Pantoro Gold maps scale of high-grade Racetrack find - ICYMI

Pantoro Gold Ltd (ASX:PNR, OTC:PNTOF, FRA:RKN) earlier this week confirmed continuity of high-grade mineralisation at the Racetrack discovery within its 100%-owned Norseman Gold Project in Western Australia.

Managing director Paul Cmrlec told Proactive that a large percentage of the latest holes passing through the high-grade zone had displayed visible gold. He said the company was also seeing strong widths and described Racetrack as potentially the most consistent orebody Pantoro Gold Ltd (ASX:PNR, OTC:PNTOF) had drilled since beginning work at Norseman.

Cmrlec said drilling had tested the mineralisation over approximately 500 metres down dip, while the true width across the plunge was approaching 300 metres. He added that the mineralisation was holding together well at drill spacing of around 80 metres.

The discovery is situated only 600 metres north of the OK underground mine, giving the company potential access to nearby infrastructure. Cmrlec said planning was already underway for an underground exploration drive and noted that there was now enough drilling to give management confidence that Racetrack would be mined.

He said the company would continue drilling along strike while progressing underground access, allowing it to test how far the mineralisation extended laterally. Final results from the current drilling program were expected in approximately one month, with development of the exploration drive anticipated to follow.

Racetrack is interpreted as a cross-linking structure between the north- and south-striking structures that historically produced much of Norseman’s gold. Cmrlec compared the discovery with the historic Bullen deposit, which produced approximately 500,000 ounces at 10 grams per tonne and remains open at depth.

He said Bullen represented the type of scale Pantoro Gold Ltd (ASX:PNR, OTC:PNTOF) hoped to demonstrate through further drilling at Racetrack.

The next drilling results, the proposed exploration drive and continued testing along strike represent potential catalysts for the company. Further progress on development in three areas of the Norseman main field could also support Pantoro Gold Ltd (ASX:PNR, OTC:PNTOF)’s broader production strategy.

Cmrlec said the company was seeking to replace lower-grade open-pit material with increasing quantities of underground feed and ultimately move towards annual production of 200,000 ounces.

He added that production was continuing to ramp up and said recent labour constraints had been addressed rapidly through additional contractor appointments.

Interview highlights

• Pantoro Gold confirmed continuity of high-grade mineralisation at the Racetrack discovery within the Norseman Gold Project.
• A large proportion of holes intersecting the high-grade zone displayed visible gold.
• Drilling tested the discovery over approximately 500 metres down dip, with the true width across the plunge approaching 300 metres.
• The mineralisation was holding together well at drill spacing of around 80 metres.
• Paul Cmrlec described Racetrack as potentially the most consistent orebody drilled by the company at Norseman.
• Racetrack is located approximately 600 metres north of the OK underground mine.
• Planning was underway for an underground exploration drive to access and drill the discovery.
• The company intended to continue drilling along strike to test Racetrack’s lateral extent.
• The discovery was compared with the historic Bullen deposit, which produced 500,000 ounces at around 10 grams per tonne.
• Pantoro Gold Ltd was seeking to increase underground feed, replace lower-grade open-pit material and move towards annual production of 200,000 ounces.
• Development was beginning in three areas of the main field after approximately 18 months of decline rehabilitation.
• Cmrlec said labour constraints had been addressed rapidly and production was continuing to ramp up.

Proactive: Pantoro Gold has confirmed bonanza-grade results from the latest Racetrack drilling. Joining me live from the Diggers and Dealers Conference to discuss the latest results is managing director Paul Cmrlec. Paul, good to see you.

Paul Cmrlec: Morning, Jonathan. Great to see you.

Proactive: These results from Racetrack stand out. Talk me through the results and what you are seeing there.

Paul Cmrlec: They are really exciting. A large percentage of the holes that have passed through the high-grade zone have displayed visible gold, and we are seeing very strong widths.

The deposit is only 600 metres north of the OK mine, so we are working with multiple drill rigs to bring it to account rapidly. I think there is an additional mining centre there in the medium term.

Proactive: What do the results tell you about the continuity and scale of the mineralisation?

Paul Cmrlec: The plans in this morning’s announcement show that we have drilled it over about 500 metres down dip, while the true width across the plunge is approaching 300 metres.

When that is translated into horizontal drives, we are talking about drives that are 500 to 600 metres long. We now have drilling at a spacing of about 80 metres in those areas, and it is holding together very well.

It is probably the most consistent orebody we have drilled since we have been at Norseman.

Proactive: How does it compare with the historic Bullen lode at North Norseman?

Paul Cmrlec: It has very much the same sort of grades that have been seen throughout the main field, which produced at more than 10 grams per tonne.

We are probably seeing stronger widths than we have generally seen in our Norseman drilling. It is also a good analogue for the Bullen deposit, which was discovered relatively late, in the 1980s.

Racetrack is a cross-linking structure between the north- and south-striking structures that historically produced most of the gold at Norseman.

Bullen produced 500,000 ounces at 10 grams per tonne and remains open at depth. We are working down towards the bottom of that deposit now, and that is the type of scale we hope to establish through further drilling at Racetrack.

Proactive: Racetrack is only 600 metres from the OK underground mine infrastructure, so there appears to be a lot working in its favour.

Paul Cmrlec: Absolutely. Planning is already underway to establish an exploration drive out to the discovery.

There is enough drilling in place now to give us confidence that we will be mining it. It makes a lot of sense to drill it out from underground.

At the same time, we will continue drilling along strike to determine how large the discovery can become laterally while we establish access from the underground area.

We have not begun that underground development yet. Subject to the final results from the current program, which are expected in about a month, we expect work on the drive to begin.

Proactive: Production is the most important consideration. How does this feed into production, and what are the next steps?

Paul Cmrlec: Since restarting the exploration program in September 2024, our strategy has been to drill these high-grade opportunities.

The focus is on replacing the lower-grade open-pit material currently being processed with increasing quantities of underground feed and ultimately moving towards annual production of 200,000 ounces.

Racetrack was at a very early stage when we started drilling, and I think it demonstrates the type of opportunity available at Norseman.

At the same time, we have announced that development is beginning in three different areas of the main field following approximately 18 months of decline rehabilitation.

The overall growth strategy is progressing well and production continues to ramp up.

We have not made any secret of the labour challenges we experienced, but those issues have been corrected rapidly. Our contractor has made a large number of appointments during the past few months, so everything is taking shape in the way we would like.

Proactive: Finally, you are attending Diggers and Dealers. Can people meet you there, and what will you be discussing?

Paul Cmrlec: I will certainly be around the event. We do not have a booth inside the tent, but I will be there.

I am giving a presentation tomorrow morning and have a number of meetings arranged. Anyone wanting to catch up can contact me, and we can arrange a meeting to discuss the overall program.

Proactive: Paul, enjoy your time there, and thank you for speaking with us this morning.

Paul Cmrlec: Thanks very much, Jonathan. Good to speak with you.