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On 9 January 2019, Pantoro Limited (ASX:PNR) announced a significant update on its exploration activities at Nicolsons and Grants Creek. Pantoro is Australiaâs leading mining company involved in gold exploration. The company owns 100% stakes in Halls Creek Gold Project across Western Australia (Kimberley Region) which includes the Nicolsons and Wagtail Mines, the Grants Creek and the Mary River Projects.
Nicolson exploration update
Pantoroâs flagship project is the Nicolsons Project, involved in gold production since September 2015. The exploration work at Nicolsons has continued to return significant results at the Northern end of the Anderson Lode including: 4.65 m @ 7.72 g/t Au and 0.55 m @ 41.8 g/t Au. Results are up to 100 metres north of existing working in the Anderson Zone and up to 450 metres below the surface, which is approximately 130 metres below the current workings.
Drilling from existing development in the Hall Lode has identified high-grade mineralization in a parallel lode with results including: 1.94 m @ 18.82 g/t Au.
Grants Creek exploration update
Pantoroâs first exploration work at Grants Creek began in September 2018. The Grants Creek Project is near the north of Halls Creek holding strong exploration prospects with first mining recorded almost two decades back. The site possesses a strong drilling history and Pantoro considers the strong potential to define a JORC compliant Mineral Resource rapidly. The current program aimed at assessing the open pit potential at sites of Perseverance, Wilsons Reef and Star of Kimberley.
Remaining assays from Grants Creek have generated additional high-grade exploration findings results at Perseverance including:Â 6 m @ 4.96 g/t Au from 66 m - inc. 1 m @ 11.2 g/t Au. This is one of the deepest holes explored to date and supports continuing significant ore widths and high grades at depth at Perseverance.
Drilling at the Wilsons Reef prospect confirms multiple mineralised veins with first pass results including: 2 m @ 3.34 g/t Au from 40 m » 3 m @ 3.15 g/t Au from 20 m, 2 m @ 2.10 g/t Au from 2 m, 0.3 m @ 5.46 g/t Au from 4.3 m and 0.6 m @ 4.32 g/t Au from 5.4 m.
Star of Kimberley results as on 1 November 2018 include 2 m @ 11.04 g/t Au from 46 m - inc. 1m @ 20.3 g/t Au, 2 m @ 6.53 g/t Au from 24 m, 2 m @ 6.04 g/t Au from 24 m and 2 m @ 5.36 g/t Au from 10.3 m.
Financial performance
In the annual financial results, Pantoro posted a revenue of $87.18 million as compared to $63.91 million in the previous year. The company recorded an unrecognized loss of $5.96 million as at 30 June 2018 over $21.63 million in FY17. However, the Net Profit stood at $13.76 million as compared to previous yearâs net loss of $15.74 million
Stock performance
On releasing positive drilling results, the shares of Pantoro soared 4.65% today, closing the session at AUD 0.225. The companyâs stock offers YTD return of 10.26% till date.
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