Pantoro Ltd (ASX:PNR) in trading higher on revealing a 27% uptick in quarterly production at its wholly owned Norseman Gold Project, coupled with excellent grade control performance at its Scotia open pit.
During the quarter, the gold producer highlighted a production increase to 13,168 ounces of gold, a significant improvement on the 10,345 ounces produced in the June 2023 quarter.
Mill feed grades have also been on an upward trend, with some 5,352 ounces produced in September alone.
At the Scotia open pit, cut-back operations have advanced under existing positions - confirming the integrity of the mineral resource.
Furthermore, the grade-control drilling programs at Scotia south and central further substantiate these results.
The markets have welcomed the news with shares trading as high as $0.042, up 23.5% from previous close
Ounces produced and feed grade.
“Best position”
Pantoro director Paul Cmrlec said: “It is pleasing to see the Norseman Gold Project continuing to improve with regard to mined grades and production rates.
“The project has a great runway in front of it and all of our employees and contractors continue to work together to maximise outcomes from the mine.
“The operation is in the best position that it has seen since recommencement of production and we look forward to continued improvement to nameplate production levels."
Norseman resource
The Norseman Project is situated in the Eastern Goldfields of Western Australia, at the southern end of the highly productive Norseman-Wiluna greenstone belt.
Many of the mineral resources defined to date remain open along strike and at depth, and most of the mineral resources have only been tested to shallow depths.
In addition, there are numerous anomalies and mineralisation occurrences that are yet to be tested adequately to be placed into mineral resources, with a number of highly prospective targets already identified.
On February 13, Pantoro announced an agreed merger with Tulla Resources Plc (ASX:TUL), the then 50% partner at Norseman.
The merger was completed in late June 2023, with Tulla Shareholders receiving Pantoro shares as consideration.