Pantoro and Alkane Resources have released their September 2024 quarter reports, recording bumper gold production results.
Pantoro
Pantoro delivered a three per increase in gold production during the September 2024 quarter.
The company’s Norseman gold project in the eastern Goldfields of Western Australia produced 21,374 ounces (oz) of gold, a 569-increase quarter-on-quarter.
This resulted in Norseman achieving its seventh consecutive quarter of production increases. The Norseman processing plant also processed 292,718 tonnes of material during the quarter.
Pantoro said “the increased production was offset by two major processing plant interruptions during the quarter with both the secondary and tertiary crushers suffering catastrophic failures approximately one month apart”.
“Combined with a mill reline, a total of six processing days were lost during the quarter,” the company said.
“At the average throughput rate and feed grade achieved during the quarter, the delays caused a production offset of approximately 1000 ounces during the period.”
The company’s Scotia underground mine also progressed well during the quarter, with 1076 metres developed during the period and 1280m since its commencement.
“High grade mineralisation has been encountered in initial ore headings,” Pantoro said.
The Scotia open pit was completed and ceased operations ahead of schedule on September 28, and mining at Green Lantern was completed on October 11.
“Norseman achieved the cashflow positive outcome during the quarter despite the major capital works associated with development of the Scotia underground mine where $9.1 million was invested and included the commencement of a tailings storage facility lift during the quarter,” Pantoro said.
Alongside its strong production, Pantoro is advancing its exploration efforts.
In September, Pantoro commenced an initial 35,000m surface drilling program at the Butterfly area of Norseman. The company plans to execute reverse circulation and diamond drilling in the near future.
Pantoro closed the September quarter with $112.3 million in cash and gold.
Alkane Resources
Alkane’s Tomingley gold mine in New South Wales produced 18,418oz, a result meeting the forecasted range and surpassing the 17,319oz produced in the previous quarter.
Tomingley’s cash costs were $1840/oz with an all-in sustaining cost of $2182/oz. Alkane also sold 18,208oz of gold for $62.3 million at an average price of $3422/oz during the quarter.
“This has been another quarter of solid production performance that has been leveraged by the strong gold price,” Alkane managing director Nic Earner said.
Alkane’s paste plant and the process plant flotation and fine grinding circuit remains on track, with processing recoveries expected to lift by approximately seven per cent post commissioning of new circuit.
“We remain on track with our capital expansion work, with both the paste plant and processing upgrades scheduled for commissioning in the December quarter of this year,” Earner said.
Alkane said this current phase of capital growth is ending, with the expenditure on these major projects now largely complete.
“We’ve passed the point of peak expenditure in the current phase of the Tomingley expansion as we look to continue to grow production through commissioning of the new plants,” Earner said.
“We will then be focusing on the Newell Highway diversion and maintaining a high level of operational excellence to maximise the value of our increased production capacity.”
Alkane also made headway in its exploration activities, including finding new prospects east and south of the San Antonio deposit, as well as significant mineralisation associated with a dacite unit was discovered at the El Paso deposit.
The company also released its annual resources and reserve statement for the 2023–24 financial year.
Tomingley’s total mineral resources now equals 24.27 million tonnes (Mt) grading at 2.12 grams per tonne (g/t) of gold, or 1.65 million ounces (Moz).
The operation also saw an 11 per cent increase in gold ore reserves, totalling 11.76Mt grading at 1.9g/t gold, or 705,000oz.
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