain 6.8 million tonnes at 1.4 g/t gold and it remains open to the south and at depth.
Exploration across the Western Australian mine has uncovered mineralisation from the current development levels to 120 vertical metres below the deepest level at Wagtail, returning as much as 60.9 g/t gold.
Insight: Pantoro to take cornerstone position in Maximus Resources
The Australian gold producer, which has a 100% stake in the Halls Creek Gold Project in the Kimberley Region of Western Australia and 50% in the recently acquired Norseman Gold Project in the Goldfields, will participate in the two-tranche capital raising to emerge with a 19.9% holding.
What management says
Pantoro Ltd (ASX:PNR)'s Paul Cmrlec caught up with Proactive after identifying a large PGE system during ongoing exploration at its Edison prospect within the Halls Creek tenement package in Western Australia. PGEs were identified by previous explorers in the region and Pantoro has continued to assess the potential following confirmation of PGE mineralisation while exploring for gold at the Edison prospect hosted within the Lamboo ultramafic complex.
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