Pantoro Ltd (ASX:PNR) has welcomed the annual mineral resource and ore reserve statement for its 50%-owned Norseman Project and fully owned Halls Creek Project as at May 31.
Year on year, the total mineral resource has increased by 4% and the total ore reserve has increased by 28% after mining depletion.
Steady year-on-year growth
The total mineral resource now stands at 24.527 million tonnes at 3.4 g/t gold for 2.678 million ounces, while the total ore reserve now stands at 7.833 million tonnes at 2.4 g/t gold for 597,000 ounces.
This steady year-on-year growth has been fuelled by exploration and resource development drilling at both projects.
The main driver for growth during the year was a significant increase at the Norseman Project from additional drilling, in particular at the Scotia Mining Centre.
The updated Norseman Project mineral resource and ore reserve was released to the markets on August 9, in which the Green Lantern deposit was pivotal.
During the year the Green Lantern deposit grew with significant conversion of much of the original inferred mineral resource to indicated mineral resource and increased the probable ore reserve.
What’s more, the drilling focused on underground areas of the Scotia orebody below the current open pit design increased the indicated mineral resource and probable ore reserve.
Pandemic challenges
Over at Halls Creek, operations continued despite the challenges presented by the COVID-19 pandemic.
There was a small decrease in the mineral resource at Halls Creek year on year after mining depletion.
Ongoing drilling at the Wagtail Underground Mine has seen the ore reserve increase in line with the start of underground development.
Commenting on the mineral resource and ore reserve upgrade, managing director Paul Cmrlec said: “Continued growth at Norseman highlights the potential of the project to continue to be extended with additional drilling.
“Pantoro is pleased with the progress that it has made during the year, and looks forward to further additions through drilling as the operation moves to production.
“It is pleasing to see Halls Creek continue to replenish mined ounces through ongoing drilling and development as the mine moves towards its eighth year of operation.
“Work this year has revealed the continuation of high-grade mineralisation, underpinning ongoing mine life extensions.”