Pantoro hits up to 8.1 metres at 67.29 g/t gold in maiden drilling at Sailfish prospect of Norseman

Pantoro Ltd (ASX:PNR) is higher after receiving results of up to 8.1 metres at 67.29 g/t in maiden drilling at Sailfish Prospect on Lake Cowan within its Norseman Gold Project.

Within the 8.1-metre intersection of the eight-hole diamond drill program from 78.6 metres down hole was 0.7 metres at 521 g/t and 0.25 metres at 252 g/t.

Drilling also returned 1.8 metres at 4.25 g/t including 0.95 metres at 7.71 g/t from 171.45 metres downhole.

Shares have been as much as 18% higher to 27 cents intra-day.

“Likely presence of further high-grade gold”

Managing director Paul Cmrlec said: ”These results from our initial eight diamond drill hole program at the Sailfish prospect on Lake Cowan highlights the immense exploration potential of the project, and in particular the likely presence of further very high-grade mineralisation that Norseman has been known for over many decades.

“Our exploration programs in these areas are in their very early stages and it is too early to speculate what the results may mean in the context of the broader project."

There were 3.9 metres of core loss within the 8.1-metre intersection and this is assumed to be 0 g/t in calculation of the weighted average ore interval.

In general, the core loss was adjacent to the very high-grade core intervals within the broader intersection.

Core loss is often contiguous with the very high-grade portions of the broader intersection and while some caution is required around the quality, the sections of bonanza-grade core confirm the insitu presence of very high-grade mineralisation with abundant visible gold.

Increasing drill hole diameter

Cmrlec said: “Our geology team at Norseman continues to work with our key consultants to better understand the geometry and geological setting within the immediate area ahead of additional drilling.

“We are also working with our drilling contractors to increase the drill hole diameter in order to maximise core recovery in our future programs.”

Project location map.

Historical drilling

The initial program was undertaken following a period of extensive historical data review from drilling programs completed by Western Mining in the early 1990s.

Western Mining drilling returned results including:

  • 1.5 metres at 461.47 g/t including 1-metre at 690 g/t from 77 metres downhole and 0.1 metres at 290 g/t from 100.75 metres downhole;
  • 1.4 metres at 21.15 g/t from 137.4 metres downhole; and
  • 0.25 metres at 54 g/t from 96 metres downhole and 1.35 metres at 8.73 g/t from 114.65 mRead More – Source