14-Jan-2021:  Quarterly Report & Appendix 5B

Key Highlights

Excellent free cashflow of $7.6 million at Halls Creek fully funds development activities at Norseman.

Norseman Project (Pantoro 50%)

• DFS for recommencement of operations completed and all key regulatory approvals submitted and expected to be received during March 2021 Quarter.
• Engineering, Procurement and Construction (EPC) tenders for plant construction were received during December, and contract award is expected by the end of January. Detailed design and subsequent construction activities are expected to commence immediately after being awarded.
• Phase Two drilling underway with 100,000 metre drilling campaign to recommence early January 2021. 6-7 drill rigs scheduled to be on site initially with a focus on the objective of doubling project mining inventory. Drilling within the prolific Mainfield has commenced.
• Ongoing drilling at the Green Lantern and Sailfish discoveries continue to return strong results.

Halls Creek Project

• Strong free cashflow of $7.6 million exceeding guidance.
• Production of 10,143 ounces with AISC at $1,435/Oz both outperforming guidance.
• Pantoro remains unhedged with an average realised gold price of $2,540/Oz for the quarter.
• Development of the REV lode at Rowdies on multiple levels has mirrored strong drilling results which continue to extend and define the splay and parallel lode system. Drilling results during the quarter included:
  • 2.75 m @ 118.6 g/t Au.
  • 3.60 m @ 28.09 g/t Au.
  • 4.10 m @ 12.33 g/t Au.
  • 1.0 m @ 50.06 g/t Au.
  • 2.45 m @ 25.04 g/t Au.
• Regional exploration drilling programs undertaken at Grants Creek and Mary River.

Corporate

• Closing cash and gold balance of $64.9 million* maintaining cash position quarter on quarter. Pantoro remains debt free.
• Pantoro’s strong balance sheet positions the company well to develop the Norseman Gold Project over the coming year.

Enquires

Paul Cmrlec – Managing Director  I  Ph: +61 8 6263 1110  I  Email: admin@pantoro.com.au

* $60.6M cash and metals account, 1,747 ounces in safe and GIC (gold in circuit) @ $2,455.34.

[I hold PNR shares.]

23-Nov-2020:  Further High Grade Results from the Sailfish Prospect

Pantoro Limited (ASX:PNR) is pleased to advise further high-grade results from a short four hole follow up drilling program on the Sailfish prospect on Lake Cowan at the Norseman Gold Project (PNR 50%). Three out of the four holes drilled returned significant intercepts including:

• 1.6 m @ 61.78 g/t Au from 98.5 m downhole inc. 0.33 m @ 234.14 g/t Au (including 0.4 m of core loss calculated at 0 g/t Au).
• 0.65 m @ 38.66 g/t Au from 88.9 m downhole.
• 0.8 m @ 9.88 g/t Au from 93.0 m downhole.

The follow-up program was undertaken after the first eight hole program returned high grade intercepts including:

• 8.1 m @ 67.29 g/t Au from 78.6 m downhole inc. 0.7 m @ 521 g/t and 0.25 m @ 252 g/t Au ( including 3.6 m of core loss calculated at 0 g/t Au).
• 3.5 m @ 2.56 g/t Au from 64 m downhole inc. 0.3 m @ 26.2 g/t Au ( including 1.6 m of core loss calculated at 0 g/t Au).
• 1.8 m @ 4.25 g/t Au inc 0.95 m @ 7.71 g/t Au from 171.45 m downhole.

Refer to ASX release on 21 July 2020 titled ‘Very High Grade Mineralisation Encountered on Lake Cowan’.

Based on the current drilling, Sailfish reef appears to be a shallow SE dipping lode system with hanging wall and footwall ore zones oriented similarly to the high grade HV1 vein at the Harlequin mine to the South. The new results have provided sufficient additional data for Pantoro to undertake a more substantial program to further refine understanding of deposit geometry, structural and lithological controls. The expanded program is planned to commence during November 2020.

--- click on link at the top for the full announcement, including photos and graphics/diagrams ---

[I hold PNR shares.]

04-Nov-2020:  New High Grade Lodes Defined at Wagtail

Pantoro Limited (ASX:PNR) is pleased to advise that further drilling and initial level development have confirmed the presence and continuity of two additional high grade lodes at the Wagtail Underground Mine at the Halls Creek Project. Both lodes extend the mineralisation at the Wagtail Underground Mine and are located in the hanging wall of the current Rowdies ore system.

