The Pantoro Gold Ltd (ASX: PNR) share price is trading lower on Monday after the company released an exploration update to the market.
At the time of writing, the gold producer's shares are down 3.32% to $3.345. The stock has had a difficult run this year and is now down roughly 32% since the start of 2026.
Here's what the company announced.
Image source: Getty Images
New drilling results from Norseman project
Pantoro reported new drilling results from the Butterfly area of the Mainfield at its Norseman Gold Project in Western Australia.
The company said drilling from the Bullen Decline is continuing across several zones, including the Butterfly area of the Mararoa Reef. The Mararoa Reef has historically produced an estimated 1.4 million ounces of gold.
According to the update, several high-grade intersections have been returned from the latest drilling program. These include:
• 1.5 metres at 81.23 grams per tonne (g/t) gold, including 0.5 metres at 223.65 g/t
• 1.7 metres at 34.35 g/t gold, including 0.36 metres at 143.02 g/t
• 1.1 metres at 26.88 g/t gold, including 0.72 metres at 40.35 g/t
• 0.54 metres at 58.76 g/t gold
• 0.6 metres at 58.96 g/t gold, including 0.3 metres at 103.75 g/t
• 0.4 metres at 12.08 g/t gold
Pantoro said the drilling is aimed at finding additional gold where mineralisation continues along the reef and deeper underground.
Potential pathway to future mining
The company also highlighted that mineralisation lies only about 70 metres east of the recently developed Butterfly exploration decline.
This proximity could make the area easier to access for potential mining if further drilling continues to deliver strong results.
Pantoro said known mineralisation at Butterfly extends about 1.5 kilometres south. It also remains open at depth, meaning further discoveries could be made as drilling continues.
Managing Director Paul Cmrlec said the results continue to demonstrate the exploration upside across the Mainfield area.
He said the Mararoa Reef had already been heavily mined in the upper levels historically, and the current drilling is targeting previously unmined extensions.
Cmrlec also noted that the Butterfly zone is separate from the O'Brien's and Crown South areas that the company recently identified as its next underground production centre at Norseman.
About the Norseman gold project
Pantoro is focused on developing the Norseman Gold Project in Western Australia's Eastern Goldfields region.
The company currently produces gold at Norseman and operates a processing plant with the capacity to treat around 1.2 million tonnes of ore each year.
Pantoro reports a total mineral resource of approximately 6.6 million ounces of gold across the broader Norseman project area.
The company is continuing a large drilling campaign across the district. It plans to drill around 250,000 metres during FY2026 to expand resources and support future production growth.
