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- Strengthens Norseman growth pipeline.
- High-grade zone extending from near surface to 600m depth.
- High-grade zone remains open to the east and down dip.
- Structure interpreted to be analogous to Bullen Reef.
Pantoro Gold (ASX:PNR) has just discovered broad high-grade mineralisation at the Racetrack target at the Norseman gold project in Western Australia. The explorer’s managing director, Paul Cmrlec, says the discovery is a significant addition to Pantoro’s pipeline of high-grade ore sources and has the potential to materially uplift production at the nearby OK underground mine.
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Sitting 600 metres north of OK’s existing infrastructure, the discovery is interpreted as a cross-link structure analogous to the 500,000 ounce Bullen Reef.
“The strike rate for broad, high-grade intercepts within Racetrack has been remarkable, and the scale of the zone identified to date has potential to materially increase the production capacity of the OK Underground Mine once sufficiently drilled and developed,” Mr Cmrlec told shareholders today.
“Critically, with Racetrack sitting just 600 metres from existing OK infrastructure, we have a clear pathway to bringing this ore into production in a capital-efficient manner.”
Wide-spaced drilling along the Racetrack trend indicated the presence of a high-grade zone over a current strike of 400m, extending from near surface to 600m depth.
“With ~1,000 metres of strike between the current results and the Mararoa Reef still to be tested, and the zone remaining open to the east and down dip, we see significant upside from here,” Mr Cmrlec explained.
“Infill and extensional drilling will be progressed rapidly to bring this target to Mineral Resource and Ore Reserve status as soon as possible.”
Significant intercepts from initial drilling at Racetrack returned 8.0m at 28.68 grams per tonne (g/t), including 1.0m at 189.84 g/t; 5.0m at 28.73 g/t, including 2.0m at 68.05 g/t, 2.01m at 82.99 g/t, including 1.0m at 165.0 g/t.
Pantoro Gold is currently drilling an initial 27-hole RC/DD exploration program in the Norseman Mainfield, testing early-stage targets at Racetrack, Golden Goose, and southern extensions to the Crown Reef.
Further drill workings will then see the completion of the current program testing the Racetrack line of lode to the east towards the Mararoa Reef to confirm continuity within the high-grade zone, the Golden Goose lodes, and selected holes extended to test the southern extension of the Crown Reef. Selected RC drill holes currently interpreted to have not reached the lode will be extended.
PNR will open at $3.39. Mkt cap $1.329B.
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