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Panoramic strikes gold in exploration programme

13th September 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Nickel miner Panoramic Resources has expanded its exploration focus with the company’s gold assets proving up.

Panoramic on Friday announced a 22% increase in its gold resource, which now stood at 2.4-million ounces. This was up some 450 200 oz from the previous estimate.

The Gidgee resource accounted for some 1.3-million of these ounces, up 26% on the previous resource estimate, with Panoramic pointing out that some 85% of the resource estimate was classified as indicated.

The Mount Henry project also accounted for some 1.7-million ounces, with 77% of the resource classified as indicated.

The ASX-listed Panoramic also noted that its nickel division’s resources currently stood at around 186 000 t of contained metal, while reserves were estimated at 64 100 t.

A 117% increase to the Lanfranchi resource, to 10 200 t of contained metal, and the inclusion of a maiden resource at the Jury-Metcalfe deposit, has offset production depletion during the full 2013, Panoramic said.

For 2014, Panoramic was expecting to produce between 20 000 t and 21 000 t of contained nickel in concentrate, while the company has approved a further A$6-million for exploration activities during that period.

Edited by Creamer Media Reporter

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