Panoramic Resources Limited advised that surface diamond drilling has commenced at the Company's Savannah Nickel Project in Western Australia. Following the conclusion of the Kimberley wet season, a DDH1 diamond drill rig has mobilised to site and is contracted to initially drill up to three surface diamond holes for approximately 2,000m. The focus of the drill program is to test previously modelled EM conductors at both the Stoney Creek and Northern Ultramafic Granulite intrusions.

All completed drill holes will be cased for ongoing drill hole electromagnetic (DHEM) surveys. Stoney Creek: The Stoney Creek intrusion, located north of Sub Chamber D, was recognised as a discrete intrusion in 2018/19 when Company geologists first mapped the area. Aside from an outcropping area of ultramafic located on the eastern contact, the intrusion is largely composed of non-cumulate gabbro-gabbronorite rock types.

The only drill hole completed at Stoney Creek to date is SMD188 in 2020 which encountered a consistent gabbroic rock type prior to exiting the intrusion at a depth of 392 metres and terminating in Tickalara Metamorphics at a depth of 529 metres. A planned DHEM survey of SMD188 was unsuccessful due to hole casing issues. However, subsequent EM soundings and fixed loop electromagnetic (FLEM) surveys completed over the intrusion has identified a strong, discrete anomaly at depth below the intrusion.

This anomaly, which has been modelled as a steep west dipping conductor oriented sub-parallel to the eastern margin of the intrusion, is the current target for the new Stoney Creek drill hole. Northern Ultramafic Granulite: Located along the trend of the Savannah and Savannah North intrusions, drill hole SMD189 drilled in FY21 tested an historical EM anomaly proximal to the Northern Ultramafic Granulite. No evidence for the source of the historic EM anomaly was apparent at the modelled target depth of 550 metres.

The drill hole was terminated in Tickalara Metamorphics at a depth of 628 metres. The subsequent DHEM survey of SMD189 identified a highly conductive source below and to the right of the drill hole. When jointly interpreted with the historic EM data, the SMD189 DHEM data indicate that between a depth of 300 metres and 500 metres down hole the drill hole passed sub-parallel to a series of bedrock conductors.

The conductors are modelled to be located to the right of SMD189, commencing above the hole and extending below the hole at depth. The conductors identified by the DHEM are the primary target for the 2022 drill program which will commence immediately following the Stoney Creek drill program. The collar for the new 2022 drill hole will be located to the south of the previous SMD189 collar position in order to better improve drill angles.

In addition to targeting the SMD189 conductors, a second hole is planned that will provide a deep DHEM platform to further explore the more prospective ultramafic eastern and south-eastern portion of the Northern Ultramafic Granulite.