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Highlights
- High-grade gold intercepts confirmed at OK Underground Mine
- Drilling extends mineralisation at depth and along strike
- Production and development advancing across Norseman project
Pantoro Ltd (ASX:PNR) has announced promising new high-grade gold results from its OK Underground Mine, part of the Norseman Gold Project in Western Australia. These results mark the first set of intercepts from an extensional drilling campaign since the project’s feasibility study and have confirmed strong mineralisation at depth, especially in the Star of Erin and O2 lodes.
The OK Underground Mine has already shown strong performance since operations recommenced, and the latest drilling suggests even greater long-term production potential. Initially launched with a relatively small reserve base, the resource has continued to expand thanks to ongoing drilling efforts. Further drilling planned throughout 2024 is expected to build on this momentum, supporting Pantoro’s broader development goals.
In addition to the OK Mine update, Pantoro (PNR) shared encouraging news from its broader Norseman operations. Open pit mining has recommenced at the Princess Royal site as of March, while development at the Scotia deposit has made significant headway. Several mining levels have now reached high-grade zones, providing access to additional ore and supporting production continuity.
The company is also focused on revitalizing historic zones within the Norseman region. Rehabilitation of the Bullen decline has begun, and underground drilling is underway in the Mainfield area—once the highest-producing part of the Norseman Gold Project. These efforts are designed to unlock further value from historically rich deposits and support Pantoro’s production targets.
To improve the company’s capital structure and market appeal, Pantoro recently completed a 17-to-1 share consolidation. The move brings the total number of shares on issue to approximately 387 million and is intended to reduce share price volatility while enhancing market stability.
Pantoro (PNR) has set its sights on reaching an annual gold production target of 200,000 ounces, with a strong emphasis on maintaining positive operational cash flow. The company’s continued success at OK and across the Norseman Gold Project underscores its strategic focus on sustainable growth and long-term value creation in Australia’s gold sector.