Key Highlights

• Development and drilling have defined a North East oriented splay lode (REV Lode) developing off of the current Rowdies lodes. The new REV Lode currently has a strike length of 50 metres and vertical extent of 100 metres. The lode remains open at depth and drilling is on going.
• The REV Lode interacts with the newly discovered high grade North Striking Lode in the hanging wall.
• The sulphide rich REV Lode appears to be a direct analogue to the Mother/Darcy lodes at Nicolsons, where significant upside was realised in the early stages of the projects development.

Recent drilling results from the REV lode have returned outstanding high grade intersections including:

• 18.05 m @ 38.99 g/t Au (drilled down dip and through intersection of REV and new North Striking Lode).
• 14.95 m @ 14.7g/t Au (drilled down dip and through intersection of REV and existing Rowdies Lode).
• 3.59 m @ 82.40 g/t Au.
• 2.65 m @ 15.57 g/t Au.
• 2.30 m @ 9.40 g/t Au.
• 0.45 m @ 64 g/t Au.
• 0.88 m @ 46.50 g/t Au.

Commenting on the Results Pantoro Managing Director Paul Cmrlec said:

“The discovery of these new lodes is great news for the Wagtail mine, and for the Halls Creek Project as a whole. The splay lodes at Nicolsons provided significant value to Nicolsons mine, and this discovery has the potential to provide the same upside at Wagtail.

The deepest drilling in the lode has returned some of the most exciting results to date, and the team at Halls Creek eagerly awaits the development of additional drilling platforms to enable the full drill out of this lode.

In addition to REV Lode extensions, we continue to test the existing lodes outside of the current Mineral Resource envelope and look forward to reporting extensions to mineralisation which may further increase the mines life.”

--- click on link above for the full announcement ---

[I hold PNR shares.]

Also, recently:  29-Oct-2020:  Big Gold Hits at Green Lantern including 41 m @ 1.91 g/t Au

29-Oct-2020:  Big Gold Hits at Green Lantern including 41 m @ 1.91 g/t Au

Pantoro Limited (ASX:PNR) is pleased to advise that ongoing drilling at its recent Green Lantern discovery continues to confirm wide high grade gold zones over a substantial strike length. Green Lantern lies within the Scotia Mining Centre at the Norseman Gold Project (PNR 50%). Green Lantern was not included in the Phase One Feasibility study mine plan or Mineral Resource which was released on 12 October 2020, presenting immediate upside for the project.

Key Highlights

• Substantial near surface mineralisation now identified over a strike length of approximately 400 metres at Green Lantern. Mineralisation remains open to the north and down dip.
• Drilling has confirmed and extended wide ore grade intersections. The Green Lantern mineralisation appears to be an extension of the Lady Eleanor shear system which provides a combined strike of approximately 800 metres outside of the Phase One open pit design at Scotia.
• Drilling indicates multiple lode structures, with a wide, lower grade stockwork system and higher grade zones typical of other orebodies known within the mining centre.

New results include:

• Green Lantern Wide Zone 
  • 41 m @ 1.91 g/t Au inc. 26m @ 2.39 g/t Au. 
  • 29 m @ 2.53 g/t Au inc. 13m @ 3.37 g/t Au. 
  • 23 m @ 1.40 g/t Au inc. 9m @ 2.15 g/t Au. 
  • 12 m @ 3.54 g/t Au. 
  • 13 m @ 2.40 g/t Au.
  • 12 m @ 2.27 g/t Au.
  • 6 m @ 3.78 g/t Au.
  • 7 m @ 2.34 g/t Au.
  • 10 m @ 1.15 g/t Au.
• Green Lantern High Grade Zones
  • 2 m @ 14.85 g/t Au.
  • 2 m @ 20.59 g/t Au.
  • 2 m @ 8.30 g/t Au.
  • 2 m @ 4.76 g/t Au.

Pantoro currently has five drill rigs operating at the Scotia Mining Centre focussed on extension of Green Lantern and Lady Eleanor mineralisation, depth extension of the Scotia Orebody, additional exploration and sterilisation works within the planned waste dump footprint.

Commenting on the Results Pantoro Managing Director Paul Cmrlec said:

“The Phase One DFS demonstrated the importance of Scotia in the revised mine plan. The new discovery to the south east of the current open pit design has real potential to double the size of planned open pits, and the wide ore zones now identified add an exciting dimension to the project.

Drilling at Scotia will continue as a priority, and additional programs are also commencing on the historic Mainfield during the coming week. Pantoro has a clear strategy to double the ounces in the Phase One mine plan at Norseman during the next twelve to eighteen months and these results provide a fantastic start to meeting that objective.”

About Green Lantern:

Green Lantern lies approximately 270 metres to the South East of the existing Scotia Pit, and is open at depth and along strike to the North. The current drilling program has continued to define multiple lodes which remain open up and down dip and along strike.

