50% Share in the World-Class Central Norseman Gold Project

Pantoro Limited announced the major acquisition of 50% of the Norseman Gold Project in May 2019 and completion occurred on 9 July 2019. Pantoro is the manager of the unincorporated joint venture, and is responsible for defining and implementing work programs, and the day to day management of the operation.

The Norseman Gold Project is located in the Eastern Goldfields of Western Australia, at the southern end of the highly productive Norseman-Wiluna greenstone belt. The project lies approximately 725 km east of Perth, 200 km south of Kalgoorlie, and 200 km north of Esperance.

The current Mineral Resource is 4.4 million ounces of gold (100% basis). Many of the Mineral Resources defined to date remain open along strike and at depth, and many of the Mineral Resources have only been tested to shallow depths. Mineral Resources have been estimated by Independent Expert HGS Australia Exploration Services. Pantoro is systematically drilling Mineral Resource areas and updating Mineral Resources and Ore Reserves as additional data becomes available. In addition, there are numerous anomalies and mineralisation occurrences which are yet to be tested adequately to be placed into Mineral Resources, with a number of highly prospective targets already identified by drilling.

The project comprises 146 near-contiguous mining tenements, most of which are pre-1994 Mining Leases which are free of native title. The tenure extends approximately 70 lineal kilometres of the highly prospective Norseman–Wiluna greenstone belt covering more than 1,000 square kilometres. Pantoro is focused on establishing a clear production development plan, and execution of that plan. The aim will be to initially establish an initial inventory of ~500,000 ounces to support a restart of operations.

Historically, the Norseman Gold Project areas have produced over 5.5 million ounces of gold since operations beganin 1935, and is one of, if not the highest grade fields within the Yilgarn Craton. Pantoro is focused on establishing a clear production development plan, and has commenced drilling and other works required to convert Mineral Resources to Ore Reserves.

Pantoro has focused Mineral Resource definition drilling on six initial mining areas containing multiple deposits which are amenable to both open pit and underground mining.

The initial drill out of these first areas is nearing completion, Mineral Resource modelling is underway and due for completion in the September quarter 2020.

The project is serviced by first class infrastructure at the project, local shire, and national infrastructure levels with MACA Interquip recently appointed to oversee the processing aspects of the feasibility study.