- Pantoro (PNR) records ore at a higher grade than modelled from the Star of Erin Lode within the OK mine in Norseman, Western Australia
- The company says development in the Star of Erin 253 level has driven consistent and high-grade ore with “strong potential” to the upside on the current ore reserve
- However, the vertical continuity of the ore zone is yet to be tested, with additional development underway above and below the 253 level
- The news comes as the company kicks off production stoping at the OK mine, with the first stope excavated from the Star of Erin 095 level
- Shares in Pantoro are up 1.8 per cent, trading at 5.7 cents at 2:21 pm AEDT
Pantoro (PNR) has recorded ore at a higher grade than modelled from the Star of Erin Lode within the OK mine in Norseman, Western Australia.
The company told investors that development in the Star of Erin 253 level had driven “consistent and high-grade” ore.
Development has progressed east of the current ore reserve boundary where PNR said “outstanding” widths and grades were being consistently reported from the ore block.
The vertical continuity of the ore zone is yet to be tested as additional development is underway above and below the 253 level, but the company said the results so far suggested “strong potential” to the upside on the current ore reserve.
In this vein, the company expects to begin ore development in March or April.
The news comes as Pantoro kicks off production stoping at the OK mine.
The first stope was excavated from the Star of Erin 095 level, and bogging is underway ahead of the backfilling and excavation of the next production panel.
While PNR has experienced a number of difficulties during the project start-up, Managing Director Paul Cmrlec said the company was very confident in the long-term value of the Norseman project.
“While it is still early days, the potential upside displayed in the development at OK is very encouraging, and we look forward to increasing production from the mine as more work areas become available in the coming months,” Mr Cmrlec said.
The tenement that hosts the OK mine is half owned by Pantoro subsidiary Pantoro South and 50 per cent by CNGC in a joint venture.
PNR shares were up 1.8 per cent and trading at 5.7 cents at 2:21 pm AEDT.