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Panoramic Resources Announces Preliminary June 2019 Quarterly Statistics

Mining News - Published on Thu, 18 Jul 2019

Panoramic Resources Limited, a Western Australian mining company formed in 2001 for the purpose of developing the Savannah Nickel Project in the East Kimberley, anounces safety performance at Savannah improved with no lost time injuries recorded.

Production

The ramp up of Savannah continued during the quarter with good progress in mining, paste filling and milling, albeit not yet at budget rates. Lateral development for the quarter was 869m compared to 628m for the previous quarter, a 38% improvement. Ore mined was 141,613t at 1.27% Ni, 0.61% Cu and 0.06% Co, up 31% on the previous quarter. Mined Ni grade was up 19%. Metallurgical recoveries improved with Ni recovery up 19% on the previous quarter at 84.8% which is close to target. Cu and Co recoveries also improved. Contained Ni production was up 64% to 1,518t Ni and concentrate shipped increased 68% compared to the previous quarter. Contained Ni metal shipped increased 66% to 1,471t. Attracting and retaining personnel remains a challenge.

Savannah North Development

To increase the advance rate of the Savannah twin declines, a contractor was mobilised during May and by June advance rates had improved. The penetration rates of the raise bore reaming the main ventilation rise were slow early in the quarter. The reaming head diameter was reduced to 4.1m which resulted in improvement penetration rates. As at 30 June 2019, the raise bore had advanced 96m. The ventilation rise is now scheduled for completion in early Q2 2020.

New Equity

The one for 13 pro rata rights issue and the conditional placement to Zeta were completed during the quarter, raising USD 17.4 million before costs.

Lanfranchi Sale Proceeds

In early June, Black Mountain offered $1.5 million to settle the outstanding purchase amount for Lanfranchi. The Company accepted the offer. The outstanding amount had been due in equal instalments once mining recommenced at Lanfranchi or by 1 January 2021, whichever was earlier.

Thunder Bay North

Benton Resources Inc approached the Company seeking to acquire the Company’s 100% owned Thunder Bay North PGM Project. In June, the Company accepted the purchase price of CAD 9 million and a Letter Agreement was signed on 2 July 2019. Various conditions precedents are required to be met before settlement can occur. The Company is anticipating financial settlement during Q3-Q4 2019.

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Posted By : Sanju Moirangthem on Thu, 18 Jul 2019
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