--- That was just the first page of the announcement - and the first paragraph from page 2 - and the full announcement is 16 pages long ---

[I hold PNR shares.]

23-Oct-2020:  Quarterly Report & Appendix 5B

Their website:  https://www.pantoro.com.au/

[I hold PNR shares.]

12-Oct-2020:  Investor Presentation for Diggers & Dealers   plus   DFS for the Norseman Gold Project

[I hold PNR shares.]

25-Sep-2020:  Halls Creek Project Mineral Resource & Ore Reserve Update

Growth at Wagtail underpins mine life at Halls Creek

Pantoro Limited (ASX:PNR) is pleased to provide its annual Mineral Resource and Ore Reserve statement for the Halls Creek Project as at 31 May 2020.

Mineral Resources and Ore Reserves for the Norseman Gold Project will be reported separately in a release to the ASX as part of the Definitive Feasibility Study currently being finalised.

Key Highlights

• The total Halls Creek Project Mineral Resource now stands at 1,602,000 tonnes @ 6.6 g/t for 339,000 ounces, maintaining the inventory in line with the previous year’s result after mining depletion.
• The total Halls Creek Project Ore Reserve now stands at 1,023,000 tonnes @ 4.6 g/t for 150,000 ounces.
• Underground Ore Reserves of 111,000 ounces maintains the rolling three year underground Ore Reserve life that the project has maintained since the first development in 2015.
• Outstanding growth at Wagtail resulting from high grade infill and extension drilling with results including:
  • Rowdies Lode
    • 5.35m @ 13.97 g/t Au.
    • 4.30 m @ 16.40 g/t Au.
    • 4.26 m @ 15.90 g/t Au.
    • 3.30 m @ 17.80 g/t Au.
    • 2.80 m @ 18.10 g/t Au.
  • New Splay – REV
    • 6.00 m @ 20.24 g/t Au.
    • 3.23 m @ 12.76 g/t Au.
    • 2.05 m @ 13.27 g/t Au.
    • 0.4 m @ 101 g/t Au.
    • 2.28 m @ 11.74 g/t Au.
  • Wagtail North Lode
    • 2.52 m @ 12.30 g/t Au.
    • 1.50 m @ 10.41 g/t Au.
    • 1.30 m @ 20.30 g/t Au.
• The Wagtail Ore Reserve has been extended to 260 metres below surface, with the Inferred Mineral Resource extending to approximately 300 metres below surface. Drilling programs are ongoing to continue the extension of the resource down plunge.

Commenting on the Mineral Resource and Ore Reserve upgrade, Managing Director Paul Cmrlec said:

“The Nicolsons project at Halls Creek continues to produce real cashflows which rival many much larger operations throughout the industry. Pantoro will continue to focus on maximising cashflow from Halls Creek to support the company’s growth plans as a priority above all else.

Halls Creek has been a great area for Pantoro since we first developed Nicolsons mine in 2015. Over the five years of operation, Ore Reserves inclusive of mine depletion have grown by over 400%, and this latest update sets the scene for continued growth into the future."

[I hold PNR shares.  What I like about them is that they have the revenue from gold production up at Halls Creek while they have the upside from the gold project development down at Norseman.]

22-Sep-2020:  The Gold Forum - Investor Presentation

[I hold PNR shares.]

03-Sep-2020:  OK Mine Drilling Program Complete with High Grade Results

Pantoro Limited (ASX:PNR) is pleased to provide a further update on results from its maiden underground drilling program at the high grade OK Underground Mine at the Norseman Gold Project (PNR 50%).

Key Highlights

The diamond drilling program at the OK Underground Mine has now been completed, with approximately 14,000 metres drilled. The objective of the program was to extend the depth of defined mineralisation in the O2 lode below the 22 Level, and to infill the Star of Erin Lode mineralisation.

Star of Erin Lode – Drilling in the Star of Erin Lode in the upper areas of the mine has returned a number of wide, high grade results, confirming a second ore zone immediately available for mining at OK. New results include:

• 3.35 m @ 29.84 g/t Au.
• 2.4 m @ 14.58 g/t Au.
• 2.05 m @ 19.23 g/t Au.
• 0.55 m @ 22.6 g/t Au.
• 1.1 m @ 17.12 g/t Au.
• 3.2 m @ 6.3 g/t Au including 1.1 m @ 16.33 g/t Au.
• 1.3 m @ 6.45 g/t Au.
• 0.35 m @ 31.90 g/t Au.

