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 acquired its initial interest in the project during April 2014, and took possession of the site in May 2014 enacting its rapid development plan for the project. Pantoro acquired 100% ownership of the project in July 2017.
Nicolsons Mine is well located, only 8 km from the Great Northern Highway, a fully sealed transport corridor connecting Perth and Darwin. The mine is only 45 km from the Town of Halls Creek, where extensive services, including camp accommodation and a fully sealed airstrip are utilised by the company, reducing overall capital and ongoing maintenance costs.
Pantoro commenced Gold production from Nicolsons Mine in September 2015 following approximately six months of construction which involved commencement of a new underground mine, the repair and refurbishment of an existing processing facility, and construction of surface infrastructure including the tailings storage facility. Operations have also resulted in silver production with approximately one ounce of silver recovered for every two ounces of gold produced to date.
As at 30th April 2017 the project has a Mineral Resource estimate of 1.58 million tonnes at 7.4 g/t Au containing approximately 377,000 ounces of gold. The Ore Reserve estimate is 0.77 million tonnes at 7.4 g/t Au containing approximately 183,000 ounces of gold.
The project region has only been sporadically assessed over a number of years, and is considered to be grossly under-explored. Pantoro’s current exploration effort is the most substantial program ever undertaken and has led to additional ore discovery during the year through improved knowledge of the mineralised system.Total known gold endowment within Pantoro’s tenure now exceeds 450,000 ounces (refer to ASX Announcement of 1 June 2017 titled “Nicolsons Project Mineral Resource and Ore Reserve update”), demonstrating that the project presents a significant deposit in the Australian gold industry context.