Halls Creek Project consists of the Nicolsons Project, located approximately 35 km south west of Halls Creek in the Kimberley, Region of Western Australia. The highly prospective area remains largely under-explored with minimal drill testing of targets outside of the existing resources.
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Pantoro, through its wholly owned
subsidiary Halls Creek Mining Pty Ltd (HCM), owns a majority interest in the Halls Creek Project in joint
venture with Bulletin. HCM holds an 80% interest in the project whilst Bulletin
holds the remaining 20% interest.
Upon Completion of the Joint Venture Sale
Agreement announced on 2 May 2016, HCM will purchase Bulletin’s remaining 20% joint venture interest in
the Halls Creek Project thereby taking ownership over the whole of the project.
The Halls Creek Project includes the
Nicolsons Mine and the Rowdies and Wagtail open pits (35 km south west of Halls
Creek), and a pipeline of exploration and development prospects located east of
Halls Creek in the Kimberley Region of Western Australia.
Pantoro acquired its initial interest the
Halls Creek Project during April 2014, and took possession of the site in May
2014 as manager of the project enacting its rapid development plan for the
project. First production was achieved at the Nicolsons Mine in September 2015.
The Nicolsons Mine has encountered strong
overcalls to the pre-mining JORC Ore Reserve Estimates.
As of 30 May 2016 the Nicolsons Mine JORC
Mineral Resource estimate is 719,914 tonnes at 7.41 g/t Au for 171,581 ounces
The Nicolsons Mine JORC Ore Reserve estimate is 418,897 tonnes at 7.17 g/t Aug
for 96,551 ounces Au.2
Underground diamond drilling is
continuing with strongly developed quartz veining typical of the ore system
having been intersected both from holes within, and in extensions to the
current mineral resource and ore reserve boundaries. Core is currently being
processed ahead of dispatch for assay.
Production activities have also resulted
in silver production with approximately one ounce of silver recovered for every
two ounces of gold produced to date.
On 12 May 2016 Pantoro defined a maiden open
pit JORC Ore Reserve of 96,500 tonnes @ 5.5 g/t Au at the Rowdies and Wagtail
deposits approximately 1.5 km south of the Nicolsons processing plant.
Subject to government permitting requirements, Pantoro intends to commence
mining the open pits during the second half of 2016.