Gold mining contractors selected for Norseman

The company behind the revival of Norseman’s historic goldmines has appointed contractors for its planned open-pit and underground mining operations.   Pantoro this week advised the ASX Hampton Mining & Civil Services had been selected as the preferred open-pit mining contractor and WestAuz Mining as the preferred underground mining contractor.

Pantoro said both contractors were selected based on key criteria, including recent experience in the style of mines to be operated at Norseman, ready access to key personnel already recruited, and agreement to commit new plant and equipment to the project.

Both contracts are expected to be finalised in the coming weeks, with mobilisation to site planned for next month. The company said construction was well advanced, with first production on track for August.

“All equipment from international sources has now been received and construction is advancing in line with the project schedule,” it said.

Meanwhile, drilling at Norseman has continued to be focused on the Scotia Mining Centre.

“As previously advised, Pantoro is currently preparing to upgrade mineral resources and ore reserves at Scotia late in the current quarter,” it said.

The company has outlined an initial seven-year mine life, and forecast average annual production of 108,000oz.

Aruma hits high-grade gold in maiden WA drill program

Aruma Resources has snagged a high-grade gold hit amongst several other wide, shallow, lower grade gold intercepts during first pass greenfields drilling at its Salmon Gums gold project approximately 200km south of Kalgoorlie in WA.   Extensive broad zones of mineralisation were also encountered during the maiden drill program at Salmon Gums that the company says may be just skimming the edge of a potential higher-grade gold system nearby.

Although the majority of the gold grades returned displayed a relatively low tenor, the wide intercepts are encouraging as they may potentially point to a much larger system at play according to the company. Aruma says the talc-chlorite shears and quartz veining intersected in recent drilling may just be the outer alteration halo around a primary higher-grade ore source nearby.

The Salmon Gums gold project is located in a sparsely explored area just 30 kilometres along strike and in the same stratigraphy as Pantoro Limited’s rapidly expanding, high-grade Scotia gold project.  Due to the nature of greenfields exploration, hitting a wide, low grade alteration halo, although not eye-grabbing in nature from a grade perspective, is nonetheless positive news for a junior explorer.

CREDIT – Bulls N Bears

Pantoro backs Maximus in $12m capital raise

ASX-listed junior gold and nickel explorer Maximus Resources has emerged with a new major shareholder following a strategic investment by ASX-listed gold producer Pantoro in Maximus’ recent well supported $12 million capital raise. The impressive two-tranche placement totalling more than the company’s current market capitalisation speaks to the prospectivity of its Spargoville gold and nickel exploration play about 25km south-west of BHP’s Kambalda nickel operations in WA.

Maximus intends issuing a total of about 176.5 million new shares in two blocks at 0.068¢ apiece to new and existing shareholders, with the second tranche comprising 164.28 million shares subject to the approval of Maximus shareholders.  About 63 million of the new shares will be taken up by cornerstone investor Pantoro and Maximus’ issued capital structure will expand to about 316.5 million shares.

After shareholder approval, which Maximus anticipates in early October, Pantoro will have a 19.9 per cent shareholding and then be eligible to nominate a director to the Maximus board.  Pantoro looks to be eyeing potential synergies between its 50 per cent-owned Norseman gold project and Maximus’ Wattle Dam gold project within its 108sqkm Spargoville tenure, both located in world-class tier one addresses in the prolific Eastern Goldfields.

Wattle Dam lies about 100km north of Norseman just off the Coolgardie-Esperance Highway.