The Pantoro Gold Ltd (ASX: PNR) share price is in focus today after the gold producer released drilling results confirming high-grade continuity at its Norseman Gold Project's Racetrack Discovery. Highlights include a standout intercept of 4.94 metres at 349.14 g/t gold and confirmation that high-grade mineralisation remains open to the east and at depth.
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What did Pantoro Gold report?
- Second phase of infill drilling at Racetrack Discovery confirmed significant high-grade gold intercepts
- Notable results: 4.94 m @ 349.14 g/t (including 0.91 m @ 1,737.37 g/t); 20.36 m @ 15.55 g/t; and 3.53 m @ 34.44 g/t
- High-grade mineralisation now confirmed across more than 350 metres of strike, from near surface to 600 metres depth
- Racetrack identified as an analogue to the historic Bullen lode, which produced over 500,000 ounces
- FY27 budget includes exploration decline development from OK Decline to access Racetrack
What else do investors need to know?
Pantoro Gold's Norseman Gold Project is one of Western Australia's highest-grade goldfields, with a current total mineral resource of 4.6 million ounces and ore reserves of 859,000 ounces. The company has been ramping up underground and open-pit mining operations since commissioning a new 1.2 million tonnes per annum processing plant in 2022.
The company's strategy is to build production towards 100,000 ounces per annum initially, with ambitions for more than 200,000 ounces annually in the medium term. Many mineralised zones remain open along strike and depth, signalling significant further exploration potential.
What did Pantoro Gold management say?
The company's managing director, Paul Cmrlec, commented:
Racetrack is shaping up as a very high-grade structure with some of the widest intercepts we have seen at Norseman to date. Grades encountered are similar to those seen at the Bullen deposit, however early drilling suggests greater lode widths. Bullen produced over 500,000 ounces between 1985 and 2000 at a mined grade of approximately 10 g/t, and remains open at depth.
Just 600 metres from the OK Decline, Racetrack can be developed with minimal additional infrastructure requirements and mined independently once dedicated ventilation circuits are established. Preliminary planning for access is already underway.
The drill program continues with multiple rigs in action and our geology team is focused on expanding the high-grade zone and bringing this exciting discovery to production as soon as possible.
What's next for Pantoro Gold?
Pantoro Gold plans to continue its aggressive drilling program at Racetrack, aiming to further expand the high-grade zone both eastward and down dip. Planning is already underway to develop an exploration drive from the OK Decline, which could fast-track access to the new resource for future production.
With additional exploration targets along the Norseman tenements and infrastructure in place, Pantoro Gold's strategy remains firmly centred on scaling up production and extending mine life at this historic goldfield.
Pantoro Gold share price snapshot
Pantoro Gold's share price has faced a challenging period over the past year, underperforming the S&P/ASX 200 Index (ASX: XJO) with a disappointing decline of almost 50%.
