Pantoro Limited (ASX: PNR) has announced highly encouraging initial results of diamond and RC drilling at the Daisy South Deposit at the Norseman Gold Project, WA.
The company reported that high-grade drill intercepts have been returned supporting the structural model for the Daisy Shear Zone corridor.
Significant new results include 7 metres at 28.8 g/t gold including 2 metres at 94.2 g/t gold; and 1.62 metres at 31.53 g/t gold including 0.4 metres at 87.01 g/t gold.
PNR reported that drilling is currently ongoing at the Gladstone/Everlasting, Daisy South, and Scotia deposits focussed on resource development. The company said that follow up drilling is planned prior to the end of December following completion of the Daisy South program.
Norseman Gold Project
Pantoro owns 50% of the Central Norseman Gold Project (CNGP) as an unincorporated joint venture (UJV) with Central Norseman Gold Corporation Pty Ltd. Pantoro has management control under the UJV.
The project tenure of approximately 1,000 km2 covers nearly all of the historic Norseman Gold province which lies on the southern end of the productive Norseman – Wiluna Greenstone belt, in the Eastern Goldfields of Western Australia. CNGP contains a current JORC compliant Mineral Resource of 4.4 million ounces of gold.
The important deposits of the CNGP are Gladstone/Everlasting, Princess Royal/Slippers, Daisy South, and Scotia deposits.
Pantoro had commenced drilling in the first week of August 2019, and had immediate success from the Slippers/Princess Royal area. Following the completion of the first Slippers/Princess Royal program, the company had commenced drilling at Gladstone Everlasting, Daisy South, and Scotia deposits.
Daisy South deposit
The Daisy South deposit lies to the east of the Gladstone Everlasting deposit located approximately 7 km east of the processing facility.
It is hosted within the Daisy Shear Zone (DSZ), approximately 400 metres along strike from the Daisy Open Pit which was last mined sixteen years ago.
The company had commenced drilling at Daisy South which focussed on extending the existing Mineral Resource and following up on a preliminary structural assessment of the Gladstone-Daisy corridor.
High-grade results from drilling at Daisy South
PNR reported that the assay results from the first nine holes of an initial twenty eight hole drilling program have been received with outstanding results.
Highlights include 7 m @ 28.8 g/t Au inc. 2 m @ 94.2 g/t Au; 1.62 m @ 31.53 g/t Au inc. 0.4 m @ 87.01 g/t Au; 13 m @ 4.72 g/t Au inc. 1 m @ 25.90 g/t Au; 1.40 m @ 9.96 g/t Au; 1 m @ 8.81 g/t Au; and 0.6 m @ 29.6 g/t Au.
It may be noted that one of the key objectives of the program is to identify repeats of the shallow north plunging high grade dilation zones in a stacked array predicted by the structural review.
The company reported that the drilling to date supports the model and identifies potential for these repeats at Daisy, Daisy South, and along strike within the structural corridor.
Drill programs continue at 3 deposits
The company reported that there are currently three drill rigs in operation at Norseman, undertaking both diamond and reverse circulation drilling programs. These programs are focussed on resource development at the Gladstone/Everlasting, Daisy South, and Scotia deposits.
PNR said that the programs at all three deposits are well advanced and have been designed to primarily infill existing results to the level required to convert Mineral Resources to Ore Reserve status.
The company reported that follow up drilling is planned prior to the end of December following completion of the Daisy South program.
Pantoro announced that drilling is planned to continue in the new year completing the programs above as well as moving onto the other deposits identified in the start-up program.
Next steps
The company said that the ongoing definition program to infill the known resource will also evaluate and test the potential for structural repeats of the high grade ore shoots.
Management comments
PNR’s Managing Director Paul Cmrlec said: “Pantoro’s drilling programs at Norseman are proceeding as planned in the areas identified as the likely first production targets upon recommencement of operations.
These initial results at Daisy South demonstrate the quality of mineralisation available for mining at Norseman, and we expect further results from Daisy South, Gladstone Everlasting and Scotia in the near term.
Drilling of the initial production targets is expected to be completed during the first quarter of the 2020 calendar year and will be followed by mine design and approvals processed required to convert Mineral Resource to Ore Reserves.
There are a large number of existing Mineral Resources and mineralised zones ready for resource development activities at Norseman and Pantoro will continue to focus on growth of the immediate mine plan while also considering next exploration targets within the project area.
Pantoro settled the acquisition of Norseman only four months ago and progress to date has completely met our expectations.”
