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Pantoro shares Nicolsons Gold Project drilling highlights from Kimberley

Last updated: 23:19 17 Oct 2018 EDT, First published: 08:19 17 Oct 2018 EDT

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Pantoro is focused on gold and is also returning other minerals during drilling

Pantoro Ltd (ASX:PNR) has encountered up to 11 g/t gold, 2.13 g/t platinum group elements and 0.65% nickel at its Edison prospect, within its wider Nicolsons Gold Project near Halls Creek in Western Australia.

The company said follow up drilling at Edison and the Paddock Well deposits had produced “encouraging results”.

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Edison is about 45 kilometres southwest of Halls Creek, with the 400-metre coincident magnetic and gold-in-soil anomaly striking northeast.

Pantoro said at Edison “drilling has returned significant gold, platinum group element (PGE) and nickel values in the basal portion of the Lamboo igneous complex”.

The company highlighted other economic projects in the Kimberley region, such as Savannah Nickel Mine and the Panton Sill PGE project.

READ: Pantoro drills 31 metres of gold in maiden program at Mary River

High-grade interceptions from the Edison prospect included:

  • 2 metres at 2.41 g/t gold from 13.3 metres;

  • 1 metre at 11 g/t gold from 22 metres;

  • 2 metres at 3.0 g/t gold from 1 metres;

  • 1 metre at 7.9 g/t gold from 13 m;

  • 2 metres at 3.7 g/t gold from 4 m;

  • 2 metres at 3.28 g/t gold from 63 m;.

  • 17 metres at 2.13 g/t PGE and 0.65% nickel;

  • 17 m at 1.58 g/t PGE; and

  • 21.4 metres at 1.93 g/t PGE and 0.55% nickel.

READ: Pantoro delivers 20% increase in gold reserve, lays platform for continued growth at Nicolsons

Pantoro reported efforts to test potential extensions had returned more encouraging results at Paddock Well.

These included:

  • 4.35 metres at 5.42 g/t gold and 83 g/t silver and 4.59 % lead-and-zinc from 103.15 metres, including 2 metres at 8.63 g/t gold from 105.5 metres;

  • 1.64 metres at 5.25 g/t gold and 39.1 g/t silver and 2.88% lead-and-zinc from 102.06 metres;

  • 2.2 metres at 3.37 g/t gold and 19.41 g/t silver from 91.5m, including 0.7 metres at 8.72 g/t gold; and

  • 0.25 metres at 14.96 g/t gold from 70.5 metres.

Hyena prospect was also drilled, returning 0.5 metres at 4.47 g/t gold in a diamond-drilled quartz vein.

The company said of its drilling: “The continued success supports the potential for additional gold mineralisation across the entire Nicolsons tenement area, particularly along strike of the active Nicolsons and Wagtail mines.”

Earlier this year, the company increased Nicolsons ore reserves by 20% to 964,000 tonnes at 7.1 g/t for 219,000 gold ounces, despite mining depletion.

The company’s total resource now stands at 1.5 million tonnes at 8.3 g/t for 393,000 ounces of gold, a 4% increase after mining depletion and pillar exclusion.

Pantoro’s proven ore reserve of 75,000 ounces within Nicolsons underground inventory reflects large developed ore stock in the mine.

The company's target production is 80,000 to 100,000 ounces of gold a year.

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