Why Pantoro’s Share Price Is up over 7% Today (ASX:PNR)
Pantoro Ltd’s [ASX:PNR] share price is soaring today after announcing Green Lantern’s maiden mineral resource estimate and ore reserve.
Green Lantern is part of the Scotia Mining Centre at the Norseman Gold Project, which is located in the Eastern Goldfields of Western Australia. Pantoro acquired 50% of Norseman in 2019, with the remaining half owned by Norseman Gold Plc.
Pantoro announces maiden mineral resource estimate at Green Lantern
The Australian gold producer announced a maiden mineral resource estimate for Green Lantern of 6.8 metric tonnes at 1.4 grams per tonne of gold for 310,000 ounces. Maiden ore reserves came in at 2.65 Mt at 1.3 g/t Au for 110,000 ounces at a 0.6 grams per tonne cut-off grade.
The current life of mine plan consists of 1.95 Mt at 1.7 grams per tonne of run-of-mine ore. There’s also an extra 1.32 Mt at 0.8 g/t of low-grade ore. This plan includes inferred mineral resources at the pit shell.
Managing Director Paul Cmrlec said:
‘Green Lantern is a big, valuable addition to the Norseman Gold Project directly resulting from Pantoro’s exploration program which has operated in parallel with resource development drilling. Rapid progression of the deposit from discovery in August 2020 to Ore Reserve status in approximately one year is an outstanding result. We look forward to continuing to grow the resource along strike and converting additional Inferred Resources to the Indicated category with additional drilling.’
At the moment, Pantoro is doing some drilling to expand the mineral resource and turn inferred material into indicated mineral resource and ore reserve.
Some of their drilling results include: 4m @ 7.16 g/t Au from 115m, 8m @ 10.42 g/t Au from 41 m including 2m @35.73 g/t Au from 46 m, 3m @ 9.52 g/t Au from 54 m, 5m @ 6.48 g/t Au from 107 m and 4m @5.02 g/t Au from 107 m.
What happens next?
Pantoro said they are working on integrating Green Lantern into the mine plan. At time of writing, shares are trading at 22 cents, that’s a 7.3% increase from yesterday’s close at 20.5 cents.
Interested in gold? Our in-house gold expert Brian Chu thinks Australia could be set to become the ‘epicentre’ of the next gold bull run.
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