O2 Lode – New drill results from the O2 Lode have been received in addition to the high grade results previously reported. New results include:

• 5.7 m @ 27.18 g/t Au including 1 m @ 57.6 g/t Au and 1.5 m @ 61.13 g/t Au.
• 1.9 m @ 6.72 g/t Au.
• 3.8 m @ 6.02 g/t Au.
• 0.5 m @ 18.30 g/t Au.
• 1.7 m @ 6.58 g/t Au including 0.7 m @ 14.58 g/t Au.

Commenting on the results, Managing Director Paul Cmrlec said: “The results from the Star of Erin Lode at the OK Underground Mine have confirmed consistent high grades which give us confidence that the mine will have at least two primary ore sources from commencement of operations. The revised Mineral Resource Estimate and Ore Reserve calculation are being prepared for release with the Definitive Feasibility Study for the Norseman Gold Project which is nearing completion. The OK Underground Mine is yet another example of the high quality projects available for near term recommencement of production at Norseman.”

--- click on link above for more ---

[I hold PNR shares.]

29-7-2020:  Excellent Initial Results from Maybell Mining Centre

Pantoro Limited (ASX:PNR) has recently commenced drilling at the Maybell Mining Centre, the last of the identified phase one start up mining targets.

Initial Results from shallow drilling have been received from the Lord Percy Deposit which is located to the northeast of the main Maybell Deposit on a converging structure.

Results to date are extremely encouraging, highlighting a shallow high-grade lode system. Intercepts from surface to 60 metres depth include:

• 4 m @ 13.58 g/t Au (gold).
• 1.10 m @ 13.40 g/t Au.
• 2 m @ 9.13 g/t Au.
• 1.70 m @ 9.48 g/t Au.
• 4 m @ 4.56 g/t Au.
• 3 m @ 4.40 g/t Au.
• 4 m @ 7.20 g/t Au.
• 3 m @ 3.56 g/t Au.
• 4 m @ 2.61 g/t Au.

The Lord Percy Deposit has limited historical drilling completed on a wide spacing, informing the current Inferred Mineral Resource. Initial drilling has confirmed a shallow dipping parallel lode system, centred around the much smaller historic workings next to the main historic Maybell Deposit.

Pantoro Managing Director Paul Cmrlec said:

“The Maybell Mining Centre is the last of the phase one targets for inclusion in Pantoro’s near term mining plan. Results returned to date from Lord Percy have again met our expectations, highlighting a significant near surface mineralised system for inclusion in our open pit optimisation process.

Commencement of drilling in this area was delayed due to obtaining statutory approvals during the COVID-19 pandemic, however all required approvals have now been received.

Drilling is ongoing at both the Lord Percy and Maybell deposits. The initial focus is to complete the work required for inclusion in the detailed feasibility study which is progressing well.

Both deposits have excellent potential for depth extensions beyond the open pits and additional drilling will be undertaken in due course.”

--- click on link above for the full announcement ---

[I hold PNR shares]

16-June-2020:  High Grade Results Continue from OK Underground Mine

I hold PNR Shares.  Overnight (during Monday in the US) gold threatened to fall below US$1700 an ounce in a volatile session.  The US dollar rallied early, which saw gold futures drop as low as $1705/oz.  The price has since recovered back to $1733/oz, only a few dollars lower than this time yesterday, after the Federal Reserve announced it would start buying corporate bonds.  US stocks were also volatile, opening lower but finishing 0.8% higher after the Fed announcement.  Our market is set to start on a positive note today after a couple of days of falls.

23-Apr-2020:  Princess Royal/Slippers Drilling Confirms Multiple Ore Zones

Up to 20.37 grams per tonne Gold.  Nice!!  I hold PNR shares.  The NGP is shaping up nicely.

17-Apr-2020:  High Grade (Gold) Results from OK Underground Mine Drilling

They're getting some VERY high grades there at the OK mine.  [I hold PNR shares]

20-Feb-2020:  Pantoro (PNR): RIU Explorers Conference Presentation - February 2020

I do have a small holding in PNR - they are not only explorers and developers, but they are also already gold producers at Halls Creek (100% PNR), and are now developing their 50%-owned Norseman Gold Project (NGP).  Slide 6 shows that they have some of the highest grades of both underground mineral resources and surface (open pit-able) mineral resources of any Australian gold producer, including the big ones.  As long as the geology is friendly and the processing is relatively straightforward, high grades generally translate into lower costs, which means higher profits, so it bodes well for their future.  However, they are very small, so still much higher risk than the bigger companies who have years of production already under their belts.  For that reason, my PNR holding is a lot smaller than my holdings in NST, EVN, SAR and/or SBM.  However, for those with a higher risk appetite, PNR might be worth keeping an eye on.